Horizon High Income ETF
Schedule of Investments
August 31, 2026 (Unaudited)

COMMON STOCKS - 99.6%

Shares  

Value  
Aerospace & Defense - 2.2%

Boeing Co. (a)

            101

    $        20,986
General Dynamics Corp.

            129

             47,904
General Electric Co.

            296

             99,370
Howmet Aerospace, Inc.

            100

             24,495
L3Harris Technologies, Inc.

            94

             25,028
Lockheed Martin Corp.

            127

             71,276
Northrop Grumman Corp.

            70

             37,779
RTX Corp.

            584

             121,314




             448,152






Air Freight & Logistics - 0.5%

FedEx Corp.

            107

             35,032
United Parcel Service, Inc. - Class B

            603

             62,850




             97,882






Automobiles - 1.7%

Ford Motor Co.

            5,372

             74,886
General Motors Co.

            720

             62,150
Tesla, Inc. (a)

            600

             220,770




             357,806






Banks - 4.8%

Bank of America Corp.

            3,259

             201,862
Citigroup, Inc.

            743

             97,794
JPMorgan Chase & Co.

            1,231

             438,261
PNC Financial Services Group, Inc.

            211

             50,562
Truist Financial Corp.

            617

             30,591
US Bancorp

            816

             50,249
Wells Fargo & Co.

            1,441

             124,488




             993,807






Beverages - 1.7%

Coca-Cola Co.

            2,213

             196,227
Keurig Dr Pepper, Inc.

            714

             22,748
Monster Beverage Corp. (a)

            459

             21,077
PepsiCo, Inc.

            795

             111,570




             351,622






Biotechnology - 2.3%

AbbVie, Inc.

            968

             248,215
Amgen, Inc.

            247

             106,180
Gilead Sciences, Inc.

            531

             77,706
Regeneron Pharmaceuticals, Inc.

            25

             19,977
Vertex Pharmaceuticals, Inc. (a)

            38

             20,692




             472,770






Broadline Retail - 3.1%

Amazon.com, Inc. (a)

            2,464

             640,073






Building Products - 0.2%

Trane Technologies PLC

            80

             35,552








Capital Markets - 3.1%

Bank of New York Mellon Corp.

            238

             38,385
Blackrock, Inc.

            74

             85,515
Blackstone, Inc.

            383

             54,861
Charles Schwab Corp.

            608

             66,771
Goldman Sachs Group, Inc.

            132

             135,419
Moody's Corp.

            46

             23,213
Morgan Stanley

            772

             164,683
Nasdaq, Inc.

            220

             21,694
S&P Global, Inc.

            81

             35,303
State Street Corp.

            111

             21,243




             647,087






Chemicals - 0.9%

Air Products and Chemicals, Inc.

            117

             36,207
Corteva, Inc.

            273

             23,104
Linde PLC

            193

             94,489
Sherwin-Williams Co.

            82

             27,782




             181,582






Commercial Services & Supplies - 0.5%

Cintas Corp.

            149

             30,067
Republic Services, Inc.

            131

             28,941
Waste Management, Inc.

            195

             42,689




             101,697






Communications Equipment - 1.8%

Arista Networks, Inc. (a)

            439

             85,908
Cisco Systems, Inc.

            1,992

             220,096
Motorola Solutions, Inc.

            141

             68,427




             374,431






Construction & Engineering - 0.1%

Quanta Services, Inc.

            34

             20,641






Construction Materials - 0.1%

CRH PLC

            285

             26,873






Consumer Finance - 0.6%

American Express Co.

            239

             78,911
Capital One Financial Corp.

            224

             48,050




             126,961






Consumer Staples Distribution & Retail - 1.2%

Costco Wholesale Corp.

            107

             100,996
Kroger Co.

            368

             21,175
Sysco Corp.

            249

             20,189
Target Corp.

            143

             23,006
Walmart, Inc.

            849

             89,034




             254,400






Diversified Telecommunication Services - 1.5%

AT&T, Inc.

            5,537

             143,353
Verizon Communications, Inc.

            3,338

             166,967




             310,320








Electric Utilities - 1.7%

American Electric Power Co., Inc.

            338

             41,381
Duke Energy Corp.

            516

             61,874
Entergy Corp.

            256

             27,215
Exelon Corp.

            678

             29,642
NextEra Energy, Inc.

            1,270

             104,572
Southern Co.

            748

             65,824
Xcel Energy, Inc.

            382

             28,914




             359,422






Electrical Equipment - 0.9%

Eaton Corp. PLC

            152

             61,086
Emerson Electric Co.

            252

             38,415
GE Vernova, Inc.

            67

             60,201
Vertiv Holdings Co. - Class A

            94

             24,320




             184,022






Electronic Equipment, Instruments & Components - 0.8%

Amphenol Corp. - Class A

            564

             89,422
Corning, Inc.

            472

             70,201




             159,623






Energy Equipment & Services - 0.2%

Baker Hughes Co.

            326

             20,718
SLB Ltd.

            393

             23,619




             44,337






Entertainment - 0.9%

Netflix, Inc. (a)

            1,083

             87,777
Walt Disney Co.

            976

             104,969




             192,746






Financial Services - 3.0%

Apollo Global Management, Inc.

            192

             26,223
Berkshire Hathaway, Inc. - Class B (a)

            452

             227,822
Mastercard, Inc. - Class A

            242

             142,613
PayPal Holdings, Inc.

            353

             18,591
Visa, Inc. - Class A

            563

             213,585




             628,834






Food Products - 0.5%

Archer-Daniels-Midland Co.

            259

             21,054
Hershey Co.

            113

             19,911
Kraft Heinz Co.

            837

             21,486
Mondelez International, Inc. - Class A

            499

             30,973




             93,424






Ground Transportation - 0.8%

CSX Corp.

            766

             38,691
Uber Technologies, Inc. (a)

            410

             31,016
Union Pacific Corp.

            308

             92,606




             162,313






Health Care Equipment & Supplies - 1.0%

Abbott Laboratories

            743

             81,998
Becton Dickinson & Co.

            115

             21,633


Intuitive Surgical, Inc. (a)

            55

             20,727
Medtronic PLC

            556

             50,401
Stryker Corp.

            81

             26,228




             200,987






Health Care Providers & Services - 1.7%

Cardinal Health, Inc.

            88

             20,647
Cencora, Inc.

            65

             21,034
Cigna Group

            76

             20,982
CVS Health Corp.

            546

             51,275
Elevance Health, Inc.

            54

             21,197
HCA Healthcare, Inc.

            52

             21,551
McKesson Corp.

            23

             20,362
UnitedHealth Group, Inc.

            433

             168,615




             345,663






Hotels, Restaurants & Leisure - 1.8%

Booking Holdings, Inc.

            419

             83,419
Marriott International, Inc. - Class A

            197

             67,327
McDonald's Corp.

            565

             148,900
Yum! Brands, Inc.

            417

             63,930




             363,576






Household Durables - 0.3%

Garmin Ltd.

            199

             56,538






Household Products - 1.1%

Colgate-Palmolive Co.

            225

             20,210
Kimberly-Clark Corp.

            192

             20,726
Procter & Gamble Co.

            1,310

             190,107




             231,043






Industrial Conglomerates - 0.2%

3M Co.

            253

             43,473






Insurance - 1.7%

Aflac, Inc.

            174

             20,158
Allstate Corp.

            79

             20,366
American International Group, Inc.

            268

             20,465
Aon PLC - Class A

            60

             19,291
Arthur J Gallagher & Co.

            83

             21,758
Chubb Ltd.

            129

             43,679
Hartford Insurance Group, Inc.

            149

             20,470
Marsh & McLennan Cos., Inc.

            189

             35,872
MetLife, Inc.

            253

             24,078
Progressive Corp.

            362

             78,945
Prudential Financial, Inc.

            171

             20,110
Travelers Cos., Inc.

            61

             22,322




             347,514






Interactive Media & Services - 6.9%

Alphabet, Inc. - Class A

            3,069

             1,041,465
Meta Platforms, Inc. - Class A

            680

             389,191




             1,430,656






IT Services - 1.3%

Accenture PLC - Class A

            584

             110,820


International Business Machines Corp.

            714

             166,983




             277,803






Life Sciences Tools & Services - 0.3%

Danaher Corp.

            111

             23,705
Thermo Fisher Scientific, Inc.

            53

             32,706




             56,411






Machinery - 1.4%

Caterpillar, Inc.

            153

             122,013
Cummins, Inc.

            62

             34,993
Deere & Co.

            33

             21,612
Illinois Tool Works, Inc.

            158

             43,508
PACCAR, Inc.

            286

             35,501
Parker-Hannifin Corp.

            39

             38,198




             295,825






Media - 0.2%

AppLovin Corp. - Class A (a)

            120

             37,447






Metals & Mining - 0.5%

Freeport-McMoRan, Inc.

            449

             34,007
Newmont Corp.

            339

             42,735
Nucor Corp.

            77

             19,222




             95,964






Multi-Utilities - 0.3%

Consolidated Edison, Inc.

            237

             25,364
Public Service Enterprise Group, Inc.

            321

             23,539
WEC Energy Group, Inc.

            213

             22,614




             71,517






Oil, Gas & Consumable Fuels - 3.6%

Chevron Corp.

            1,083

             223,249
ConocoPhillips

            383

             50,744
EOG Resources, Inc.

            148

             21,454
ExxonMobil Holdings Corp.

            2,122

             341,536
Kinder Morgan, Inc.

            665

             21,439
Marathon Petroleum Corp.

            66

             24,639
Phillips 66

            96

             23,672
Valero Energy Corp.

            67

             24,048
Williams Cos., Inc.

            294

             22,065




             752,846






Passenger Airlines - 0.1%

Delta Air Lines, Inc.

            264

             20,592






Pharmaceuticals - 4.4%

Bristol-Myers Squibb Co.

            1,022

             68,280
Eli Lilly & Co.

            229

             264,891
Johnson & Johnson

            1,158

             307,854
Merck & Co., Inc.

            1,264

             186,769
Pfizer, Inc.

            3,108

             88,454




             916,248






Professional Services - 0.5%

Automatic Data Processing, Inc.

            236

             67,534


Paychex, Inc.

            250

             31,835




             99,369






Semiconductors & Semiconductor Equipment - 15.8%

Advanced Micro Devices, Inc. (a)

            416

             195,819
Analog Devices, Inc.

            280

             101,399
Applied Materials, Inc.

            276

             126,516
Broadcom, Inc.

            1,456

             539,215
Intel Corp. (a)

            904

             80,917
KLA Corp.

            528

             92,638
Lam Research Corp.

            424

             127,832
Marvell Technology, Inc.

            368

             77,891
Micron Technology, Inc.

            305

             292,413
NVIDIA Corp. (b)

            6,655

             1,469,291
Texas Instruments, Inc.

            584

             152,371




             3,256,302






Software - 9.1%

Crowdstrike Holdings, Inc. - Class A (a)

            338

             78,078
Fortinet, Inc. (a)

            344

             58,800
Intuit, Inc.

            222

             79,765
Microsoft Corp. (b)

            2,326

             1,179,957
Oracle Corp.

            569

             84,849
Palantir Technologies, Inc. - Class A (a)

            650

             121,147
Palo Alto Networks, Inc. (a)

            248

             94,768
Salesforce, Inc.

            449

             115,635
ServiceNow, Inc. (a)

            446

             66,004




             1,879,003






Specialty Retail - 2.3%

Home Depot, Inc.

            691

             226,531
Lowe's Cos., Inc.

            473

             96,823
Ross Stores, Inc.

            244

             55,764
TJX Cos., Inc.

            708

             94,808




             473,926






Technology Hardware, Storage & Peripherals - 8.0%

Apple, Inc. (b)

            3,868

             1,225,576
Dell Technologies, Inc. - Class C

            250

             114,002
Hewlett Packard Enterprise Co.

            1,127

             58,874
Sandisk Corp. (a)

            57

             89,302
Seagate Technology Holdings PLC

            104

             86,152
Western Digital Corp.

            162

             72,989




             1,646,895






Tobacco - 1.1%

Altria Group, Inc.

            901

             61,700
Philip Morris International, Inc.

            892

             167,072




             228,772






Trading Companies & Distributors - 0.3%

Fastenal Co.

            597

             29,438
United Rentals, Inc.

            19

             19,722
WW Grainger, Inc.

            16

             20,952




             70,112






Wireless Telecommunication Services - 0.6%



T-Mobile US, Inc.

            702

             126,669
TOTAL COMMON STOCKS (Cost $20,574,712)

             20,591,528






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.3%
Shares  

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

            53,764

             53,764
TOTAL MONEY MARKET FUNDS (Cost $53,764)

             53,764






TOTAL INVESTMENTS - 99.9% (Cost $20,628,476)

             20,645,292
Other Assets in Excess of Liabilities - 0.1%
0.00086
            17,746
TOTAL NET ASSETS - 100.0%




    $        20,663,038


Percentages are stated as a percent of net assets.



(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 $3,687,789.
(c)

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



Horizon High Income ETF
Schedule of Written Options
August 31, 2026 (Unaudited)

WRITTEN OPTIONS - (0.1)%
Notional Amount

Contracts

Value
Call Options - (0.1)%
State Street SPDR S&P 500 ETF Trust, Expiration: 09/03/2026; Exercise Price: $766.31 (a)(b)
    $        (6,136,400)

(80)

    $        (27,453)
TOTAL WRITTEN OPTIONS (Premiums received $43,368)




    $        (27,453)

Percentages are stated as a percent of net assets.


(a)

Exchange-traded.
(b)

100 shares per contract.
















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

Horizon High Income 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
    $        20,591,528

    $        –

    $        –

    $        20,591,528
  Money Market Funds
            53,764

            –

            –

            53,764
Total Investments
    $        20,645,292

    $        –

    $        –

    $        20,645,292








Liabilities:







Investments:







  Written Options
    $        –

    $        (27,453)

    $        –

    $        (27,453)
Total Investments
    $        –

    $        (27,453)

    $        –

    $        (27,453)


 

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