Horizon Digital Frontier ETF
Schedule of Investments
August 31, 2026 (Unaudited)

COMMON STOCKS - 87.9%

Shares  

Value  
Aerospace & Defense - 0.9%

AeroVironment, Inc. (a)(b)

            12,402

    $        1,839,837






Automobiles - 4.1%

Tesla, Inc. (a)(b)

            21,758

             8,005,856






Banks - 0.6%

Mizuho Financial Group, Inc. - ADR

            59,097

             628,792
Sumitomo Mitsui Financial Group, Inc. - ADR

            23,114

             597,266




             1,226,058






Broadline Retail - 3.1%

Alibaba Group Holding Ltd. - ADR (b)

            5,717

             651,852
Amazon.com, Inc. (a)(b)

            20,637

             5,360,874




             6,012,726






Building Products - 0.6%

Johnson Controls International PLC

            3,939

             544,527
Trane Technologies PLC

            1,410

             626,604




             1,171,131






Capital Markets - 2.9%

Goldman Sachs Group, Inc.

            1,938

             1,988,194
Interactive Brokers Group, Inc. - Class A (b)

            12,010

             1,168,453
Morgan Stanley

            6,226

             1,328,130
Robinhood Markets, Inc. - Class A (a)(b)

            6,787

             711,346
UBS Group AG

            8,637

             481,254




             5,677,377






Chemicals - 0.3%

Shin-Etsu Chemical Co. Ltd. - ADR

            32,425

             606,996






Communications Equipment - 2.3%

Ciena Corp. (a)

            1,260

             482,328
Cisco Systems, Inc.

            25,618

             2,830,533
Lumentum Holdings, Inc. (a)

            696

             636,673
Nokia Oyj - ADR

            49,862

             505,600




             4,455,134






Construction & Engineering - 0.6%

Comfort Systems USA, Inc.

            284

             438,956
Quanta Services, Inc. (b)

            1,165

             707,260




             1,146,216






Consumer Staples Distribution & Retail - 1.2%

Dollar General Corp.

            18,277

             2,316,610






Diversified Telecommunication Services - 1.3%

Space Exploration Technologies Corp. - Class A (a)

            17,080

             2,454,225






Electric Utilities - 0.7%



Constellation Energy Corp. (b)

            5,273

             1,448,862






Electrical Equipment - 5.5%

ABB Ltd. - ADR (b)

            15,313

             1,492,252
Bloom Energy Corp. - Class A (a)

            2,034

             419,614
Eaton Corp. PLC (b)

            3,317

             1,333,036
Emerson Electric Co.

            3,118

             475,308
GE Vernova, Inc. (b)

            2,193

             1,970,476
Rockwell Automation, Inc.

            5,804

             2,463,392
Schneider Electric SE - ADR

            21,910

             1,498,206
Vertiv Holdings Co. - Class A (b)

            3,888

             1,005,903




             10,658,187






Electronic Equipment, Instruments & Components - 3.7%

Amphenol Corp. - Class A

            9,616

             1,524,617
Cognex Corp.

            42,386

             2,583,851
Coherent Corp. (a)

            1,838

             510,652
Corning, Inc. (b)

            7,992

             1,188,650
Keysight Technologies, Inc. (a)

            1,432

             462,106
Murata Manufacturing Co. Ltd. - ADR

            38,703

             869,656




             7,139,532






Health Care Providers & Services - 1.3%

McKesson Corp.

            2,799

             2,478,011






Household Durables - 0.2%

Panasonic Holdings Corp. - ADR

            15,540

             434,809






Independent Power and Renewable Electricity Producers - 0.2%

Vistra Corp. (b)

            2,912

             400,021






Industrial Conglomerates - 1.2%

Hitachi Ltd. - ADR (b)

            19,412

             658,649
Siemens AG - ADR (b)

            9,932

             1,642,753




             2,301,402






Insurance - 1.2%

American International Group, Inc.

            29,591

             2,259,569






Interactive Media & Services - 3.9%

Alphabet, Inc. - Class C (b)

            21,053

             7,061,387
Tencent Holdings Ltd. - ADR (b)

            10,013

             572,643




             7,634,030






IT Services - 1.8%

Akamai Technologies, Inc. (a)(b)

            3,236

             351,494
Cloudflare, Inc. - Class A (a)(b)

            1,999

             609,915
International Business Machines Corp.

            8,442

             1,974,331
Snowflake, Inc. (a)

            1,917

             635,351




             3,571,091






Machinery - 2.3%

Atlas Copco AB - ADR

            25,117

             540,015
Caterpillar, Inc.

            4,133

             3,295,944
Cummins, Inc.

            1,158

             653,575




             4,489,534








Media - 0.3%

AppLovin Corp. - Class A (a)

            1,733

             540,800






Metals & Mining - 4.7%

Agnico Eagle Mines Ltd.

            3,766

             764,912
Anglo American PLC - ADR

            18,402

             518,936
Barrick Mining Corp.

            12,645

             566,875
BHP Group Ltd. - ADR

            19,279

             1,810,684
Freeport-McMoRan, Inc. (b)

            11,670

             883,886
Glencore PLC - ADR

            42,581

             679,593
Newmont Corp.

            7,926

             999,152
Rio Tinto PLC - ADR

            11,648

             1,193,920
Southern Copper Corp.

            6,640

             1,386,868
Vale SA - ADR

            26,105

             393,925




             9,198,751






Oil, Gas & Consumable Fuels - 1.0%

Canadian Natural Resources Ltd.

            8,650

             433,105
Petroleo Brasileiro SA - Petrobras - ADR

            33,172

             577,193
Petroleo Brasileiro SA - Petrobras - ADR

            24,906

             481,931
TotalEnergies SE

            6,003

             530,125




             2,022,354






Professional Services - 2.1%

Jacobs Solutions, Inc.

            27,704

             4,129,281






Semiconductors & Semiconductor Equipment - 24.3%

Advanced Micro Devices, Inc. (a)

            14,430

             6,792,490
Applied Materials, Inc. (b)

            7,196

             3,298,574
ARM Holdings PLC - ADR (a)

            5,644

             1,365,340
ASML Holding NV

            2,582

             4,379,098
Astera Labs, Inc. (a)

            1,373

             407,754
Broadcom, Inc.

            9,583

             3,548,968
Cerebras Systems, Inc. - Class A (a)

            6,911

             1,273,283
Infineon Technologies AG - ADR

            11,648

             761,896
Intel Corp. (a)

            30,066

             2,691,208
IonQ, Inc. (a)(b)

            10,221

             401,788
KLA Corp.

            9,923

             1,740,990
Lam Research Corp.

            9,207

             2,775,818
Marvell Technology, Inc.

            7,212

             1,526,492
Micron Technology, Inc. (b)

            2,173

             2,083,320
NVIDIA Corp.

            56,093

             12,384,213
QUALCOMM, Inc.

            6,267

             1,068,398
Rigetti Computing, Inc. (a)(b)

            24,731

             387,287
Teradyne, Inc.

            1,280

             447,782




             47,334,699






Software - 9.4%

Cadence Design Systems, Inc. (a)(b)

            2,164

             733,120
Crowdstrike Holdings, Inc. - Class A (a)

            10,390

             2,400,090
Datadog, Inc. - Class A (a)

            1,874

             444,213
D-Wave Quantum, Inc. (a)(b)

            20,313

             349,384
Fortinet, Inc. (a)

            3,911

             668,507
Gen Digital, Inc.

            136,034

             4,217,054
Nebius Group NV (a)

            9,777

             2,017,191
Oracle Corp. (b)

            20,827

             3,105,722
Palantir Technologies, Inc. - Class A (a)(b)

            8,249

             1,537,449


Palo Alto Networks, Inc. (a)

            6,488

             2,479,259
Synopsys, Inc. (a)

            1,046

             459,811




             18,411,800






Technology Hardware, Storage & Peripherals - 6.0%

Dell Technologies, Inc. - Class C

            5,726

             2,611,113
Hewlett Packard Enterprise Co.

            10,870

             567,849
Quantum Computing, Inc. (a)(b)

            45,991

             378,506
Sandisk Corp. (a)

            3,369

             5,278,212
Western Digital Corp.

            6,334

             2,853,784




             11,689,464






Trading Companies & Distributors - 0.2%

Mitsubishi Corp. - ADR

            16,371

             489,329
TOTAL COMMON STOCKS (Cost $156,376,529)

             171,543,692






EXCHANGE TRADED FUNDS - 11.5%

Shares  

Value  
iShares MSCI South Korea ETF

            32,599

             5,895,855
iShares MSCI Taiwan ETF

            153,964

             16,632,731
TOTAL EXCHANGE TRADED FUNDS (Cost $20,061,466)

             22,528,586






PURCHASED OPTIONS - 0.2% (a)
Notional Amount  

Contracts  

Value  
Call Options - 0.2%




Cboe Bitcoin U.S. ETF Index, Expiration: 12/18/2026; Exercise Price: $1,514.00 (c)(d)
             1,487,328

            8

             326,218
TOTAL PURCHASED OPTIONS (Cost $150,013)

             326,218






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.4%
Shares  

Value  
First American Government Obligations Fund - Class X, 3.59% (e)

            724,817

             724,817
TOTAL MONEY MARKET FUNDS (Cost $724,817)

             724,817






TOTAL INVESTMENTS - 100.0% (Cost $177,312,825)

             195,123,313
Other Assets in Excess of Liabilities - 0.0% (f)
0.00000
            948
TOTAL NET ASSETS - 100.0%




    $        195,124,261


Percentages are stated as a percent of net assets.




ADR - American Depositary Receipt
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)

All or a portion of the security has been pledged as collateral for written options. The fair value of assets committed as collateral as of August 31, 2026 was $20,736,907.
(c)

Exchange-traded.
(d)

100 shares per contract.
(e)

The rate shown represents the 7-day annualized yield as of August 31, 2026.
(f)

Represents less than 0.05% of net assets.





Horizon Digital Frontier ETF
Schedule of Written Options
August 31, 2026 (Unaudited)

WRITTEN OPTIONS - (0.0)%
Notional Amount

Contracts

Value
Put Options - (0.0)% (a)
Cboe Bitcoin U.S. ETF Index, Expiration: 12/18/2026; Exercise Price: $1,514.00 (b)(c)
    $        (1,487,328)

(8)

    $        (30,703)
TOTAL WRITTEN OPTIONS (Premiums received $145,236)




    $        (30,703)

Percentages are stated as a percent of net assets.



(a)

Represents less than 0.05% of net assets.
(b)

Exchange-traded.
(c)

100 shares per contract.


























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

Horizon Digital Frontier 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
Assets:







Investments:







  Common Stocks
    $        171,543,692

    $        –

    $        –

    $        171,543,692
  Exchange Traded Funds
            22,528,586

            –

            –

            22,528,586
  Purchased Options
            –

            326,218

            –

            326,218
  Money Market Funds
            724,817

            –

            –

            724,817
Total Investments
    $        194,797,095

    $        326,218

    $        –

    $        195,123,313








Liabilities:







Investments:







  Written Options
    $        –

    $        (30,703)

    $        –

    $        (30,703)
Total Investments
    $        –

    $        (30,703)

    $        –

    $        (30,703)



 

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