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

COMMON STOCKS - 99.9%

Shares  

Value  
Aerospace & Defense - 2.9%

General Dynamics Corp.

            4,697

    $        1,744,231
Lockheed Martin Corp.

            9,272

             5,203,725
Northrop Grumman Corp.

            3,569

             1,926,189




             8,874,145






Air Freight & Logistics - 0.8%

United Parcel Service, Inc. - Class B

            24,690

             2,573,439






Banks - 1.2%

M&T Bank Corp.

            6,864

             1,605,764
PNC Financial Services Group, Inc.

            8,040

             1,926,625




             3,532,389






Beverages - 4.4%

Brown-Forman Corp. - Class B

            29,927

             795,161
Coca-Cola Co.

            60,845

             5,395,126
PepsiCo, Inc.

            53,248

             7,472,824




             13,663,111






Biotechnology - 9.6%

AbbVie, Inc. (a)

            50,563

             12,965,365
Amgen, Inc.

            20,535

             8,827,586
Gilead Sciences, Inc.

            52,413

             7,670,118




             29,463,069






Broadline Retail - 0.4%

eBay, Inc.

            10,837

             1,122,280






Building Products - 0.7%

A O Smith Corp.

            9,566

             565,638
Allegion PLC

            4,221

             655,310
Masco Corp.

            11,187

             807,254




             2,028,202






Capital Markets - 3.8%

Ameriprise Financial, Inc.

            1,994

             1,102,901
Cboe Global Markets, Inc.

            3,627

             1,088,825
CME Group, Inc.

            15,469

             4,416,400
MSCI, Inc.

            4,074

             2,324,787
Nasdaq, Inc.

            11,462

             1,130,268
T Rowe Price Group, Inc.

            14,653

             1,630,586




             11,693,767






Chemicals - 0.3%

CF Industries Holdings, Inc.

            7,415

             964,172






Commercial Services & Supplies - 1.1%

Waste Management, Inc.

            15,535

             3,400,922






Communications Equipment - 0.5%



Motorola Solutions, Inc.

            3,354

             1,627,696






Consumer Finance - 1.8%

Capital One Financial Corp.

            19,458

             4,173,936
Synchrony Financial

            17,107

             1,318,607




             5,492,543






Consumer Staples Distribution & Retail - 0.2%

Sysco Corp.

            7,316

             593,181






Containers & Packaging - 0.6%

Avery Dennison Corp.

            4,054

             705,842
Packaging Corp. of America

            2,772

             648,482
Smurfit Westrock PLC

            8,850

             415,065




             1,769,389






Diversified Telecommunication Services - 2.5%

Verizon Communications, Inc.

            155,326

             7,769,407






Electric Utilities - 0.5%

Edison International

            19,290

             1,041,274
Eversource Energy

            7,112

             498,836




             1,540,110






Electronic Equipment, Instruments & Components - 1.0%

TE Connectivity PLC

            14,866

             3,051,246






Entertainment - 0.2%

TKO Group Holdings, Inc.

            3,554

             648,996






Financial Services - 0.2%

Jack Henry & Associates, Inc.

            4,098

             688,095






Food Products - 0.7%

Hershey Co.

            12,080

             2,128,617






Gas Utilities - 0.3%

Atmos Energy Corp.

            5,174

             859,557






Ground Transportation - 1.3%

Union Pacific Corp.

            13,788

             4,145,638






Health Care Equipment & Supplies - 0.2%

STERIS PLC

            2,682

             623,940






Health Care Providers & Services - 0.6%

Cigna Group

            3,946

             1,089,412
Quest Diagnostics, Inc.

            3,104

             745,891




             1,835,303






Hotels, Restaurants & Leisure - 4.9%

Darden Restaurants, Inc.

            5,068

             1,085,870
McDonald's Corp.

            41,405

             10,911,874
Royal Caribbean Cruises Ltd.

            9,145

             2,457,627
Yum! Brands, Inc.

            4,620

             708,292






             15,163,663






Household Durables - 1.4%

DR Horton, Inc.

            9,991

             1,444,299
Garmin Ltd.

            10,205

             2,899,343




             4,343,642






Household Products - 5.9%

Church & Dwight Co., Inc.

            5,167

             515,563
Colgate-Palmolive Co.

            39,431

             3,541,692
Procter & Gamble Co. (a)

            96,965

             14,071,561




             18,128,816






Industrial Conglomerates - 0.7%

3M Co.

            12,166

             2,090,484






Insurance - 6.0%

Allstate Corp.

            13,540

             3,490,612
American International Group, Inc.

            18,641

             1,423,427
Cincinnati Financial Corp.

            9,799

             1,664,850
Hartford Insurance Group, Inc.

            16,355

             2,246,850
Marsh & McLennan Cos., Inc.

            14,537

             2,759,123
Principal Financial Group, Inc.

            12,056

             1,328,089
Prudential Financial, Inc.

            12,735

             1,497,636
Travelers Cos., Inc.

            6,440

             2,356,589
W R Berkley Corp.

            24,234

             1,637,249




             18,404,425






IT Services - 0.4%

VeriSign, Inc.

            4,663

             1,344,250






Leisure Products - 0.3%

Hasbro, Inc.

            10,223

             961,984






Machinery - 1.9%

Illinois Tool Works, Inc.

            14,109

             3,885,195
Nordson Corp.

            1,742

             560,436
Snap-on, Inc.

            3,590

             1,386,853




             5,832,484






Media - 0.3%

Omnicom Group, Inc.

            9,227

             807,639






Oil, Gas & Consumable Fuels - 16.6%

APA Corp.

            21,703

             936,485
Chevron Corp. (a)

            75,614

             15,587,070
ConocoPhillips

            64,782

             8,582,967
Diamondback Energy, Inc.

            10,441

             2,093,212
EOG Resources, Inc.

            31,871

             4,620,020
EQT Corp.

            14,380

             779,108
Expand Energy Corp.

            16,206

             1,590,781
Marathon Petroleum Corp.

            6,775

             2,529,243
Occidental Petroleum Corp.

            36,772

             2,212,939
ONEOK, Inc.

            22,809

             2,189,892
Phillips 66

            13,468

             3,320,939
Targa Resources Corp.

            8,493

             2,493,969
Valero Energy Corp.

            11,219

             4,026,724






             50,963,349






Pharmaceuticals - 4.8%

Bristol-Myers Squibb Co.

            113,680

             7,594,961
Merck & Co., Inc. (a)

            49,086

             7,252,947




             14,847,908






Professional Services - 2.0%

Automatic Data Processing, Inc.

            21,603

             6,181,914






Semiconductors & Semiconductor Equipment - 5.6%

NXP Semiconductors NV

            7,239

             1,626,169
QUALCOMM, Inc. (a)

            57,098

             9,734,067
Skyworks Solutions, Inc.

            4,530

             303,555
Texas Instruments, Inc.

            20,814

             5,430,581




             17,094,372






Software - 0.1%

Gen Digital, Inc.

            14,394

             446,214






Specialty Retail - 3.7%

Best Buy Co., Inc.

            11,908

             954,426
Lowe's Cos., Inc.

            19,804

             4,053,879
TJX Cos., Inc.

            36,002

             4,821,028
Williams-Sonoma, Inc.

            6,193

             1,413,552




             11,242,885






Technology Hardware, Storage & Peripherals - 0.5%

HP, Inc.

            49,596

             1,488,872






Textiles, Apparel & Luxury Goods - 0.7%

Ralph Lauren Corp.

            2,312

             802,033
Tapestry, Inc.

            10,001

             1,234,023




             2,036,056






Tobacco - 7.3%

Altria Group, Inc.

            105,221

             7,205,534
Philip Morris International, Inc.

            81,915

             15,342,680




             22,548,214






Trading Companies & Distributors - 1.0%

Fastenal Co.

            61,465

             3,030,839
TOTAL COMMON STOCKS (Cost $293,890,170)

             307,047,224






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.0% (b)
Shares  

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

            128,892

             128,892
TOTAL MONEY MARKET FUNDS (Cost $128,892)

             128,892






TOTAL INVESTMENTS - 99.9% (Cost $294,019,062)

             307,176,116
Other Assets in Excess of Liabilities - 0.1%
0.00053
            161,800
TOTAL NET ASSETS - 100.0%




    $        307,337,916


Percentages are stated as a percent of net assets.






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)

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 $28,979,684.
(b)

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

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



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

WRITTEN OPTIONS - (0.0)%
Notional Amount

Contracts

Value
Call Options - (0.0)% (a)
State Street SPDR S&P 500 ETF Trust, Expiration: 09/01/2026; Exercise Price: $775.33 (b)(c)
    $        (70,415,190)

(918)

    $        (2,809)
TOTAL WRITTEN OPTIONS (Premiums received $111,481)




    $        (2,809)

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 Dividend 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
    $        307,047,224

    $        –

    $        –

    $        307,047,224
  Money Market Funds
            128,892

            –

            –

            128,892
Total Investments
    $        307,176,116

    $        –

    $        –

    $        307,176,116








Liabilities:







Investments:







  Written Options
    $        –

    $        (2,809)

    $        –

    $        (2,809)
Total Investments
    $        –

    $        (2,809)

    $        –

    $        (2,809)



 

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