Horizon International Managed Risk ETF
Schedule of Investments
August 31, 2026 (Unaudited)
COMMON STOCKS - 97.2%									Shares						Value
Australia - 2.3%
Banks - 0.3%
Commonwealth Bank of Australia									18,817						$        2,156,131
Broadline Retail - 0.2%
Wesfarmers Ltd.									23,468						1,335,955
Commercial Services & Supplies - 0.1%
Brambles Ltd.									88,800						1,246,590
Consumer Staples Distribution & Retail - 0.2%
Coles Group Ltd.									80,114						1,380,128
Diversified Telecommunication Services - 0.1%
Telstra Group Ltd.									386,161						1,292,295
Financial Services - 0.2%
Washington H Soul Pattinson & Co. Ltd. Old									42,326						1,349,113
Insurance - 0.3%
QBE Insurance Group Ltd.									134,693						2,148,556
Metals & Mining - 0.7%
Fortescue Ltd.									147,513						1,871,027
Rio Tinto Ltd.									26,776						3,354,195
															5,225,222
Oil, Gas & Consumable Fuels - 0.2%
Woodside Energy Group Ltd.									84,485						1,962,768
Total Australia															18,096,758
Austria - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
OMV AG									14,861						1,182,431
Belgium - 1.3%
Beverages - 0.5%
Anheuser-Busch InBev SA									50,510						4,005,974
Biotechnology - 0.3%
Argenx SE (a)									2,369						2,409,395
Insurance - 0.2%
Ageas SA									17,817						1,562,495
Pharmaceuticals - 0.3%
UCB SA									7,481						1,870,858
Total Belgium															9,848,722
Brazil - 0.7%
Beverages - 0.2%

---

Ambev SA									518,394						1,508,695
Capital Markets - 0.2%
B3 SA - Brasil Bolsa Balcao									512,461						1,612,088
Metals & Mining - 0.3%
Vale SA									177,548						2,681,955
Total Brazil															5,802,738
Canada - 10.1%
Aerospace & Defense - 0.2%
Bombardier, Inc. - Class B (a)									6,661						1,441,058
Automobile Components - 0.2%
Magna International, Inc.									22,137						1,453,492
Banks - 2.7%
Royal Bank of Canada									38,555						7,883,752
Toronto-Dominion Bank									110,704						13,392,792
															21,276,544
Consumer Staples Distribution & Retail - 0.4%
Alimentation Couche-Tard, Inc.									48,280						2,907,704
Ground Transportation - 0.4%
Canadian National Railway Co.									24,578						3,068,814
Insurance - 0.3%
Great-West Lifeco, Inc.									23,725						1,525,405
iA Financial Corp., Inc.									8,310						1,185,866
															2,711,271
Metals & Mining - 3.1%
Agnico Eagle Mines Ltd.									37,165						7,541,335
Barrick Mining Corp.									146,845						6,586,013
Kinross Gold Corp.									110,258						3,376,276
Pan American Silver Corp.									42,256						2,194,282
Wheaton Precious Metals Corp.									28,514						4,297,622
															23,995,528
Oil, Gas & Consumable Fuels - 2.4%
Canadian Natural Resources Ltd.									133,399						6,688,478
Cenovus Energy, Inc.									108,738						3,492,922
Imperial Oil Ltd.									11,616						1,526,562
Suncor Energy, Inc.									81,783						5,471,870
Whitecap Resources, Inc.									128,491						1,665,066
															18,844,898
Trading Companies & Distributors - 0.2%
Toromont Industries Ltd.									8,210						1,186,287
Wireless Telecommunication Services - 0.2%
Rogers Communications, Inc. - Class B									37,901						1,398,231
Total Canada															78,283,827
China - 4.5%
Air Freight & Logistics - 0.2%
ZTO Express Cayman, Inc.									54,050						1,152,927
Banks - 0.6%

---

Bank of China Ltd. - Class H									2,680,000						2,017,236
China CITIC Bank Corp. Ltd. - Class H									1,102,000						1,174,621
China Merchants Bank Co. Ltd. - Class H									250,000						1,625,002
															4,816,859
Communications Equipment - 0.1%
Yangtze Optical Fibre & Cable Joint Stock Ltd. Co. - Class H (b)									33,500						712,443
Entertainment - 0.4%
NetEase, Inc.									109,600						2,690,206
Hotels, Restaurants & Leisure - 0.1%
Yum China Holdings, Inc.									24,750						1,112,707
Insurance - 0.8%
China Life Insurance Co. Ltd. - Class H									625,000						2,415,975
China Pacific Insurance Group Co. Ltd. - Class H									300,600						1,158,919
Ping An Insurance Group Co. of China Ltd. - Class H									338,000						2,438,480
															6,013,374
Interactive Media & Services - 0.2%
Baidu, Inc. - Class A (a)									86,450						1,060,987
Kuaishou Technology (b)									179,400						768,551
															1,829,538
Life Sciences Tools & Services - 0.2%
Wuxi Biologics Cayman, Inc. (a)(b)									265,000						1,651,168
Machinery - 0.3%
Weichai Power Co. Ltd. - Class H									234,000						950,514
Yangzijiang Shipbuilding Holdings Ltd.									366,342						1,394,930
															2,345,444
Metals & Mining - 0.6%
China Hongqiao Group Ltd.									319,500						930,157
CMOC Group Ltd. - Class H									522,000						1,122,122
Zijin Mining Group Co. Ltd. - Class H									558,000						2,606,888
															4,659,167
Oil, Gas & Consumable Fuels - 0.3%
PetroChina Co. Ltd. - Class H									1,694,000						2,197,881
Technology Hardware, Storage & Peripherals - 0.6%
Lenovo Group Ltd.									786,000						3,012,259
Xiaomi Corp. - Class B (a)(b)									398,800						1,405,234
															4,417,493
Textiles, Apparel & Luxury Goods - 0.1%
ANTA Sports Products Ltd.									115,000						1,139,958
Total China															34,739,165
Denmark - 1.0%
Biotechnology - 0.2%
Genmab AS (a)									4,500						1,483,812
Electrical Equipment - 0.2%
Vestas Wind Systems AS									48,027						1,595,564
Pharmaceuticals - 0.6%
Novo Nordisk AS									108,716						4,939,602
Total Denmark															8,018,978
Finland - 0.6%

---

Communications Equipment - 0.2%
Nokia Oyj									130,957						1,327,641
Insurance - 0.1%
Sampo Oyj									97,335						1,099,614
Machinery - 0.1%
Wartsila OYJ Abp									25,744						833,992
Oil, Gas & Consumable Fuels - 0.2%
Neste Oyj									34,880						1,291,612
Total Finland															4,552,859
France - 6.1%
Automobile Components - 0.2%
Cie Generale des Etablissements Michelin SCA									47,237						1,920,382
Banks - 0.7%
BNP Paribas SA									45,777						5,465,037
Chemicals - 0.5%
Air Liquide SA									17,680						3,481,702
Construction & Engineering - 0.7%
Bouygues SA									18,900						970,773
Eiffage SA									8,252						1,044,775
Vinci SA									24,095						3,166,786
															5,182,334
Diversified Telecommunication Services - 0.2%
Orange SA									73,145						1,308,831
Electrical Equipment - 0.3%
Legrand SA									16,322						2,588,823
Insurance - 0.6%
AXA SA									89,464						4,478,812
IT Services - 0.2%
Capgemini SE									10,143						1,263,575
Media - 0.2%
Publicis Groupe SA									16,397						1,922,684
Multi-Utilities - 0.2%
Engie SA									47,491						1,357,012
Oil, Gas & Consumable Fuels - 1.3%
TotalEnergies SE									118,823						10,424,547
Personal Care Products - 0.3%
L'Oreal SA									4,833						2,159,614
Pharmaceuticals - 0.4%
Ipsen SA									5,714						1,082,508
Sanofi SA									18,886						1,684,981

---

															2,767,489
Textiles, Apparel & Luxury Goods - 0.3%
LVMH Moet Hennessy Louis Vuitton SE									5,055						2,661,608
Total France															46,982,450
Germany - 2.7%
Air Freight & Logistics - 0.5%
DHL AG									56,856						3,707,540
Construction Materials - 0.2%
Heidelberg Materials AG									7,464						1,428,349
Diversified Telecommunication Services - 0.5%
Deutsche Telekom AG									115,478						3,806,702
Independent Power and Renewable Electricity Producers - 0.1%
RWE AG									16,827						1,146,140
Insurance - 1.2%
Allianz SE									13,450						7,042,768
Hannover Rueck SE									3,673						1,101,576
Talanx AG									8,210						1,193,946
															9,338,290
Pharmaceuticals - 0.2%
Bayer AG									28,477						1,622,116
Total Germany															21,049,137
Hong Kong - 2.2%
Automobiles - 0.2%
Geely Automobile Holdings Ltd.									705,000						1,582,966
Food Products - 0.1%
WH Group Ltd. (b)									1,058,000						1,000,845
Industrial Conglomerates - 0.2%
CK Hutchison Holdings Ltd.									193,000						1,735,866
Insurance - 0.8%
AIA Group Ltd.									403,200						3,922,204
Prudential PLC									151,731						2,092,955
															6,015,159
Machinery - 0.3%
Techtronic Industries Co. Ltd.									128,000						2,212,682
Real Estate Management & Development - 0.6%
China Resources Land Ltd.									291,500						1,117,886
CK Asset Holdings Ltd.									219,000						1,265,646
Sun Hung Kai Properties Ltd.									132,000						1,956,815
															4,340,347
Total Hong Kong															16,887,865
Ireland - 0.9%
Broadline Retail - 0.4%
PDD Holdings, Inc. - ADR (a)									36,879						3,097,836
Passenger Airlines - 0.2%

---

Ryanair Holdings PLC									63,753						1,718,011
Trading Companies & Distributors - 0.3%
AerCap Holdings NV									14,380						2,098,617
Total Ireland															6,914,464
Israel - 1.4%
Aerospace & Defense - 0.1%
Elbit Systems Ltd.									1,683						1,186,451
Banks - 0.5%
Bank Hapoalim BM									89,272						2,306,481
Mizrahi Tefahot Bank Ltd.									17,549						1,361,097
															3,667,578
Insurance - 0.2%
Phoenix Financial Ltd.									24,706						1,551,794
Pharmaceuticals - 0.3%
Teva Pharmaceutical Industries Ltd. - ADR (a)									56,932						2,052,399
Semiconductors & Semiconductor Equipment - 0.3%
Nova Ltd. (a)									2,718						951,952
Tower Semiconductor Ltd. (a)									5,250						1,074,951
															2,026,903
Total Israel															10,485,125
Italy - 3.0%
Aerospace & Defense - 0.2%
Leonardo SpA									20,511						1,232,204
Banks - 1.0%
BPER Banca SPA									138,450						2,292,276
UniCredit SpA									56,396						5,511,731
															7,804,007
Electric Utilities - 0.4%
Enel SpA									159,703						1,747,621
Terna - Rete Elettrica Nazionale									103,333						1,169,536
															2,917,157
Electrical Equipment - 0.3%
Prysmian SpA									19,401						2,708,730
Gas Utilities - 0.1%
Italgas SpA									89,781						916,248
Insurance - 0.7%
Generali									68,174						3,529,381
Unipol Assicurazioni SpA									48,244						1,581,385
															5,110,766
Oil, Gas & Consumable Fuels - 0.3%
Eni SpA									82,623						2,236,595
Total Italy															22,925,707
Japan - 15.1%
Automobile Components - 0.5%
Bridgestone Corp.									60,400						1,567,186
Sumitomo Electric Industries Ltd.									179,200						2,491,413

---

															4,058,599
Automobiles - 0.2%
Suzuki Motor Corp.									93,500						1,303,440
Banks - 0.5%
Japan Post Bank Co. Ltd.									83,500						1,779,765
Sumitomo Mitsui Trust Group, Inc.									190,700						2,121,277
															3,901,042
Beverages - 0.2%
Kirin Holdings Co. Ltd.									68,400						1,307,628
Broadline Retail - 0.2%
Ryohin Keikaku Co. Ltd.									53,900						1,460,277
Building Products - 0.3%
Daikin Industries Ltd.									17,800						2,357,177
Chemicals - 0.6%
Asahi Kasei Corp.									105,200						1,082,621
Shin-Etsu Chemical Co. Ltd.									101,400						3,823,050
															4,905,671
Electrical Equipment - 1.1%
Fuji Electric Co. Ltd.									14,500						1,257,121
Fujikura Ltd.									111,200						3,831,266
Mitsubishi Electric Corp.									108,200						3,782,767
															8,871,154
Electronic Equipment, Instruments & Components - 1.2%
Keyence Corp.									10,700						5,603,518
Murata Manufacturing Co. Ltd.									88,400						3,979,245
															9,582,763
Financial Services - 0.4%
ORIX Corp.									75,900						2,985,638
Food Products - 0.2%
Ajinomoto Co., Inc.									52,500						1,775,305
Gas Utilities - 0.1%
Tokyo Gas Co. Ltd.									27,100						1,049,393
Ground Transportation - 0.2%
Central Japan Railway Co.									59,800						1,488,355
Health Care Equipment & Supplies - 0.3%
Hoya Corp.									12,400						1,909,484
Insurance - 1.3%
Daiichi Life Group, Inc.									168,600						1,940,351
MS&AD Insurance Group Holdings, Inc.									56,200						1,796,641
Sompo Holdings, Inc.									65,700						2,817,183
Tokio Marine Holdings, Inc.									74,500						3,594,188
															10,148,363
Machinery - 1.2%
Ebara Corp.									33,100						969,897
FANUC Corp.									56,500						2,141,518
Komatsu Ltd.									54,300						2,528,222
Kubota Corp.									80,100						1,470,380
SMC Corp.									4,800						2,124,620

---

															9,234,637
Marine Transportation - 0.2%
Nippon Yusen KK									29,800						1,313,252
Oil, Gas & Consumable Fuels - 0.3%
Inpex Corp.									78,300						1,939,487
Pharmaceuticals - 0.8%
Astellas Pharma, Inc.									133,900						1,987,755
Otsuka Holdings Co. Ltd.									36,000						2,760,563
Shionogi & Co. Ltd.									65,900						1,200,638
															5,948,956
Real Estate Management & Development - 0.1%
Mitsui Fudosan Co. Ltd.									110,600						1,054,075
Semiconductors & Semiconductor Equipment - 2.5%
Advantest Corp.									41,200						8,688,751
Lasertec Corp.									7,500						1,579,343
SCREEN Holdings Co. Ltd.									17,500						1,489,828
Tokyo Electron Ltd.									21,700						7,666,654
															19,424,576
Specialty Retail - 0.6%
Fast Retailing Co. Ltd.									9,500						4,308,451
Technology Hardware, Storage & Peripherals - 0.2%
FUJIFILM Holdings Corp.									71,500						1,517,277
Textiles, Apparel & Luxury Goods - 0.2%
Asics Corp.									58,700						1,653,521
Trading Companies & Distributors - 0.6%
Sumitomo Corp.									215,400						2,415,581
Toyota Tsusho Corp.									52,000						2,434,154
															4,849,735
Wireless Telecommunication Services - 1.1%
KDDI Corp.									79,300						1,469,098
SoftBank Corp.									843,200						1,251,472
SoftBank Group Corp.									167,500						5,452,269
															8,172,839
Total Japan															116,521,095
Luxembourg - 0.4%
Energy Equipment & Services - 0.2%
Tenaris SA									43,609						1,212,149
Metals & Mining - 0.2%
ArcelorMittal SA									24,295						1,808,890
Total Luxembourg															3,021,039
Mexico - 1.3%
Banks - 0.2%
Grupo Financiero Banorte SAB de CV									130,229						1,476,569
Beverages - 0.2%
Fomento Economico Mexicano SAB de CV									140,663						1,694,930

---

Metals & Mining - 0.6%
Grupo Mexico SAB de CV - Class B									265,714						3,636,198
Industrias Penoles SAB de CV									25,770						1,361,243
															4,997,441
Wireless Telecommunication Services - 0.3%
America Movil SAB de CV									1,670,590						1,927,477
Total Mexico															10,096,417
Netherlands - 4.9%
Banks - 0.4%
ING Groep NV									96,166						3,405,218
Broadline Retail - 0.2%
Prosus NV									30,929						1,377,025
Consumer Staples Distribution & Retail - 0.3%
Koninklijke Ahold Delhaize NV									56,116						1,997,811
Diversified Telecommunication Services - 0.2%
Koninklijke KPN NV									246,270						1,181,977
Semiconductors & Semiconductor Equipment - 3.8%
ASML Holding NV									16,976						28,627,232
BE Semiconductor Industries NV									4,734						1,075,010
															29,702,242
Total Netherlands															37,664,273
Norway - 0.4%
Chemicals - 0.1%
Yara International ASA									21,739						1,060,921
Oil, Gas & Consumable Fuels - 0.3%
Equinor ASA									56,853						2,430,190
Total Norway															3,491,111
Peru - 0.2%
Banks - 0.2%
Credicorp Ltd.									3,928						1,439,141
Poland - 0.4%
Metals & Mining - 0.2%
KGHM Polska Miedz SA									13,592						1,302,848
Oil, Gas & Consumable Fuels - 0.2%
ORLEN SA									48,559						2,009,598
Total Poland															3,312,446
Singapore - 0.6%
Banks - 0.2%
Oversea-Chinese Banking Corp. Ltd.									70,644						1,751,789
Capital Markets - 0.2%
Singapore Exchange Ltd.									76,921						1,543,140
Hotels, Restaurants & Leisure - 0.2%

---

Trip.com Group Ltd. (a)									28,750						1,317,480
Total Singapore															4,612,409
South Africa - 1.4%
Banks - 0.2%
Standard Bank Group Ltd.									59,786						1,179,700
Broadline Retail - 0.2%
Naspers Ltd.									28,533						1,396,463
Insurance - 0.1%
Discovery Ltd.									64,347						1,031,989
Metals & Mining - 0.6%
Gold Fields Ltd.									74,692						3,434,614
Impala Platinum Holdings Ltd.									108,951						1,521,238
															4,955,852
Wireless Telecommunication Services - 0.3%
MTN Group Ltd.									173,235						2,033,155
Total South Africa															10,597,159
South Korea - 6.5%
Aerospace & Defense - 0.2%
Hanwha Aerospace Co. Ltd.									1,456						1,172,375
Air Freight & Logistics - 0.1%
Hyundai Glovis Co. Ltd.									6,753						1,023,855
Automobile Components - 0.2%
Hyundai Mobis Co. Ltd.									5,248						1,738,980
Automobiles - 0.2%
Kia Corp.									19,148						1,832,813
Banks - 0.2%
Shinhan Financial Group Co. Ltd.									17,934						1,427,015
Electrical Equipment - 0.1%
HD Hyundai Electric Co. Ltd.									1,820						1,038,594
Household Durables - 0.2%
LG Electronics, Inc.									8,370						1,324,057
Industrial Conglomerates - 0.5%
Samsung C&T Corp.									7,308						2,010,421
SK Square Co. Ltd.									1,840						1,394,184
															3,404,605
Insurance - 0.2%
Samsung Life Insurance Co. Ltd.									6,382						1,426,927
Machinery - 0.3%
HD Hyundai Heavy Industries Co. Ltd.									2,527						829,962
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.									5,144						1,309,867
															2,139,829
Metals & Mining - 0.1%

---

POSCO Holdings, Inc.									4,009						991,558
Oil, Gas & Consumable Fuels - 0.1%
HD Hyundai Co. Ltd.									5,807						929,222
Semiconductors & Semiconductor Equipment - 1.8%
SK hynix, Inc.									11,080						13,552,477
Technology Hardware, Storage & Peripherals - 2.3%
Samsung Electronics Co. Ltd.									94,978						18,043,460
Total South Korea															50,045,767
Spain - 2.0%
Banks - 0.9%
Banco Bilbao Vizcaya Argentaria SA									172,683						5,020,508
CaixaBank SA									115,929						1,772,087
															6,792,595
Construction & Engineering - 0.2%
ACS Actividades de Construccion y Servicios SA									13,731						1,628,415
Electric Utilities - 0.2%
Endesa SA									27,756						1,357,301
Oil, Gas & Consumable Fuels - 0.3%
Repsol SA									81,582						2,582,249
Specialty Retail - 0.3%
Industria de Diseno Textil SA									29,282						1,972,722
Transportation Infrastructure - 0.1%
Aena SME SA (b)									38,786						1,190,269
Total Spain															15,523,551
Sweden - 2.4%
Building Products - 0.2%
Assa Abloy AB - Class B									37,558						1,400,732
Communications Equipment - 0.3%
Telefonaktiebolaget LM Ericsson - Class B									192,679						1,945,771
Financial Services - 0.9%
Industrivarden AB									22,093						1,241,018
Investor AB (a)									135,729						5,854,218
															7,095,236
Hotels, Restaurants & Leisure - 0.2%
Evolution AB (a)(b)									15,824						1,375,605
Machinery - 0.5%
Alfa Laval AB									20,520						1,231,502
Atlas Copco AB - Class B									62,855						1,170,781
Sandvik AB									38,661						1,551,663
															3,953,946
Metals & Mining - 0.2%
Boliden AB									30,475						1,796,493

---

Wireless Telecommunication Services - 0.1%
Tele2 AB - Class B									63,077						1,119,266
Total Sweden															18,687,049
Switzerland - 6.1%
Beverages - 0.2%
Coca-Cola HBC AG									21,287						1,318,161
Capital Markets - 1.1%
UBS Group AG									154,918						8,486,137
Diversified Telecommunication Services - 0.2%
Swisscom AG									2,228						1,726,779
Electrical Equipment - 0.7%
ABB Ltd.									59,144						5,780,140
Insurance - 0.1%
Swiss Re AG									6,608						1,148,951
Machinery - 0.2%
VAT Group AG (b)									2,095						1,553,465
Metals & Mining - 0.3%
Glencore PLC									241,959						1,952,694
Pharmaceuticals - 2.6%
Novartis AG									55,393						8,446,516
Roche Holding AG									26,768						11,682,749
															20,129,265
Semiconductors & Semiconductor Equipment - 0.1%
STMicroelectronics NV									20,757						1,037,103
Technology Hardware, Storage & Peripherals - 0.2%
Logitech International SA									12,009						1,179,581
Textiles, Apparel & Luxury Goods - 0.4%
Cie Financiere Richemont SA									13,943						3,314,341
Total Switzerland															47,626,617
Taiwan - 8.8%
Banks - 0.2%
CTBC Financial Holding Co. Ltd.									688,069						1,403,381
Communications Equipment - 0.3%
Accton Technology Corp.									36,901						2,367,238
Electrical Equipment - 0.2%
Bizlink Holding, Inc.									23,275						1,592,168
Electronic Equipment, Instruments & Components - 1.1%
Chroma ATE, Inc.									30,199						1,865,899
Delta Electronics, Inc.									41,999						2,436,106
Largan Precision Co. Ltd.									10,026						2,417,846
Yageo Corp.									112,281						1,929,044

---

															8,648,895
Insurance - 0.3%
Cathay Financial Holding Co. Ltd.									675,080						2,351,565
Semiconductors & Semiconductor Equipment - 5.8%
ASPEED Technology, Inc.									3,185						1,613,084
Hon Precision, Inc.									7,080						1,307,887
MediaTek, Inc.									33,328						4,123,712
Taiwan Semiconductor Manufacturing Co. Ltd.									458,442						34,756,731
United Microelectronics Corp.									806,778						3,280,826
															45,082,240
Technology Hardware, Storage & Peripherals - 0.9%
Asia Vital Components Co. Ltd.									27,427						2,961,272
King Slide Works Co. Ltd.									7,927						3,543,436
															6,504,708
Total Taiwan															67,950,195
Thailand - 0.2%
Electronic Equipment, Instruments & Components - 0.2%
Delta Electronics Thailand PCL									183,815						1,380,275
United Kingdom - 8.3%
Aerospace & Defense - 0.7%
Rolls-Royce Holdings PLC									254,252						5,271,696
Beverages - 0.2%
Coca-Cola Europacific Partners PLC									13,599						1,468,964
Broadline Retail - 0.2%
Next PLC									8,741						1,844,705
Capital Markets - 0.3%
3i Group PLC									58,638						2,246,965
Consumer Staples Distribution & Retail - 0.2%
Tesco PLC									264,693						1,640,142
Diversified Consumer Services - 0.1%
Pearson PLC									67,779						1,132,849
Electronic Equipment, Instruments & Components - 0.2%
Halma PLC									29,681						1,460,704
Hotels, Restaurants & Leisure - 0.3%
Compass Group PLC									82,036						2,514,403
Metals & Mining - 1.3%
Endeavour Mining PLC									24,584						1,579,617
Rio Tinto PLC									77,606						8,069,653
															9,649,270
Oil, Gas & Consumable Fuels - 2.2%
BP PLC									558,250						3,891,812
Shell PLC									288,649						13,080,942
															16,972,754
Pharmaceuticals - 1.4%
AstraZeneca PLC									39,639						6,429,165

---

GSK PLC									171,671						4,311,489
															10,740,654
Professional Services - 0.1%
Intertek Group PLC									13,868						1,098,338
Tobacco - 0.8%
British American Tobacco PLC									110,468						6,180,436
Wireless Telecommunication Services - 0.3%
Vodafone Group PLC									1,287,009						2,065,639
Total United Kingdom															64,287,519
United States - 1.3%
Biotechnology - 0.3%
BeOne Medicines Ltd. (a)									83,000						2,280,834
Hotels, Restaurants & Leisure - 0.2%
Restaurant Brands International, Inc.									19,601						1,527,830
Metals & Mining - 0.6%
Anglogold Ashanti PLC									41,106						4,595,882
Trading Companies & Distributors - 0.2%
Sunbelt Rentals Holdings, Inc.									28,526						2,060,183
Total United States															10,464,729
TOTAL COMMON STOCKS (Cost $690,471,046)															752,491,018
EXCHANGE TRADED FUNDS - 1.0%									Shares						Value
iShares MSCI India ETF (a)									152,759						7,592,122
TOTAL EXCHANGE TRADED FUNDS (Cost $7,692,056)															7,592,122
PREFERRED STOCKS - 0.7%									Shares						Value
Brazil - 0.4%
Oil, Gas & Consumable Fuels - 0.4%
Petroleo Brasileiro SA - Petrobras, 0.00%									385,050						3,335,854
South Korea - 0.3%
Technology Hardware, Storage & Peripherals - 0.3%
Samsung Electronics Co. Ltd., 0.00%									16,219						2,210,174
TOTAL PREFERRED STOCKS (Cost $4,755,371)															5,546,028
REAL ESTATE INVESTMENT TRUSTS - 0.6%									Shares						Value
Australia - 0.2%
Industrial REITs - 0.2%
Goodman Group									86,710						1,723,040
France - 0.4%
Retail REITs - 0.4%
Klepierre SA									26,010						1,131,736
Unibail-Rodamco-Westfield									12,643						1,430,951
Total France															2,562,687
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,355,929)															4,285,727
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.4%									Shares						Value
First American Government Obligations Fund - Class X, 3.59% (c)									3,132,108						3,132,108

---

TOTAL MONEY MARKET FUNDS (Cost $3,132,108)															3,132,108
TOTAL INVESTMENTS - 99.9% (Cost $710,406,510)															773,047,003
Other Assets in Excess of Liabilities - 0.1%												0.00128			991,798
TOTAL NET ASSETS - 100.0%															$        774,038,801
Percentages are stated as a percent of net assets.

PCL - Public Company Limited
REIT - Real Estate Investment Trust
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(a)						Non-income producing security.
(b)						Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2026, the value of these securities total $9,657,580 or 1.2% of the Fund’s net assets.
(c)						The rate shown represents the 7-day annualized yield as of August 31, 2026.

---

Summary of Fair Value Disclosure as of August 31, 2026 (Unaudited)

Horizon International Managed Risk ETF has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of August 31, 2026:

Level 1

Level 2

Level 3

Total

Investments:

Common Stocks

$        752,491,018

$        –

$        –

$        752,491,018

Exchange Traded Funds

7,592,122

–

–

7,592,122

Preferred Stocks

5,546,028

–

–

5,546,028

Real Estate Investment Trusts

4,285,727

–

–

4,285,727

Money Market Funds

3,132,108

–

–

3,132,108

Total Investments

$        773,047,003

$        –

$        –

$        773,047,003

						Refer to the Schedule of Investments for further disaggregation of investment categories.