As filed with the U.S. Securities and Exchange Commission on January 7, 2019
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
625 Madison Avenue, 3rd Floor
New York, NY 10022
(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: October 31, 2018
Item 1. Reports to Stockholders.
October 31, 2018
Horizons ETF Trust I
TABLE OF CONTENTS
October 31, 2018
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Letter to Shareholders
October 31, 2018 (Unaudited)
Principal Executive Officer
Horizons ETF Trust I
Management Discussion of Fund Performance
October 31, 2018 (Unaudited)
(Since Inception, 12/12/2013 through 10/31/2018)
Gross Expense Ratio: 0.60%
Management Discussion of Fund Performance (continued)
October 31, 2018 (Unaudited)
Average Annual Total Returns (%) (for periods ended October 31, 2018)
Inception1 | 3 Year | 1 Year | ||||
Market Price2 | 8.55% | 9.70% | 7.50% | |||
Net Asset Value | 8.49% | 9.73% | 7.44% | |||
CBOE NASDAQ 100® BuyWriteV2 Index3 | 9.24% | 10.68% | 8.19% | |||
NASDAQ 100® Total Return Index | 16.69% | 15.78% | 12.67% |
1 | Fund Inception Date: 12/12/2013. |
2 | 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. |
3 | The Fund switched its index from the CBOE NASDAQ 100® BuyWrite Index (BXN) to the CBOE NASDAQ 100® BuyWrite V2 Index (BXNT). The BXNT index replicates the methodology used to calculate the BXN index, with one exception: In BXNT, the written NASDAQ 100® index covered call options are held until one day prior to the expiration date and in BXN, the written NASDAQ 100® index covered call options are held until expiration. The BXNT index inception is 9/29/2015. Performance shown from 12/12/2013 to 9/28/2015 is that of the BXN index and performance after 9/28/2015 is that of the BXNT index. |
Management Discussion of Fund Performance (continued)
October 31, 2018 (Unaudited)
(Since Inception, 6/24/2013 through 10/31/2018)
Gross Expense Ratio: 0.65%
Management Discussion of Fund Performance (continued)
October 31, 2018 (Unaudited)
Average Annual Total Returns (%) (for periods ended October 31, 2018)
Inception1 | 5 Year | 1 Year | ||||
Market Price2 | 9.09% | 7.98% | 7.24% | |||
Net Asset Value | 8.63% | 7.53% | 4.97% | |||
CBOE S&P 500® 2% OTM BuyWrite Index3 | 8.44% | 7.36% | 5.53% | |||
S&P 500® Index | 12.73% | 11.34% | 7.35% |
1 | Fund Inception Date: 6/24/2013. |
2 | 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. |
3 | The Fund switched its index from the S&P 500® Stock Covered Call Index (SPXCC) to the CBOE S&P 500® 2% OTM BuyWrite Index (BXY). The BXY index inception is 3/17/2006. Performance shown from 6/24/2013 to 12/13/2017 is that of the SPXCC index and performance after 12/13/2017 is that of the BXY index. |
Management Discussion of Fund Performance (continued)
October 31, 2018 (Unaudited)
(Since Inception, 10/23/2014 through 10/31/2018)
Gross Expense Ratio: 0.45%, Net Expense Ratio: 0.20% (Effective August 1, 2017; Note 3)
Management Discussion of Fund Performance (continued)
October 31, 2018 (Unaudited)
Average Annual Total Returns (%) (for periods ended October 31, 2018)
Inception1 | 3 Year | 1 Year | ||||
Market Price2 | 2.36% | 1.97% | (17.08)% | |||
Net Asset Value | 2.46% | 1.88% | (16.05)% | |||
Deutsche Borse DAX Index (USD) | 3.44% | 2.67% | (15.72)% | |||
S&P 500® Index | 11.11% | 11.52% | 7.35% |
1 | Fund Inception Date: 10/23/2014. |
2 | 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. |
Shareholder Expense Example
October 31, 2018 (Unaudited)
Beginning Account Value 5/1/2018 | Ending Account Value 10/31/2018 | Annualized Expense Ratios During the Period 5/1/2018 to 10/31/2018 | Expenses Paid During Period** 5/1/2018 to 10/31/2018 | |||||
Horizons NASDAQ 100® Covered Call ETF | ||||||||
Actual | $1,000.00 | $1,033.40 | 0.60% | $3.08 | ||||
Hypothetical* | $1,000.00 | $1,022.18 | 0.60% | $3.06 | ||||
Horizons S&P 500® Covered Call ETF | ||||||||
Actual | $1,000.00 | $1,032.20 | 0.65% | $3.33 | ||||
Hypothetical* | $1,000.00 | $1,021.93 | 0.65% | $3.31 | ||||
Horizons DAX Germany ETF*** | ||||||||
Actual | $1,000.00 | $850.20 | 0.20% | $0.93 | ||||
Hypothetical* | $1,000.00 | $1,024.20 | 0.20% | $1.02 |
* | 5% return before expenses |
** | Expenses are calculated using the most recent expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period) for QYLD, HSPX and DAX. |
*** | The Adviser waived a portion of its fee (Note 3). |
10
Portfolio of Investments — Horizons NASDAQ 100® Covered Call ETF
October 31, 2018
Security Description | Shares | Fair Value | ||||||
Common Stocks — 100.7% † | ||||||||
Communication Services — 22.8% | ||||||||
Activision Blizzard, Inc. | 37,754 | $ | 2,606,914 | |||||
Alphabet, Inc. Class A * | 14,863 | 16,209,291 | ||||||
Alphabet, Inc. Class C * | 17,385 | 18,719,646 | ||||||
Baidu, Inc. (a)* | 13,926 | 2,646,776 | ||||||
Charter Communications, Inc. Class A * | 11,776 | 3,772,677 | ||||||
Comcast Corp. Class A | 231,411 | 8,826,016 | ||||||
Electronic Arts, Inc. * | 15,221 | 1,384,807 | ||||||
Facebook, Inc. Class A * | 118,955 | 18,056,179 | ||||||
Liberty Global PLC Class A * | 11,215 | 287,440 | ||||||
Liberty Global PLC Class C * | 28,792 | 720,952 | ||||||
NetEase, Inc. (a) | 3,807 | 791,285 | ||||||
Netflix, Inc. * | 21,193 | 6,395,624 | ||||||
Sirius XM Holdings, Inc. | 224,192 | 1,349,636 | ||||||
Take-Two Interactive Software, Inc. * | 5,760 | 742,291 | ||||||
T-Mobile US, Inc. * | 42,660 | 2,924,343 | ||||||
Twenty-First Century Fox, Inc. Class A | 52,499 | 2,389,754 | ||||||
Twenty-First Century Fox, Inc. Class B | 40,114 | 1,812,350 | ||||||
Vodafone Group PLC (a) | 23,570 | 446,180 | ||||||
90,082,161 | ||||||||
Consumer Discretionary — 15.9% | ||||||||
Amazon.com, Inc. * | 23,869 | 38,142,901 | ||||||
Booking Holdings, Inc. * | 2,361 | 4,425,883 | ||||||
Ctrip.com International Ltd. (a)* | 22,547 | 750,364 | ||||||
Dollar Tree, Inc. * | 11,735 | 989,261 | ||||||
eBay, Inc. * | 50,442 | 1,464,331 | ||||||
Expedia, Inc. | 6,771 | 849,287 | ||||||
Hasbro, Inc. | 5,879 | 539,163 | ||||||
JD.Com, Inc. (a)* | 45,938 | 1,080,462 | ||||||
Marriott International, Inc. Class A | 17,751 | 2,074,914 | ||||||
MercadoLibre, Inc. | 2,186 | 709,357 | ||||||
O’Reilly Automotive, Inc. * | 4,082 | 1,309,302 | ||||||
Qurate Retail Group, Inc. * | 21,432 | 470,218 | ||||||
Ross Stores, Inc. | 19,009 | 1,881,891 | ||||||
Starbucks Corp. | 68,812 | 4,009,675 | ||||||
Tesla Motors, Inc. * | 8,310 | 2,803,129 | ||||||
Ulta Beauty, Inc. * | 3,028 | 831,247 | ||||||
Wynn Resorts Ltd. | 5,279 | 531,067 | ||||||
62,862,452 | ||||||||
Consumer Staples — 6.3% | ||||||||
Costco Wholesale Corp. | 22,024 | 5,035,347 | ||||||
Kraft Heinz Co. | 61,439 | 3,377,302 | ||||||
Mondelez International, Inc. | 74,190 | 3,114,496 | ||||||
Monster Beverage Corp. * | 28,019 | 1,480,804 | ||||||
PepsiCo, Inc. | 70,568 | 7,930,432 | ||||||
Walgreens Boots Alliance, Inc. | 49,337 | 3,935,613 | ||||||
24,873,994 | ||||||||
Health Care — 9.3% | ||||||||
Alexion Pharmaceuticals, Inc. * | 10,929 | 1,224,813 | ||||||
Align Technology, Inc. * | 3,876 | 857,371 | ||||||
Amgen, Inc. | 32,207 | 6,209,188 | ||||||
Biogen, Inc. * | 10,564 | 3,214,308 | ||||||
BioMarin Pharmaceutical, Inc. * | 8,641 | 796,441 | ||||||
Celgene Corp. * | 36,220 | 2,593,352 | ||||||
Cerner Corp. * | 16,461 | 942,886 | ||||||
DENTSPLY SIRONA, Inc. | 11,555 | 400,150 | ||||||
Express Scripts Holding Co. * | 27,318 | 2,649,026 | ||||||
Gilead Sciences, Inc. | 65,371 | 4,456,995 | ||||||
Henry Schein, Inc. * | 7,577 | 628,891 | ||||||
Hologic, Inc. * | 13,904 | 542,117 | ||||||
Security Description | Shares | Fair Value | ||||||
Common Stocks (continued) | ||||||||
Health Care (Continued) | ||||||||
IDEXX Laboratories, Inc. * | 4,227 | $ | 896,631 | |||||
Illumina, Inc. * | 7,239 | 2,252,415 | ||||||
Incyte Corp. * | 10,254 | 664,664 | ||||||
Intuitive Surgical, Inc. * | 5,609 | 2,923,299 | ||||||
Mylan NV * | 25,550 | 798,437 | ||||||
Regeneron Pharmaceuticals, Inc. * | 5,185 | 1,758,959 | ||||||
Shire PLC (a) | 3,445 | 626,301 | ||||||
Vertex Pharmaceuticals, Inc. * | 12,571 | 2,130,282 | ||||||
36,566,526 | ||||||||
Industrials — 2.0% | ||||||||
American Airlines Group, Inc. | 23,520 | 825,082 | ||||||
Cintas Corp. | 5,110 | 929,356 | ||||||
CSX Corp. | 43,397 | 2,988,317 | ||||||
Fastenal Co. | 14,317 | 736,037 | ||||||
JB Hunt Transport Services, Inc. | 5,402 | 597,515 | ||||||
PACCAR, Inc. | 17,490 | 1,000,603 | ||||||
Verisk Analytics, Inc. * | 8,304 | 995,151 | ||||||
8,072,061 | ||||||||
Information Technology — 44.4% | ||||||||
Adobe Systems, Inc. * | 24,485 | 6,017,434 | ||||||
Analog Devices, Inc. | 18,514 | 1,549,807 | ||||||
Apple, Inc. | 240,004 | 52,527,275 | ||||||
Applied Materials, Inc. | 49,576 | 1,630,059 | ||||||
ASML Holding NV | 3,533 | 608,948 | ||||||
Autodesk, Inc. * | 10,885 | 1,406,886 | ||||||
Automatic Data Processing, Inc. | 22,025 | 3,173,362 | ||||||
Broadcom, Inc. | 21,484 | 4,801,459 | ||||||
CA, Inc. | 20,838 | 924,374 | ||||||
Cadence Design Systems, Inc. * | 14,275 | 636,237 | ||||||
Check Point Software Technologies Ltd. * | 8,034 | 891,774 | ||||||
Cisco Systems, Inc. | 233,272 | 10,672,194 | ||||||
Citrix Systems, Inc. | 6,684 | 684,909 | ||||||
Cognizant Technology Solutions Class A | 29,281 | 2,021,267 | ||||||
Fiserv, Inc. * | 20,493 | 1,625,095 | ||||||
Intel Corp. | 229,589 | 10,763,132 | ||||||
Intuit, Inc. | 12,739 | 2,687,929 | ||||||
KLA-Tencor Corp. | 7,646 | 699,915 | ||||||
Lam Research Corp. | 8,022 | 1,136,958 | ||||||
Maxim Integrated Products, Inc. | 13,936 | 697,079 | ||||||
Microchip Technology, Inc. | 11,556 | 760,154 | ||||||
Micron Technology, Inc. * | 55,797 | 2,104,663 | ||||||
Microsoft Corp. | 379,933 | 40,580,644 | ||||||
NVIDIA Corp. | 30,326 | 6,393,630 | ||||||
Paychex, Inc. | 18,031 | 1,180,850 | ||||||
Paypal Holdings, Inc. * | 57,377 | 4,830,570 | ||||||
QUALCOMM, Inc. | 73,116 | 4,598,265 | ||||||
Seagate Technology PLC | 14,123 | 568,168 | ||||||
Skyworks Solutions, Inc. | 8,983 | 779,365 | ||||||
Symantec Corp. | 30,519 | 553,920 | ||||||
Synopsys, Inc. * | 7,525 | 673,713 | ||||||
Texas Instruments, Inc. | 48,392 | 4,492,229 | ||||||
Western Digital Corp. | 14,668 | 631,751 | ||||||
Workday, Inc. * | 7,134 | 948,965 | ||||||
Xilinx, Inc. | 12,654 | 1,080,272 | ||||||
175,333,252 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $364,414,954) | 397,790,446 |
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments — Horizons NASDAQ 100® Covered Call ETF (concluded)
October 31, 2018
Security Description | Shares | Fair Value | ||||||
INVESTMENTS, AT VALUE — 100.7% | ||||||||
(Cost $364,414,954) | $ | 397,790,446 | ||||||
Liabilities in Excess of Other Assets: | ||||||||
Written Call Options — (0.8)% | (3,311,800 | ) | ||||||
Other Assets 0.1% | 722,935 | |||||||
Total Liabilities in Excess of Other Assets — (0.7%) | (2,588,865 | ) | ||||||
Total Net Assets — 100.0% | $ | 395,201,581 |
† | All or a portion of these securities has been segregated as collateral for written options contracts. The aggregate market value of collateral at October 31, 2018 was $397,790,446. |
* | Non-income producing security. |
(a) | American Depositary Receipt |
Glossary:
Ltd. — Private Limited Company
PLC — Public Limited Company
Number of Contractsˆ | Notional Value | Fair Value | ||||||||||
Written Call Options — (0.8)% | ||||||||||||
(571 | ) | NASDAQ 100® Index, Strike @ $7,210, Exp 11/16/18 | $ | (397,821,182 | ) | $ | (3,311,800 | ) | ||||
Total Written Call Options | ||||||||||||
(Premiums Received $8,400,436) | $ | (3,311,800 | ) |
ˆ | Each contract equals 100 shares. |
Sector Allocation (unaudited) | ||||
(as of October 31, 2018) | ||||
Information Technology | 44.4 | % | ||
Communication Services | 22.8 | |||
Consumer Discretionary | 15.9 | |||
Health Care | 9.3 | |||
Consumer Staples | 6.3 | |||
Industrials | 2.0 | |||
Total Investments | 100.7 | |||
Liabilities in Excess of Other Assets | (0.7 | ) | ||
Net Assets | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments — Horizons S&P 500® Covered Call ETF
October 31, 2018
Security Description | Shares | Fair Value | ||||||
Common Stocks — 99.5%† | ||||||||
Communication Services — 10.0% | ||||||||
Activision Blizzard, Inc. | 2,522 | $ | 174,144 | |||||
Alphabet, Inc. Class A* | 1,017 | 1,109,120 | ||||||
Alphabet, Inc. Class C* | 1,041 | 1,120,918 | ||||||
AT&T, Inc. | 24,146 | 740,799 | ||||||
CBS Corp. Class B | 1,210 | 69,393 | ||||||
CenturyLink, Inc. | 3,230 | 66,667 | ||||||
Charter Communications, Inc. Class A* | 669 | 214,328 | ||||||
Comcast Corp. Class A | 15,661 | 597,311 | ||||||
Discovery Communications, Inc. Class A* | 511 | 16,551 | ||||||
Discovery Communications, Inc. Class C* | 1,018 | 29,838 | ||||||
DISH Network Corp.* | 758 | 23,301 | ||||||
Electronic Arts, Inc.* | 1,024 | 93,163 | ||||||
Facebook, Inc. Class A* | 7,886 | 1,197,016 | ||||||
Interpublic Group of Cos., Inc. | 1,306 | 30,247 | ||||||
Netflix, Inc.* | 1,434 | 432,752 | ||||||
News Corp. Class A | 1,270 | 16,751 | ||||||
News Corp. Class B | 414 | 5,523 | ||||||
Omnicom Group, Inc. | 767 | 57,003 | ||||||
Take-Two Interactive Software, Inc.* | 395 | 50,904 | ||||||
TripAdvisor, Inc.* | 359 | 18,718 | ||||||
Twenty-First Century Fox, Inc. Class A | 3,503 | 159,457 | ||||||
Twenty-First Century Fox, Inc. Class B | 1,484 | 67,047 | ||||||
Twitter, Inc.* | 2,238 | 77,770 | ||||||
Verizon Communications, Inc. | 13,807 | 788,242 | ||||||
Viacom, Inc. Class B | 1,172 | 37,481 | ||||||
Walt Disney Co. | 5,084 | 583,796 | ||||||
7,778,240 | ||||||||
Consumer Discretionary — 9.7% | ||||||||
Advance Auto Parts, Inc. | 256 | 40,899 | ||||||
Amazon.com, Inc.* | 1,357 | 2,168,500 | ||||||
Aptiv PLC | 888 | 68,198 | ||||||
AutoZone, Inc.* | 101 | 74,080 | ||||||
Best Buy Co., Inc. | 884 | 62,021 | ||||||
Booking Holdings, Inc.* | 163 | 305,556 | ||||||
BorgWarner, Inc. | 669 | 26,365 | ||||||
CarMax, Inc.* | 610 | 41,425 | ||||||
Carnival Corp. | 1,358 | 76,102 | ||||||
Chipotle Mexican Grill, Inc.* | 95 | 43,731 | ||||||
Darden Restaurants, Inc. | 417 | 44,431 | ||||||
Dollar General Corp. | 865 | 96,344 | ||||||
Dollar Tree, Inc.* | 799 | 67,356 | ||||||
DR Horton, Inc. | 1,134 | 40,779 | ||||||
eBay, Inc.* | 3,313 | 96,176 | ||||||
Expedia, Inc. | 416 | 52,179 | ||||||
Foot Locker, Inc. | 413 | 19,469 | ||||||
Ford Motor Co. | 13,014 | 124,284 | ||||||
Gap Inc. | 731 | 19,956 | ||||||
Garmin Ltd. | 380 | 25,141 | ||||||
General Motors Co. | 4,361 | 159,569 | ||||||
Genuine Parts Co. | 487 | 47,687 | ||||||
Goodyear Tire & Rubber Co. | 834 | 17,564 | ||||||
H&R Block, Inc. | 696 | 18,472 | ||||||
Hanesbrands, Inc. | 1,211 | 20,781 | ||||||
Harley-Davidson, Inc. | 568 | 21,709 | ||||||
Hasbro, Inc. | 356 | 32,649 | ||||||
Hilton Worldwide Holdings, Inc. | 678 | 48,253 | ||||||
Home Depot, Inc. | 3,919 | 689,274 | ||||||
Kohl’s Corp. | 571 | 43,242 | ||||||
L Brands, Inc. | 830 | 26,909 | ||||||
Leggett & Platt, Inc. | 441 | 16,013 | ||||||
Security Description | Shares | Fair Value | ||||||
Common Stocks (continued) | ||||||||
Consumer Discretionary (Continued) | ||||||||
Lennar Corp. | 676 | $ | 29,054 | |||||
LKQ Corp.* | 1,025 | 27,952 | ||||||
Lowe’s Cos., Inc. | 2,809 | 267,473 | ||||||
Macy’s, Inc. | 1,013 | 34,736 | ||||||
Marriott International, Inc. Class A | 1,041 | 121,682 | ||||||
Mattel, Inc.* | 1,140 | 15,481 | ||||||
McDonald’s Corp. | 2,561 | 453,041 | ||||||
MGM Resorts International | 1,733 | 46,236 | ||||||
Michael Kors Holdings Ltd.* | 505 | 27,982 | ||||||
Mohawk Industries, Inc.* | 221 | 27,565 | ||||||
Newell Brands, Inc. | 1,641 | 26,059 | ||||||
NIKE, Inc. Class B | 4,382 | 328,825 | ||||||
Nordstrom, Inc. | 386 | 25,387 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 469 | 20,669 | ||||||
O’Reilly Automotive, Inc.* | 293 | 93,980 | ||||||
PulteGroup, Inc. | 922 | 22,654 | ||||||
PVH Corp. | 257 | 31,043 | ||||||
Ralph Lauren Corp. | 194 | 25,144 | ||||||
Ross Stores, Inc. | 1,296 | 128,304 | ||||||
Royal Caribbean Cruises Ltd. | 572 | 59,906 | ||||||
Starbucks Corp. | 4,803 | 279,871 | ||||||
Tapestry, Inc. | 950 | 40,194 | ||||||
Target Corp. | 1,827 | 152,792 | ||||||
Tiffany & Co. | 349 | 38,844 | ||||||
TJX Cos., Inc. | 2,117 | 232,616 | ||||||
Tractor Supply Co. | 421 | 38,686 | ||||||
Ulta Beauty, Inc.* | 194 | 53,257 | ||||||
Under Armour, Inc. Class A* | 615 | 13,598 | ||||||
Under Armour, Inc. Class C* | 630 | 12,493 | ||||||
VF Corp. | 1,085 | 89,925 | ||||||
Whirlpool Corp. | 253 | 27,769 | ||||||
Wynn Resorts Ltd. | 265 | 26,659 | ||||||
Yum! Brands, Inc. | 1,145 | 103,519 | ||||||
7,558,510 | ||||||||
Consumer Staples — 7.3% | ||||||||
Altria Group, Inc. | 6,380 | 414,955 | ||||||
Archer Daniels Midland Co. | 1,870 | 88,358 | ||||||
Brown-Forman Corp. Class B | 823 | 38,138 | ||||||
Campbell Soup Co. | 644 | 24,092 | ||||||
Church & Dwight Co., Inc. | 830 | 49,277 | ||||||
Clorox Co. | 441 | 65,466 | ||||||
Coca-Cola Co. | 12,772 | 611,523 | ||||||
Colgate-Palmolive Co. | 2,933 | 174,660 | ||||||
ConAgra Brands, Inc. | 1,393 | 49,591 | ||||||
Constellation Brands, Inc. Class A | 572 | 113,960 | ||||||
Costco Wholesale Corp. | 1,458 | 333,343 | ||||||
Coty, Inc. | 1,579 | 16,658 | ||||||
Estee Lauder Cos., Inc. Class A | 742 | 101,981 | ||||||
General Mills, Inc. | 1,929 | 84,490 | ||||||
Hershey Co. | 479 | 51,325 | ||||||
Hormel Foods Corp. | 894 | 39,014 | ||||||
JM Smucker Co. | 379 | 41,053 | ||||||
Kellogg Co. | 827 | 54,152 | ||||||
Kimberly-Clark Corp. | 1,174 | 122,448 | ||||||
Kraft Heinz Co. | 1,987 | 109,225 | ||||||
Kroger Co. | 2,997 | 89,191 | ||||||
McCormick & Co., Inc. | 393 | 56,592 | ||||||
Molson Coors Brewing Co. Class B | 614 | 39,296 | ||||||
Mondelez International, Inc. | 5,016 | 210,572 |
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments — Horizons S&P 500® Covered Call ETF (continued)
October 31, 2018
Security Description | Shares | Fair Value | ||||||
Common Stocks (continued) | ||||||||
Consumer Staples (Continued) | ||||||||
Monster Beverage Corp.* | 1,390 | $ | 73,462 | |||||
PepsiCo, Inc. | 4,763 | 535,266 | ||||||
Philip Morris International, Inc. | 5,361 | 472,143 | ||||||
Procter & Gamble Co. | 8,484 | 752,361 | ||||||
Sysco Corp. | 1,615 | 115,198 | ||||||
Tyson Foods, Inc. Class A | 960 | 57,523 | ||||||
Walgreens Boots Alliance, Inc. | 2,899 | 231,253 | ||||||
Wal-Mart Stores, Inc. | 4,868 | 488,163 | ||||||
5,704,729 | ||||||||
Energy — 5.5% | ||||||||
Anadarko Petroleum Corp. | 1,865 | 99,218 | ||||||
Apache Corp. | 1,267 | 47,931 | ||||||
Baker Hughes a GE Co. | 1,424 | 38,007 | ||||||
Cabot Oil & Gas Corp. | 1,549 | 37,532 | ||||||
Chevron Corp. | 6,461 | 721,371 | ||||||
Cimarex Energy Co. | 317 | 25,192 | ||||||
Concho Resources, Inc.* | 505 | 70,240 | ||||||
ConocoPhillips | 4,046 | 282,815 | ||||||
Devon Energy Corp. | 1,748 | 56,635 | ||||||
EOG Resources, Inc. | 1,922 | 202,463 | ||||||
EQT Corp. | 797 | 27,074 | ||||||
Exxon Mobil Corp. | 14,157 | 1,128,030 | ||||||
Halliburton Co. | 2,898 | 100,503 | ||||||
Helmerich & Payne, Inc. | 360 | 22,424 | ||||||
Hess Corp. | 896 | 51,430 | ||||||
HollyFrontier Corp. | 663 | 44,713 | ||||||
Kinder Morgan, Inc. | 6,399 | 108,911 | ||||||
Marathon Oil Corp. | 2,838 | 53,894 | ||||||
Marathon Petroleum Corp. | 1,683 | 118,567 | ||||||
National Oilwell Varco, Inc. | 1,265 | 46,552 | ||||||
Newfield Exploration Co.* | 663 | 13,393 | ||||||
Noble Energy, Inc. | 1,618 | 40,207 | ||||||
Occidental Petroleum Corp. | 2,555 | 171,364 | ||||||
ONEOK, Inc. | 1,265 | 82,984 | ||||||
Phillips 66 | �� | 1,428 | 146,827 | |||||
Pioneer Natural Resources Co. | 574 | 84,533 | ||||||
Schlumberger Ltd. | 4,634 | 237,771 | ||||||
TechnipFMC PLC | 1,460 | 38,398 | ||||||
Valero Energy Corp. | 1,481 | 134,904 | ||||||
Williams Cos., Inc. | 2,750 | 66,908 | ||||||
4,300,791 | ||||||||
Financials — 13.8% | ||||||||
Affiliated Managers Group, Inc. | 195 | 22,164 | ||||||
Aflac, Inc. | 2,648 | 114,049 | ||||||
Allstate Corp. | 1,203 | 115,151 | ||||||
American Express Co. | 2,439 | 250,558 | ||||||
American International Group, Inc. | 3,004 | 124,035 | ||||||
Ameriprise Financial, Inc. | 509 | 64,765 | ||||||
Aon PLC | 856 | 133,690 | ||||||
Arthur J. Gallagher & Co. | 600 | 44,406 | ||||||
Assurant, Inc. | 178 | 17,303 | ||||||
Bank of America Corp. | 32,647 | 897,792 | ||||||
Bank of New York Mellon Corp. | 3,439 | 162,768 | ||||||
BB&T Corp. | 2,688 | 132,142 | ||||||
Berkshire Hathaway, Inc. Class B* | 6,490 | 1,332,267 | ||||||
BlackRock, Inc. Class A | 413 | 169,916 | ||||||
Brighthouse Financial, Inc.* | 319 | 12,642 | ||||||
Capital One Financial Corp. | 1,609 | 143,684 | ||||||
CBOE Holdings, Inc. | 384 | 43,334 | ||||||
Security Description | Shares | Fair Value | ||||||
Common Stocks (continued) | ||||||||
Financials (Continued) | ||||||||
Charles Schwab Corp. | 4,006 | $ | 185,237 | |||||
Chubb Ltd. | 1,548 | 193,361 | ||||||
Cincinnati Financial Corp. | 506 | 39,792 | ||||||
Citigroup, Inc. | 8,821 | 577,423 | ||||||
Citizens Financial Group, Inc. | 1,676 | 62,599 | ||||||
CME Group, Inc. | 1,140 | 208,894 | ||||||
Comerica, Inc. | 583 | 47,549 | ||||||
Discover Financial Services, Inc. Class A | 1,238 | 86,251 | ||||||
E*TRADE Financial Corp. | 916 | 45,269 | ||||||
Everest Re Group Ltd. | 135 | 29,411 | ||||||
Fifth Third Bancorp | 2,461 | 66,422 | ||||||
Franklin Resources, Inc. | 1,105 | 33,703 | ||||||
Goldman Sachs Group, Inc. | 1,198 | 269,993 | ||||||
Hartford Financial Services Group, Inc. | 1,210 | 54,958 | ||||||
Huntington Bancshares Inc. | 3,626 | 51,961 | ||||||
Intercontinental Exchange, Inc. | 1,959 | 150,921 | ||||||
Invesco Ltd. | 1,355 | 29,417 | ||||||
Jefferies Financial Group, Inc. | 1,051 | 22,565 | ||||||
JPMorgan Chase & Co. | 11,718 | 1,277,496 | ||||||
KeyCorp | 3,628 | 65,884 | ||||||
Lincoln National Corp. | 737 | 44,360 | ||||||
Loews Corp. | 919 | 42,789 | ||||||
M&T Bank Corp. | 505 | 83,532 | ||||||
Marsh & McLennan Cos., Inc. | 1,705 | 144,499 | ||||||
MetLife, Inc. | 3,535 | 145,607 | ||||||
Moody’s Corp. | 552 | 80,305 | ||||||
Morgan Stanley | 4,704 | 214,785 | ||||||
MSCI, Inc. | 294 | 44,212 | ||||||
Nasdaq, Inc. | 387 | 33,557 | ||||||
Northern Trust Corp. | 710 | 66,790 | ||||||
People’s United Financial, Inc. | 1,144 | 17,915 | ||||||
PNC Financial Services Group, Inc. | 1,592 | 204,556 | ||||||
Principal Financial Group, Inc. | 893 | 42,034 | ||||||
Progressive Corp. | 1,934 | 134,800 | ||||||
Prudential Financial, Inc. | 1,421 | 133,261 | ||||||
Raymond James Financial, Inc. | 426 | 32,670 | ||||||
Regions Financial Corp. | 3,977 | 67,490 | ||||||
S&P Global, Inc. | 856 | 156,066 | ||||||
State Street Corp. | 1,242 | 85,388 | ||||||
SunTrust Banks, Inc. | 1,610 | 100,883 | ||||||
SVB Financial Group* | 169 | 40,092 | ||||||
Synchrony Financial | 2,489 | 71,882 | ||||||
T. Rowe Price Group, Inc. | 799 | 77,495 | ||||||
Torchmark Corp. | 359 | 30,393 | ||||||
Travelers Cos., Inc. | 919 | 114,994 | ||||||
Unum Group | 760 | 27,558 | ||||||
US Bancorp | 5,296 | 276,822 | ||||||
Wells Fargo & Co. | 14,875 | 791,796 | ||||||
Willis Towers Watson PLC | 446 | 63,849 | ||||||
Zions Bancorporation | 695 | 32,700 | ||||||
10,682,852 | ||||||||
Health Care — 14.9% | ||||||||
Abbott Laboratories | 5,779 | 398,404 | ||||||
AbbVie, Inc. | 5,459 | 424,983 | ||||||
ABIOMED, Inc.* | 135 | 46,062 | ||||||
Aetna, Inc. | 1,104 | 219,034 | ||||||
Agilent Technologies, Inc. | 1,078 | 69,844 | ||||||
Alexion Pharmaceuticals, Inc.* | 740 | 82,932 | ||||||
Align Technology, Inc.* | 238 | 52,646 |
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments — Horizons S&P 500® Covered Call ETF (continued)
October 31, 2018
Security Description | Shares | Fair Value | ||||||
Common Stocks (continued) | ||||||||
Health Care (continued) | ||||||||
Allergan PLC | 1,111 | $ | 175,549 | |||||
AmerisourceBergen Corp. | 539 | 47,432 | ||||||
Amgen, Inc. | 2,217 | 427,415 | ||||||
Anthem, Inc. | 884 | 243,604 | ||||||
Baxter International, Inc. | 1,676 | 104,767 | ||||||
Becton Dickinson and Co. | 889 | 204,914 | ||||||
Biogen, Inc.* | 703 | 213,902 | ||||||
Boston Scientific Corp.* | 4,568 | 165,087 | ||||||
Bristol-Myers Squibb Co. | 5,457 | 275,797 | ||||||
Cardinal Health, Inc. | 1,051 | 53,181 | ||||||
Celgene Corp.* | 2,615 | 187,234 | ||||||
Centene Corp.* | 573 | 74,673 | ||||||
Cerner Corp.* | 1,048 | 60,029 | ||||||
Cigna Corp. | 834 | 178,318 | ||||||
Cooper Cos., Inc. | 163 | 42,104 | ||||||
CVS Health Corp. | 3,382 | 244,823 | ||||||
Danaher Corp. | 2,032 | 201,981 | ||||||
DaVita, Inc.* | 508 | 34,209 | ||||||
DENTSPLY SIRONA, Inc. | 763 | 26,423 | ||||||
Edwards Lifesciences Corp.* | 702 | 103,615 | ||||||
Eli Lilly & Co. | 3,222 | 349,394 | ||||||
Express Scripts Holding Co.* | 1,939 | 188,025 | ||||||
Gilead Sciences, Inc. | 4,347 | 296,378 | ||||||
HCA Healthcare, Inc. | 959 | 128,055 | ||||||
Henry Schein, Inc.* | 538 | 44,654 | ||||||
Hologic, Inc.* | 931 | 36,300 | ||||||
Humana, Inc. | 481 | 154,117 | ||||||
IDEXX Laboratories, Inc.* | 291 | 61,727 | ||||||
Illumina, Inc.* | 485 | 150,908 | ||||||
Incyte Corp.* | 571 | 37,012 | ||||||
Intuitive Surgical, Inc.* | 381 | 198,570 | ||||||
IQVIA Holdings, Inc.* | 374 | 45,976 | ||||||
Johnson & Johnson | 8,918 | 1,248,431 | ||||||
Laboratory Corp. of America Holdings* | 349 | 56,032 | ||||||
McKesson Corp. | 699 | 87,207 | ||||||
Medtronic PLC | 4,507 | 404,819 | ||||||
Merck & Co., Inc. | 8,925 | 656,969 | ||||||
Mettler-Toledo International, Inc.* | 96 | 52,495 | ||||||
Mylan NV* | 1,781 | 55,656 | ||||||
Nektar Therapeutics* | 536 | 20,732 | ||||||
PerkinElmer, Inc. | 378 | 32,689 | ||||||
Perrigo Co. PLC | 442 | 31,073 | ||||||
Pfizer, Inc. | 19,755 | 850,650 | ||||||
Quest Diagnostics, Inc. | 452 | 42,538 | ||||||
Regeneron Pharmaceuticals, Inc.* | 255 | 86,506 | ||||||
ResMed, Inc. | 474 | 50,206 | ||||||
Stryker Corp. | 1,071 | 173,738 | ||||||
Thermo Fisher Scientific, Inc. | 1,331 | 310,988 | ||||||
UnitedHealth Group, Inc. | 3,216 | 840,502 | ||||||
Universal Health Services, Inc. Class B | 294 | 35,739 | ||||||
Varian Medical Systems, Inc.* | 316 | 37,721 | ||||||
Vertex Pharmaceuticals, Inc.* | 835 | 141,499 | ||||||
Waters Corp.* | 264 | 50,078 | ||||||
WellCare Health Plans, Inc.* | 168 | 46,366 | ||||||
Zimmer Biomet Holdings, Inc. | 673 | 76,446 | ||||||
Zoetis, Inc. | 1,642 | 148,026 | ||||||
11,587,184 | ||||||||
Industrials — 9.4% | ||||||||
3M Co. | 1,987 | 378,047 | ||||||
Alaska Air Group, Inc. | 412 | 25,305 | ||||||
Security Description | Shares | Fair Value | ||||||
Common Stocks (continued) | ||||||||
Industrials (continued) | ||||||||
Allegion PLC | 316 | $ | 27,091 | |||||
American Airlines Group, Inc. | 1,452 | 50,936 | ||||||
AMETEK, Inc. | 767 | 51,450 | ||||||
AO Smith Corp. | 486 | 22,128 | ||||||
Arconic, Inc. | 1,403 | 28,523 | ||||||
Boeing Co. | 1,925 | 683,105 | ||||||
C.H. Robinson Worldwide, Inc. | 476 | 42,378 | ||||||
Caterpillar, Inc. | 1,965 | 238,394 | ||||||
Cintas Corp. | 284 | 51,651 | ||||||
Copart, Inc.* | 677 | 33,112 | ||||||
CSX Corp. | 3,036 | 209,059 | ||||||
Cummins, Inc. | 521 | 71,215 | ||||||
Deere & Co. | 1,075 | 145,598 | ||||||
Delta Air Lines, Inc. | 2,216 | 121,282 | ||||||
Dover Corp. | 516 | 42,745 | ||||||
Eaton Corp PLC | 1,482 | 106,215 | ||||||
Emerson Electric Co. | 2,127 | 144,381 | ||||||
Equifax, Inc. | 411 | 41,692 | ||||||
Expeditors International of Washington, Inc. | 601 | 40,375 | ||||||
Fastenal Co. | 956 | 49,148 | ||||||
FedEx Corp. | 822 | 181,119 | ||||||
Flowserve Corp. | 444 | 20,380 | ||||||
Fluor Corp. | 475 | 20,834 | ||||||
Fortive Corp. | 1,014 | 75,290 | ||||||
Fortune Brands Home & Security, Inc. | 511 | 22,908 | ||||||
General Dynamics Corp. | 924 | 159,464 | ||||||
General Electric Co. | 30,590 | 308,959 | ||||||
Harris Corp. | 410 | 60,971 | ||||||
Honeywell International, Inc. | 2,534 | 366,974 | ||||||
Huntington Ingalls Industries, Inc. | 161 | 35,175 | ||||||
IHS Markit Ltd.* | 1,207 | 63,404 | ||||||
Illinois Tool Works, Inc. | 1,041 | 132,800 | ||||||
Ingersoll-Rand PLC | 854 | 81,933 | ||||||
Jacobs Engineering Group, Inc. | 411 | 30,862 | ||||||
JB Hunt Transport Services, Inc. | 284 | 31,413 | ||||||
Johnson Controls International PLC | 3,100 | 99,107 | ||||||
Kansas City Southern | 351 | 35,788 | ||||||
L3 Technologies, Inc. | 259 | 49,073 | ||||||
Lockheed Martin Corp. | 831 | 244,189 | ||||||
Masco Corp. | 1,071 | 32,130 | ||||||
Nielsen Holdings PLC | 1,115 | 28,968 | ||||||
Norfolk Southern Corp. | 956 | 160,445 | ||||||
Northrop Grumman Corp. | 578 | 151,407 | ||||||
PACCAR, Inc. | 1,170 | 66,936 | ||||||
Parker-Hannifin Corp. | 444 | 67,324 | ||||||
Pentair PLC | 549 | 22,042 | ||||||
Quanta Services, Inc.* | 504 | 15,725 | ||||||
Raytheon Co. | 962 | 168,388 | ||||||
Republic Services, Inc. Class A | 762 | 55,382 | ||||||
Robert Half International, Inc. | 419 | 25,362 | ||||||
Rockwell Automation, Inc. | 426 | 70,175 | ||||||
Rockwell Collins, Inc. | 540 | 69,131 | ||||||
Rollins, Inc. | 280 | 16,576 | ||||||
Roper Technologies, Inc. | 349 | 98,732 | ||||||
Snap-on, Inc. | 191 | 29,403 | ||||||
Southwest Airlines Co. | 1,832 | 89,951 | ||||||
Stanley Black & Decker, Inc. | 509 | 59,309 | ||||||
Stericycle, Inc.* | 284 | 14,191 | ||||||
Textron, Inc. | 882 | 47,302 | ||||||
TransDigm Group, Inc.* | 161 | 53,170 | ||||||
Union Pacific Corp. | 2,660 | 388,945 |
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments — Horizons S&P 500® Covered Call ETF (continued)
October 31, 2018
Security Description | Shares | Fair Value | ||||||
Common Stocks (continued) | ||||||||
Industrials (continued) | ||||||||
United Continental Holdings, Inc.* | 860 | $ | 73,539 | |||||
United Parcel Service, Inc. Class B | 2,302 | 245,255 | ||||||
United Rentals, Inc.* | 290 | 34,820 | ||||||
United Technologies Corp. | 2,522 | 313,258 | ||||||
Verisk Analytics, Inc.* | 515 | 61,718 | ||||||
Waste Management, Inc. | 1,368 | 122,395 | ||||||
WW Grainger, Inc. | 174 | 49,411 | ||||||
Xylem, Inc. | 606 | 39,741 | ||||||
7,295,604 | ||||||||
Information Technology — 20.6% | ||||||||
Accenture PLC | 2,056 | 324,067 | ||||||
Adobe Systems, Inc.* | 1,642 | 403,538 | ||||||
Advanced Micro Devices, Inc.* | 2,679 | 48,784 | ||||||
Akamai Technologies, Inc.* | 571 | 41,255 | ||||||
Alliance Data Systems Corp. | 161 | 33,195 | ||||||
Amphenol Corp. Class A | 1,016 | 90,932 | ||||||
Analog Devices, Inc. | 1,233 | 103,214 | ||||||
ANSYS, Inc.* | 291 | 43,519 | ||||||
Apple, Inc. | 15,560 | 3,405,462 | ||||||
Applied Materials, Inc. | 3,560 | 117,053 | ||||||
Arista Networks, Inc.* | 147 | 33,861 | ||||||
Autodesk, Inc.* | 729 | 94,223 | ||||||
Automatic Data Processing, Inc. | 1,484 | 213,815 | ||||||
Broadcom, Inc. | 1,355 | 302,829 | ||||||
Broadridge Financial Solutions, Inc. | 413 | 48,296 | ||||||
CA, Inc. | 1,049 | 46,534 | ||||||
Cadence Design Systems, Inc.* | 930 | 41,450 | ||||||
Cisco Systems, Inc. | 16,108 | 736,941 | ||||||
Citrix Systems, Inc. | 478 | 48,981 | ||||||
Cognizant Technology Solutions Class A | 1,964 | 135,575 | ||||||
Corning, Inc. | 3,004 | 95,978 | ||||||
DXC Technology Co. | 948 | 69,043 | ||||||
F5 Networks, Inc.* | 222 | 38,912 | ||||||
Fidelity National Information Services, Inc. | 1,141 | 118,778 | ||||||
Fiserv, Inc.* | 1,400 | 111,020 | ||||||
FleetCor Technologies, Inc.* | 325 | 65,010 | ||||||
FLIR Systems, Inc. | 454 | 21,025 | ||||||
Fortinet, Inc.* | 500 | 41,090 | ||||||
Gartner, Inc.* | 300 | 44,256 | ||||||
Global Payments, Inc. | 507 | 57,915 | ||||||
Hewlett Packard Enterprise Co. | 5,463 | 83,311 | ||||||
HP, Inc. | 5,555 | 134,098 | ||||||
Intel Corp. | 15,250 | 714,920 | ||||||
International Business Machines Corp. | 2,838 | 327,590 | ||||||
Intuit, Inc. | 820 | 173,020 | ||||||
IPG Photonics Corp.* | 126 | 16,827 | ||||||
Juniper Networks, Inc. | 1,265 | 37,026 | ||||||
KLA-Tencor Corp. | 520 | 47,601 | ||||||
Lam Research Corp. | 540 | 76,534 | ||||||
Mastercard, Inc. Class A | 3,104 | 613,568 | ||||||
Microchip Technology, Inc. | 771 | 50,716 | ||||||
Micron Technology, Inc.* | 3,717 | 140,205 | ||||||
Microsoft Corp. | 26,158 | 2,793,936 | ||||||
Motorola Solutions, Inc. | 541 | 66,305 | ||||||
NetApp, Inc. | 915 | 71,818 | ||||||
NVIDIA Corp. | 1,995 | 420,606 | ||||||
Oracle Corp. | 10,093 | 492,942 | ||||||
Paychex, Inc. | 1,075 | 70,402 | ||||||
Paypal Holdings, Inc.* | 3,761 | 316,638 | ||||||
Security Description | Shares | Fair Value | ||||||
Common Stocks (continued) | ||||||||
Information Technology (continued) | ||||||||
Qorvo, Inc.* | 422 | $ | 31,021 | |||||
QUALCOMM, Inc. | 4,916 | 309,167 | ||||||
Red Hat, Inc.* | 601 | 103,156 | ||||||
salesforce.com, Inc.* | 2,271 | 311,672 | ||||||
Seagate Technology PLC | 955 | 38,420 | ||||||
Skyworks Solutions, Inc. | 611 | 53,010 | ||||||
Symantec Corp. | 2,055 | 37,298 | ||||||
Synopsys, Inc.* | 509 | 45,571 | ||||||
TE Connectivity Ltd. | 1,174 | 88,543 | ||||||
Texas Instruments, Inc. | 3,292 | 305,596 | ||||||
Total System Services, Inc. | 568 | 51,773 | ||||||
VeriSign, Inc.* | 286 | 40,766 | ||||||
Visa, Inc. | 5,936 | 818,278 | ||||||
Western Digital Corp. | 981 | 42,252 | ||||||
Western Union Co. | 1,544 | 27,854 | ||||||
Xerox Corp. | 708 | 19,732 | ||||||
Xilinx, Inc. | 827 | 70,601 | ||||||
16,019,324 | ||||||||
Materials — 2.6% | ||||||||
Air Products & Chemicals, Inc. | 726 | 112,058 | ||||||
Albemarle Corp. | 378 | 37,505 | ||||||
Avery Dennison Corp. | 294 | 26,672 | ||||||
Ball Corp. | 1,171 | 52,461 | ||||||
CF Industries Holdings, Inc. | 772 | 37,079 | ||||||
DowDuPont, Inc. | 7,949 | 428,610 | ||||||
Eastman Chemical Co. | 482 | 37,765 | ||||||
Ecolab, Inc. | 865 | 132,475 | ||||||
FMC Corp. | 445 | 34,746 | ||||||
Freeport-McMoRan, Inc. | 4,477 | 52,157 | ||||||
International Flavors & Fragrances, Inc. | 262 | 37,901 | ||||||
International Paper Co. | 1,371 | 62,188 | ||||||
Linde PLC | 1,901 | 314,558 | ||||||
LyondellBasell Industries NV Class A | 1,079 | 96,322 | ||||||
Martin Marietta Materials, Inc. | 206 | 35,284 | ||||||
Mosaic Co. | 1,169 | 36,169 | ||||||
Newmont Mining Corp. | 1,774 | 54,852 | ||||||
Nucor Corp. | 1,073 | 63,436 | ||||||
Packaging Corp of America | 322 | 29,563 | ||||||
PPG Industries, Inc. | 854 | 89,747 | ||||||
Sealed Air Corp. | 600 | 19,416 | ||||||
Sherwin-Williams Co. | 284 | 111,745 | ||||||
Vulcan Materials Co. | 441 | 44,603 | ||||||
WestRock Co. | 855 | 36,739 | ||||||
1,984,051 | ||||||||
Real Estate — 2.7% | ||||||||
Alexandria Real Estate Equities, Inc. | 320 | 39,113 | ||||||
American Tower Corp. | 1,426 | 222,185 | ||||||
Apartment Investment & Management Co. | 520 | 22,381 | ||||||
AvalonBay Communities, Inc. | 457 | 80,149 | ||||||
Boston Properties, Inc. | 512 | 61,829 | ||||||
CBRE Group, Inc.* | 1,025 | 41,297 | ||||||
Crown Castle International Corp. | 1,362 | 148,104 | ||||||
Digital Realty Trust, Inc. | 679 | 70,113 | ||||||
Duke Realty Corp. | 1,181 | 32,560 | ||||||
Equinix, Inc. | 259 | 98,094 | ||||||
Equity Residential | 1,232 | 80,031 | ||||||
Essex Property Trust, Inc. | 228 | 57,178 | ||||||
Extra Space Storage, Inc. | 418 | 37,645 |
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments — Horizons S&P 500® Covered Call ETF (concluded)
October 31, 2018
Security Description | Shares | Fair Value | ||||||
Common Stocks (continued) | ||||||||
Real Estate (continued) | ||||||||
Federal Realty Investment Trust | 238 | $ | 29,524 | |||||
HCP, Inc. | 1,558 | 42,923 | ||||||
Host Hotels & Resorts, Inc. | 2,462 | 47,049 | ||||||
Iron Mountain, Inc. | 889 | 27,212 | ||||||
Kimco Realty Corp. | 1,418 | 22,816 | ||||||
Macerich Co. | 361 | 18,635 | ||||||
Mid-America Apartment Communities, Inc. | 379 | 37,032 | ||||||
Prologis, Inc. | 1,770 | 114,112 | ||||||
Public Storage | 508 | 104,379 | ||||||
Realty Income Corp. | 921 | 55,509 | ||||||
Regency Centers Corp. | 504 | 31,933 | ||||||
Resideo Technologies, Inc.* | 422 | 8,890 | ||||||
SBA Communications Corp.* | 411 | 66,652 | ||||||
Simon Property Group, Inc. | 1,044 | 191,595 | ||||||
SL Green Realty Corp. | 327 | 29,842 | ||||||
UDR, Inc. | 890 | 34,879 | ||||||
Ventas, Inc. | 1,182 | 68,603 | ||||||
Vornado Realty Trust | 573 | 39,010 | ||||||
Welltower, Inc. | 1,229 | 81,200 | ||||||
Weyerhaeuser Co. | 2,503 | 66,655 | ||||||
2,109,129 | ||||||||
Utilities — 3.0% | ||||||||
AES Corp. | 2,206 | 32,163 | ||||||
Alliant Energy Corp. | 768 | 33,009 | ||||||
Ameren Corp. | 805 | 51,987 | ||||||
American Electric Power Co., Inc. | 1,644 | 120,604 | ||||||
American Water Works Co., Inc. | 603 | 53,384 | ||||||
CenterPoint Energy, Inc. | 1,432 | 38,678 | ||||||
CMS Energy Corp. | 948 | 46,945 | ||||||
Consolidated Edison, Inc. | 985 | 74,860 | ||||||
Dominion Energy, Inc. | 2,146 | 153,267 | ||||||
DTE Energy Co. | 605 | 68,002 | ||||||
Duke Energy Corp. | 2,337 | 193,106 | ||||||
Edison International | 1,082 | 75,080 | ||||||
Entergy Corp. | 606 | 50,874 | ||||||
Evergy, Inc. | 863 | 48,319 | ||||||
Eversource Energy | 1,052 | 66,549 | ||||||
Exelon Corp. | 3,194 | 139,929 | ||||||
FirstEnergy Corp. | 1,488 | 55,473 | ||||||
NextEra Energy, Inc. | 1,556 | 268,410 | ||||||
NiSource, Inc. | 1,082 | 27,440 | ||||||
NRG Energy, Inc. | 1,011 | 36,588 | ||||||
PG&E Corp.* | 1,706 | 79,858 | ||||||
Pinnacle West Capital Corp. | 381 | 31,337 | ||||||
PPL Corp. | 2,273 | 69,099 | ||||||
Public Service Enterprise Group, Inc. | 1,682 | 89,869 | ||||||
SCANA Corp. | 475 | 19,024 | ||||||
Sempra Energy | 832 | 91,620 | ||||||
Southern Co. | 3,323 | 149,635 | ||||||
WEC Energy Group, Inc. | 1,048 | 71,683 | ||||||
Xcel Energy, Inc. | 1,687 | 82,680 | ||||||
2,319,472 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $69,229,898) | 77,339,886 | |||||||
INVESTMENTS, AT VALUE — 99.5% | ||||||||
(Cost $69,229,898) | $ | 77,339,886 | ||||||
Other Assets in Excess of Liabilities: | ||||||||
Written Call Options — (0.1)% | (76,950 | ) | ||||||
Other Assets — 0.6% | 437,598 | |||||||
Total Other Assets in Excess of Liabilities — 0.5% | 360,648 | |||||||
Total Net Assets — 100.0% | $ | 77,700,534 |
† | All or a portion of these securities has been segregated as collateral for written options contracts. The aggregate market value of collateral at October 31, 2018 was $77,339,886. |
Number of Contractsˆ | Notional Value | Fair Value | ||||||||||
Written Call Options — (0.1)% | ||||||||||||
(285 | ) | S&P 500® Index, Strike @ $2,850, Exp 11/16/18 | $ | (77,284,590 | ) | $ | (76,950 | ) | ||||
Total Written Call Options | ||||||||||||
(Premiums Received $432,235) | $ | (76,950 | ) |
ˆ | Each contract equals 100 shares. |
Sector Allocation (unaudited) | |||||||
(as of October 31, 2018) | |||||||
Information Technology | 20.6 | % | |||||
Health Care | 14.9 | ||||||
Financials | 13.8 | ||||||
Communication Services | 10.0 | ||||||
Consumer Discretionary | 9.7 | ||||||
Industrials | 9.4 | ||||||
Consumer Staples | 7.3 | ||||||
Energy | 5.5 | ||||||
Utilities | 3.0 | ||||||
Real Estate | 2.7 | ||||||
Materials | 2.6 | ||||||
Total Investments | 99.5 | ||||||
Other Assets in Excess of Liabilities | 0.5 | ||||||
Net Assets | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments — Horizons DAX Germany ETF
October 31, 2018
Security Description | Shares | Fair Value | ||||||
Common Stocks — 93.7% | ||||||||
Communication Services — 4.8% | ||||||||
Deutsche Telekom AG | 48,750 | $ | 800,652 | |||||
Consumer Discretionary — 13.7% | ||||||||
adidas AG | 2,937 | 692,178 | ||||||
Bayerische Motoren Werke AG | 5,308 | 458,467 | ||||||
Continental AG | 1,744 | 288,404 | ||||||
Daimler AG | 14,736 | 874,239 | ||||||
2,313,288 | ||||||||
Consumer Staples — 1.0% | ||||||||
Beiersdorf AG | 1,586 | 164,248 | ||||||
Financials — 15.9% | ||||||||
Allianz SE | 6,998 | 1,462,446 | ||||||
Deutsche Bank AG | 31,490 | 308,667 | ||||||
Deutsche Boerse AG | 3,000 | 380,197 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 2,437 | 524,500 | ||||||
2,675,810 | ||||||||
Health Care — 5.4% | ||||||||
Fresenius Medical Care AG & Co. KGaA | 3,418 | 268,461 | ||||||
Fresenius SE & Co. KGaA | 6,580 | 419,595 | ||||||
Merck KGaA | 2,088 | 223,854 | ||||||
911,910 | ||||||||
Industrials — 12.7% | ||||||||
Deutsche Lufthansa AG | 7,171 | 144,303 | ||||||
Deutsche Post AG | 15,386 | 487,257 | ||||||
Siemens AG | 13,115 | 1,511,560 | ||||||
2,143,120 | ||||||||
Information Technology — 14.0% | ||||||||
Infineon Technologies AG | 18,029 | 361,777 | ||||||
SAP SE | 15,452 | 1,657,304 | ||||||
Wirecard AG | 1,860 | 348,577 | ||||||
2,367,658 | ||||||||
Materials — 21.0% | ||||||||
BASF SE | 14,981 | 1,154,761 | ||||||
Bayer AG | 15,113 | 1,160,655 | ||||||
Covestro AG | 2,777 | 179,727 | ||||||
HeidelbergCement AG | 2,409 | 163,772 | ||||||
Linde AG | 2,474 | 541,390 | ||||||
Linde PLC | 534 | 171,450 | ||||||
ThyssenKrupp AG | 7,852 | 165,257 | ||||||
3,537,012 | ||||||||
Real Estate — 2.1% | ||||||||
Vonovia SE | 7,816 | 357,958 | ||||||
Utilities — 3.1% | ||||||||
E.ON SE | 35,627 | $ | 345,383 | |||||
RWE AG | 8,759 | 170,898 | ||||||
516,281 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $18,111,899) | 15,787,937 | |||||||
Preferred Stocks — 5.0% | ||||||||
Consumer Discretionary — 3.1% | ||||||||
Volkswagen AG (2.66%) | 3,132 | 527,909 | ||||||
Consumer Staples — 1.9% | ||||||||
Henkel AG & Co. KGaA (1.85%) | 2,828 | 309,469 | ||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $1,066,389) | 837,378 | |||||||
INVESTMENTS, AT VALUE — 98.7% | ||||||||
(Cost $19,178,288) | 16,625,315 | |||||||
Other Assets in Excess of Liabilities — 1.3% | 225,566 | |||||||
Total Net Assets — 100.0% | $ | 16,850,881 |
Sector Allocation (unaudited) | |||||||
(as of October 31, 2018) | |||||||
Materials | 21.0 | % | |||||
Consumer Discretionary | 16.8 | ||||||
Financials | 15.9 | ||||||
Information Technology | 14.0 | ||||||
Industrials | 12.7 | ||||||
Health Care | 5.4 | ||||||
Communication Services | 4.8 | ||||||
Utilities | 3.1 | ||||||
Consumer Staples | 2.9 | ||||||
Real Estate | 2.1 | ||||||
Total Investments | 98.7 | ||||||
Other Assets in Excess of Liabilities | 1.3 | ||||||
Net Assets | 100.0 | % |
The accompanying notes are an integral part of these financial statements.
18
Statements of Assets and Liabilities
October 31, 2018
Horizons NASDAQ 100® Covered Call ETF | Horizons S&P 500® Covered Call ETF | Horizons DAX Germany ETF | ||||||||||
Assets: | ||||||||||||
Investments, at cost | $ | 364,414,954 | $ | 69,229,898 | $ | 19,178,288 | ||||||
Investments, at value (Note 2) | $ | 397,790,446 | $ | 77,339,886 | $ | 16,625,315 | ||||||
Cash | 762,114 | 377,990 | 80,301 | |||||||||
Receivables: | ||||||||||||
Investments Receivable | 1,044,766 | 191,472 | 672,325 | |||||||||
Dividends and interest | 55,299 | 68,951 | 132 | |||||||||
Due From Administrator (Note 10) | — | — | 64,838 | |||||||||
Reclaims | — | 620 | 98,841 | |||||||||
Total Assets | 399,652,625 | 77,978,919 | 17,541,752 | |||||||||
Liabilities: | ||||||||||||
Payables: | ||||||||||||
Options written, at value (premiums received $8,400,436, $432,235 and $—) | 3,311,800 | 76,950 | — | |||||||||
Investments Payable | 940,332 | 157,313 | 687,900 | |||||||||
Accrued Advisory fees | 198,912 | 44,122 | 2,971 | |||||||||
Total Liabilities | 4,451,044 | 278,385 | 690,871 | |||||||||
Net Assets | $ | 395,201,581 | $ | 77,700,534 | $ | 16,850,881 | ||||||
Net Assets Consist of: | ||||||||||||
Paid-in capital | $ | 399,605,331 | $ | 77,719,166 | $ | 19,721,141 | ||||||
Total distributable earnings (loss) (Note 5) | (4,403,750 | ) | (18,632 | ) | (2,870,260 | ) | ||||||
Net Assets | $ | 395,201,581 | $ | 77,700,534 | $ | 16,850,881 | ||||||
Shares outstanding (unlimited number of shares of beneficial interest authorized, without par value) | 16,850,000 | 1,600,000 | 650,000 | |||||||||
Net asset value, per share | $ | 23.45 | $ | 48.56 | $ | 25.92 |
The accompanying notes are an integral part of these financial statements.
Statements of Operations
For the Year Ended October 31, 2018
Horizons NASDAQ 100® Covered Call ETF | Horizons S&P 500® Covered Call ETF | Horizons DAX Germany ETF | ||||||||||
Investment Income: | ||||||||||||
Dividend income1 | $ | 2,405,193 | $ | 1,108,585 | $ | 546,453 | ||||||
Expenses: | ||||||||||||
Advisory fees | 1,467,560 | 385,304 | 88,874 | |||||||||
Excise tax (Note 5) | 205,113 | — | — | |||||||||
Total Expenses | 1,672,673 | 385,304 | 88,874 | |||||||||
Advisory fees waived | — | — | (49,375 | ) | ||||||||
Net Expenses | 1,672,673 | 385,304 | 39,499 | |||||||||
Net Investment Income | 732,520 | 723,281 | 506,954 | |||||||||
Net Realized and Unrealized Gain (Loss) on: | ||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||
Payment from Administrator (Note 10) | — | — | 64,838 | |||||||||
Investments | (2,772,195 | ) | 260,401 | (189,115 | ) | |||||||
Options written | (12,924,928 | ) | (2,032,147 | ) | — | |||||||
In-kind transactions | 12,988,461 | 7,209,864 | 191,780 | |||||||||
Foreign currency transactions | — | — | 355 | |||||||||
Net Realized Gain (Loss) | (2,708,662 | ) | 5,438,118 | 67,858 | ||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Investments | 3,957,090 | (5,401,999 | ) | (4,049,181 | ) | |||||||
Options written | 7,340,224 | 558,038 | — | |||||||||
Foreign currency translations | — | — | (6,492 | ) | ||||||||
Net Change in Unrealized Appreciation (Depreciation) | 11,297,314 | (4,843,961 | ) | (4,055,673 | ) | |||||||
Net Realized and Unrealized Gain (Loss) on Investments | 8,588,652 | 594,157 | (3,987,815 | ) | ||||||||
Net Increase (Decrease) in Net Assets Resulting From Operations | $ | 9,321,172 | $ | 1,317,438 | $ | (3,480,861 | ) | |||||
Foreign tax withheld | $ | (505 | ) | $ | — | $ | (81,584 | ) |
1 | Net of Foreign tax withheld. |
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 Year Ended October 31, 2018 | For the Year Ended October 31, 2017 | For the Year Ended October 31, 2018 | For the Period Ended October 31, 20171 | For the Year Ended April 30, 2017 | ||||||||||||||||
Investment Operations | ||||||||||||||||||||
Net investment income | $ | 732,520 | $ | 482,596 | $ | 723,281 | $ | 432,293 | $ | 929,506 | ||||||||||
Net realized gain (loss) on investments, options written and foreign currency transactions | (2,708,662 | ) | (6,397,862 | ) | 5,438,118 | 260,819 | (142,244 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments, options written and foreign currency translation | 11,297,314 | 21,495,772 | (4,843,961 | ) | 3,109,570 | 7,748,541 | ||||||||||||||
Net increase in net assets resulting from operations | 9,321,172 | 15,580,506 | 1,317,438 | 3,802,682 | 8,535,803 | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Earnings | (9,059,626 | ) | (7,462,456 | )3 | (1,882,552 | ) | (671,990 | )3 | (2,156,257 | )3 | ||||||||||
Return of capital5 | (17,698,697 | ) | — | (3,049,443 | ) | — | — | |||||||||||||
Total distributions | (26,758,323 | ) | (7,462,456 | ) | (4,931,995 | ) | (671,990 | ) | 2,156,257 | ) | ||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 283,373,920 | 96,910,375 | 38,709,355 | 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 | 254,658,730 | 96,910,375 | 18,686,595 | (4,914,840 | ) | (2,425,715 | ) | |||||||||||||
Net increase (decrease) in net assets | 237,221,579 | 105,028,425 | 15,072,038 | (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 | $ | 395,201,581 | $ | 157,980,002 | 4 | $ | 77,700,534 | $ | 62,628,496 | 4 | 64,412,644 | 4 | ||||||||
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 | 11,500,000 | 4,100,000 | 750,000 | 100,000 | 200,000 | |||||||||||||||
Shares redeemed | (1,150,000 | ) | — | (400,000 | ) | (202,500 | )2 | (250,000 | ) | |||||||||||
Shares outstanding, end of period | 16,850,000 | 6,500,000 | 1,600,000 | 1,250,000 | 1,352,500 |
1 | 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. |
2 | Includes the redemption of the Advisor’s seed capital. |
3 | Includes net investment income distributions of $7,462,456, $671,990 and $2,156,257, respectively. |
4 | Includes undistributed net investment income of $0, $0 and $0, respectively. |
5 | 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. |
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (concluded)
Horizons DAX Germany ETF | ||||||||
For the Year Ended October 31, 2018 | For the Year Ended October 31, 2017 | |||||||
Investment Operations | ||||||||
Net investment income | $ | 506,954 | $ | 236,269 | ||||
Net realized gain (loss) on investments, options written, foreign currency transactions and payment from administrator (Note 10) | 67,858 | 71,627 | ||||||
Net change in unrealized appreciation (depreciation) on investments, options written and foreign currency translation | (4,055,673 | ) | 3,237,538 | |||||
Net increase (decrease) in net assets resulting from operations | (3,480,861 | ) | 3,545,434 | |||||
Distributions to Shareholders From: | ||||||||
Earnings | (244,615 | ) | (403,498 | )1 | ||||
Return of capital3 | — | (18,200 | ) | |||||
Total distributions | (244,615 | ) | (421,698 | ) | ||||
Shareholder Transactions: | ||||||||
Proceeds from shares sold | 4,859,840 | 3,074,616 | ||||||
Cost of shares redeemed | (1,469,780 | ) | (2,613,010 | ) | ||||
Net increase in net assets resulting from shareholder transactions | 3,390,060 | 461,606 | ||||||
Net increase (decrease) in net assets | (335,416 | ) | 3,585,342 | |||||
Net Assets | ||||||||
Beginning of year | 17,186,297 | 13,600,955 | ||||||
End of year | $ | 16,850,881 | $ | 17,186,297 | 2 | |||
Changes in Shares Outstanding: | ||||||||
Shares outstanding, beginning of year | 550,000 | 550,000 | ||||||
Shares sold | 150,000 | 100,000 | ||||||
Shares redeemed | (50,000 | ) | (100,000 | ) | ||||
Shares outstanding, end of year | 650,000 | 550,000 |
1 | Includes net investment income distributions of $403,498. |
2 | Includes undistributed net investment income of $0. |
3 | 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. |
The accompanying notes are an integral part of these financial statements.
Financial Highlights — Horizons NASDAQ 100® Covered Call ETF
For the Year Ended October 31, 2018 | 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 income2 | 0.07 | 0.12 | 0.15 | 0.16 | 0.16 | |||||||||||||||
Net realized and unrealized gain on investments and options written | 1.71 | 3.93 | 0.53 | 1.47 | 1.11 | |||||||||||||||
Total from investment operations | 1.78 | 4.05 | 0.68 | 1.63 | 1.27 | |||||||||||||||
Distributions from: | ||||||||||||||||||||
Net investment income | (0.87 | ) | (1.81 | ) | (1.06 | ) | (1.92 | ) | (0.35 | ) | ||||||||||
Net realized gain | (0.11 | ) | — | — | — | — | ||||||||||||||
Return of capital7 | (1.65 | ) | — | (1.07 | ) | (0.24 | ) | (1.88 | ) | |||||||||||
Total distribution to shareholders | (2.63 | ) | (1.81 | ) | (2.13 | ) | (2.16 | ) | (2.23 | ) | ||||||||||
Net asset value, end of period | $ | 23.45 | $ | 24.30 | $ | 22.06 | $ | 23.51 | $ | 24.04 | ||||||||||
Total Return on Market Price8 | 7.50 | % | 18.81 | % | 3.38 | % | 7.48 | % | 5.91 | % | ||||||||||
Total Return on Net Asset Value3 | 7.44 | % | 19.04 | % | 3.32 | % | 7.25 | % | 5.11 | % | ||||||||||
Net assets, end of period (000’s omitted) | $ | 395,202 | $ | 157,980 | $ | 52,952 | $ | 22,337 | $ | 12,022 | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Expenses | 0.68 | %9 | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %4 | ||||||||||
Net investment income | 0.30 | % | 0.53 | % | 0.69 | % | 0.67 | % | 0.74 | %4 | ||||||||||
Portfolio turnover rate5 | 15 | % | 4 | % | 9 | % | 13 | % | 18 | %6 |
1 | Commencement of operations. |
2 | Based on average shares outstanding. |
3 | 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. |
4 | Annualized. |
5 | 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. |
6 | Not annualized. |
7 | 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. |
8 | 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. |
9 | 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 Year Ended October 31, 2018 | 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 income2 | 0.62 | 0.34 | 0.66 | 0.70 | 0.63 | 0.52 | ||||||||||||||||||
Net realized and unrealized gain on investments and options written | 1.88 | 2.67 | 5.39 | (0.90 | ) | 2.03 | 5.66 | |||||||||||||||||
Total from investment operations | 2.50 | 3.01 | 6.05 | (0.20 | ) | 2.66 | 6.18 | |||||||||||||||||
Distributions from: | ||||||||||||||||||||||||
Net investment income | (0.22 | ) | (0.53 | ) | (1.54 | ) | (1.50 | ) | (0.83 | ) | (0.64 | ) | ||||||||||||
Net realized gain | (1.22 | ) | — | — | — | (0.63 | ) | (0.69 | ) | |||||||||||||||
Return of capital7 | (2.60 | ) | — | — | (0.58 | ) | (0.66 | ) | — | |||||||||||||||
Total distribution to shareholders | (4.04 | ) | (0.53 | ) | (1.54 | ) | (2.08 | ) | 2.12 | (1.33 | ) | |||||||||||||
Net asset value, end of period | $ | 48.56 | $ | 50.10 | $ | 47.62 | $ | 43.11 | $ | 45.39 | $ | 44.85 | ||||||||||||
Total Return on Market Price9 | 7.24 | % | 6.24 | % | 14.54 | % | (0.67 | )% | 6.47 | % | 15.73 | % | ||||||||||||
Total Return on Net Asset Value3 | 4.97 | % | 6.35 | % | 14.29 | % | (0.29 | )% | 5.97 | % | 15.59 | % | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 77,701 | $ | 62,628 | $ | 64,413 | $ | 60,459 | $ | 77,276 | $ | 27,024 | ||||||||||||
Ratios/Supplemental Data: | �� | |||||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net expenses | 0.65 | % | 0.65 | %4 | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | %4 | ||||||||||||
Net investment income | 1.22 | % | 1.39 | %4 | 1.46 | % | 1.61 | % | 1.39 | % | 1.37 | %4 | ||||||||||||
Portfolio turnover rate5 | 4 | % | 8 | %6 | 21 | % | 7 | % | 12 | % | 34 | %6 |
1 | Commencement of operations. |
2 | Based on average shares outstanding. |
3 | 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. |
4 | Annualized. |
5 | 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. |
6 | Not annualized. |
7 | 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. |
8 | 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. |
9 | 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. |
The accompanying notes are an integral part of these financial statements.
Financial Highlights — Horizons DAX Germany ETF
For the Year Ended October 31, 2018 | 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 | 0.77 | 0.48 | 0.45 | 0.73 | (— | )3 | ||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency translations | (5.75 | )9 | 6.91 | (1.33 | ) | (0.37 | ) | 0.73 | ||||||||||||
Total from investment operations | (4.98 | ) | 7.39 | (0.88 | ) | 0.36 | 0.73 | |||||||||||||
Distributions from: | ||||||||||||||||||||
Net investment income | (0.35 | ) | (0.83 | ) | (0.21 | ) | (0.27 | ) | — | |||||||||||
Return of capital | — | (0.04 | ) | — | — | — | ||||||||||||||
Total distribution to shareholders | (0.35 | ) | (0.87 | ) | (0.21 | ) | (0.27 | ) | — | |||||||||||
Net asset value, end of period | $ | 25.92 | $ | 31.25 | $ | 24.73 | $ | 25.82 | $ | 25.73 | ||||||||||
Total Return on Market Price8 | (17.08 | )% | 31.52 | % | (2.77 | )% | 0.56 | % | 3.00 | % | ||||||||||
Total Return on Net Asset Value4 | (16.05 | )%10 | 30.40 | % | (3.41 | )% | 1.34 | % | 2.92 | % | ||||||||||
Net assets, end of period (000’s omitted) | $ | 16,851 | $ | 17,186 | $ | 13,601 | $ | 15,494 | $ | 12,866 | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Gross expenses | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | %5 | ||||||||||
Net expenses | 0.20 | % | 0.38 | % | 0.45 | % | 0.45 | % | 0.45 | %5 | ||||||||||
Net investment income (loss) | 2.57 | % | 1.74 | % | 1.86 | % | 2.70 | % | (0.45 | )%5 | ||||||||||
Portfolio turnover rate6 | 7 | % | 9 | % | 14 | % | 9 | % | 0 | %7 |
1 | Commencement of operations. |
2 | Based on average shares outstanding. |
3 | Amount is less than $(0.005). |
4 | 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. |
5 | Annualized. |
6 | 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. |
7 | Not annualized. |
8 | 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. |
9 | Includes a $0.10 gain per share derived from a payment from the Administrator. See Note 10. |
10 | Before payment from the Administrator for the loss resulting from the error, the total return for the period would have been (16.37%). See Note 10. |
The accompanying notes are an integral part of these financial statements.
25 |
Notes to Financial Statements
October 31, 2018
Notes to Financial Statements (continued)
October 31, 2018
• | 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). |
Assets† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 397,790,446 | $ | — | $ | — | $ | 397,790,446 | ||||||||
Other Financial Instruments: | ||||||||||||||||
Options Written* | — | (3,311,800 | ) | — | (3,311,800 | ) | ||||||||||
Total | $ | 397,790,446 | $ | (3,311,800 | ) | $ | — | $ | 394,478,646 |
Assets† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 77,339,886 | $ | — | $ | — | $ | 77,339,886 | ||||||||
Other Financial Instruments: | ||||||||||||||||
Options Written* | — | (76,950 | ) | — | (76,950 | ) | ||||||||||
Total | $ | 77,339,886 | $ | (76,950 | ) | $ | — | $ | 77,262,936 |
Assets† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 15,787,937 | $ | — | $ | — | $ | 15,787,937 | ||||||||
Preferred Stocks | 837,378 | — | — | 837,378 | ||||||||||||
Total | $ | 16,625,315 | $ | — | $ | — | $ | 16,625,315 |
† | See the Portfolio of Investments for breakdown by sector. |
* | 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 a pricing service approved by the Board. |
Notes to Financial Statements (continued)
October 31, 2018
Notes to Financial Statements (continued)
October 31, 2018
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 companies 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.
Notes to Financial Statements (continued)
October 31, 2018
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.
Funds | Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Horizons NASDAQ 100 Covered Call ETF | $ | 394,478,646 | $ | — | $ | — | $ | — | ||||||||
Horizons S&P 500® Covered Call ETF | 77,281,568 | — | (18,632 | ) | (18,632 | ) | ||||||||||
Horizons DAX Germany ETF | 19,222,859 | 1,216,098 | (3,817,595 | ) | (2,601,497 | ) |
Notes to Financial Statements (continued)
October 31, 2018
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 | $ | — | $ | (4,403,750 | ) | $ | — | $ | (4,403,750 | ) | ||||||
Horizons S&P 500® Covered Call ETF | — | — | (18,632 | ) | (18,632 | ) | ||||||||||
Horizons DAX Germany ETF | 262,909 | (531,672 | ) | (2,601,497 | ) | (2,870,260 | ) |
Year Ended October 31, 2018 | Year or Period Ended October 31, 2017** | |||||||||||||||||||||||
Ordinary Income | Long-Term Capital | Return of Capital | Ordinary Income | Long-Term Capital | Return of Capital | |||||||||||||||||||
Horizons NASDAQ 100® Covered Call ETF | $ | 8,264,567 | $ | 795,059 | $ | 17,698,697 | $ | 7,462,456 | $ | — | $ | — | ||||||||||||
Horizons S&P 500® Covered Call ETF* | 1,551,694 | 330,858 | 3,049,443 | 671,990 | — | — | ||||||||||||||||||
Horizons DAX Germany ETF | 244,615 | — | — | 403,498 | — | 18,200 |
* | For the year ended April 30, 2017, the Horizons S&P 500® Covered Call ETF’s tax character of distributions was $2,156,257 from ordinary income. |
** | 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. |
Capital Loss Carryover | ||||||||
Funds | Short Term | Long Term | ||||||
Horizons NASDAQ 100® Covered Call ETF | $ | 4,403,750 | $ | — | ||||
Horizons S&P 500® Covered Call ETF | — | — | ||||||
Horizons DAX Germany ETF | 199,239 | 332,433 |
Funds | Total Distributable Earnings (Loss) | Paid-in Capital | ||||||
Horizons NASDAQ 100® Covered Call ETF | $ | (12,783,348 | ) | $ | 12,783,348 | |||
Horizons S&P 500® Covered Call ETF | (7,183,519 | ) | 7,183,519 | |||||
Horizons DAX Germany ETF | (191,780 | ) | 191,780 |
Purchases | Sales | |||||||
Horizons NASDAQ 100® Covered Call ETF | $ | 36,586,471 | $ | 64,782,292 | ||||
Horizons S&P® 500 Covered Call ETF | 2,690,279 | 9,345,885 | ||||||
Horizons DAX Germany ETF | 1,599,144 | 1,350,236 |
Notes to Financial Statements (continued)
October 31, 2018
Purchases | Sales | |||||||
Horizons NASDAQ 100® Covered Call ETF | $ | 279,772,048 | $ | 28,335,732 | ||||
Horizons S&P® 500 Covered Call ETF | 38,508,053 | 19,682,727 | ||||||
Horizons DAX Germany ETF | 4,854,287 | 1,439,081 |
Equity Risk | ||||||||||||
Liabilities (Options Written, at value) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | ||||||||||
Horizons NASDAQ 100® Covered Call ETF | $ | (3,311,800 | ) | $ | (12,924,928 | ) | $ | 7,340,224 | ||||
Horizons S&P 500® Covered Call ETF | (76,950 | ) | (2,032,147 | ) | 558,038 |
Notes to Financial Statements (continued)
October 31, 2018
Notes to Financial Statements (continued)
October 31, 2018
Report of Independent Registered Public Accounting Firm
October 31, 2018
and the Shareholders of Horizons NASDAQ 100 Covered Call ETF,
Horizons S&P 500® Covered Call ETF, and Horizons DAX Germany ETF
December 28, 2018
Supplemental Information
October 31, 2018 (Unaudited)
• | Information we receive about you on applications or other forms; |
• | Information you give us orally; and |
• | Information about your transactions with us or others. |
Board Review and Approval of Advisory Contracts
October 31, 2018 (Unaudited)
Board Review and Approval of Advisory Contracts (continued)
October 31, 2018 (Unaudited)
Trustees and Officers of the Trust
October 31, 2018 (Unaudited)
Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Portfolios in the Fund Complex Overseen | Other Directorships Held By Trustee During Past Five Years | |||||
Independent Trustees | ||||||||||
Robinson Jacobs, 1978 | Trustee and Chairman of the Board of Trustees | Since July 2014 | Comprehensive Financial Management (Investment Management) (August 2016 — Present); Analyst, Gagnon Securities (September 2012 — August 2016); Vice President, CSL Capital (April 2011 — May 2012); Consultant to various hedge fund groups. | 3 | None. | |||||
Mark Buckley-Jones, 1979 | Trustee | Since July 2014 | Controller and Chief Compliance Officer, Numina Capital Management, LLC (January 2014 — Present); Chief Financial Officer, VS Capital Partners, LP (August 2011 — December 2013) and Berman Capital Management, LP (May 2007 — July 2011). | 3 | None. | |||||
John L. Jacobs, 1959 | Trustee | Since September 2015 | Independent Consultant (January 2015 — Present); Executive Vice President, Global Information Services, of The NASDAQ OMX Group (January 2010 — January 2015). | 3 | None. |
1 | The address for each Trustee is 625 Madison Avenue, 3rd Floor, New York, NY 10022. |
2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
Trustees and Officers of the Trust (continued)
October 31, 2018 (Unaudited)
Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 and Length of Time Served | Principal Occupation(s) During the Past Five Years | |||
Jonathan Molchan, 1983 | President and Chief Executive Officer | Since June 2018 | Director, Head of Product Development, and Portfolio Manager at Horizons ETFs Management (US) LLC or related entities since 2013. | |||
Christopher W. Roleke, 1972 | Treasurer and Chief Financial Officer | Since February 2017 | 2011 to Present — Managing Director and Fund Principal Financial Officer, Foreside Fund Officer Services, LLC. | |||
Thomas Calabria, 1968 | Secretary | Since June 2018 | Chief Compliance Officer of Mirae Asset Global Investments (USA) LLC 2014 to present; and Horizons ETFs Management (USA) LLC 2014 to present; Chief Compliance Officer of Burnham Asset Management from 2007 to 2014 and Burnham Investors Trust from 2006 to 2014. | |||
Rodney L. Ruehle, 1969 | Chief Compliance Officer | Since December 2016 | Fund Chief Compliance Officer, Foreside Financial Group, LLC, 2016 to present; Director, Beacon Hill Fund Services, Inc. 2008 to 2016; Chief Compliance Officer of Context Capital Funds, 2015 to present; Chief Compliance Officer of Praxis Mutual Funds, 2015 to present; Chief Compliance Officer, Asset Management Funds, 2009 to 2016; Chief Compliance Officer of Tributary Funds, Inc., 2009 to present; Chief Compliance Officer, Penn Series Funds, Inc., 2012 to 2014. |
1 | The address for each officer is 625 Madison Avenue, 3rd Floor, New York, NY 10022. |
2 | Officers are elected yearly by the Trustees. |
Federal Tax Information
October 31, 2018 (Unaudited)
Horizons NASDAQ 100® Covered Call ETF | 0.00 | % | ||||
Horizons S&P 500® Covered Call ETF | 0.00 | % | ||||
Horizons DAX Germany ETF | 100.00 | % |
Horizons NASDAQ 100® Covered Call ETF | 0.00 | % | ||||
Horizons S&P 500® Covered Call ETF | 0.00 | % | ||||
Horizons DAX Germany ETF | 0.00 | % |
Horizons NASDAQ 100® Covered Call ETF | 88.10 | % | ||||
Horizons S&P 500® Covered Call ETF | 41.21 | % | ||||
Horizons DAX Germany ETF | 0.00 | % |
Per Share | ||||||||
Gross Foreign Source Income | Foreign Taxes Passthrough | Gross Foreign Source Income | Foreign Taxes Passthrough | |||||
Horizons DAX Germany ETF | $627,872 | $81,584 | $0.9659574 | $0.1255138 |
41
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s board has determined that there is at least one audit committee financial expert serving on its audit committee. Mark Buckley-Jones is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3(a)(2) of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
FYE 10/31/2018 | FYE 10/31/2017 | |
Audit Fees | $39,000 | $35,000 |
Audit-Related Fees | $0 | $0 |
Tax Fees | $6,000 | $6,000 |
All Other Fees | $0 | $0 |
The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
The percentage of fees billed by BBD, LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
FYE 10/31/2018 | FYE 10/31/2017 | |
Audit-Related Fees | 0% | 0% |
Tax Fees | 0% | 0% |
All Other Fees | 0% | 0% |
All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant. (If more than 50 percent of the accountant’s hours were spent to audit the registrant's financial statements for the most recent fiscal year, state how many hours were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.)
Item 5. Audit Committee of Listed Registrants.
The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Mark Buckley-Jones, Robinson Jacobs, and John Jacobs.
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 to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
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 Principal Executive Officer and Principal Financial Officer 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 |
2
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 have materially affected, or are 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
Not applicable to open-end investment companies.
Item 13. Exhibits.
(a) | (1) Registrant’s Code of Ethics is filed herewith. |
(2) Certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 is filed herewith.
(3) Not applicable to open-end investment companies.
(4) 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 are filed herewith. |
3
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 January 4, 2019
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 January 4, 2019
By (Signature and Title) | /s/ Christopher W. Roleke |
Christopher W. Roleke, | |
Treasurer/Chief Financial Officer | |
(Principal Financial Officer) |
Date January 4, 2019
4