Horizon Expansion Leaders ETF
Schedule of Investments
August 31, 2026 (Unaudited)

COMMON STOCKS - 100.6%

Shares  

Value  
Aerospace & Defense - 2.2%

General Dynamics Corp.

            1,737

    $        645,035
Lockheed Martin Corp.

            1,099

             616,792
RTX Corp.

            2,662

             552,977




             1,814,804






Banks - 1.9%

PNC Financial Services Group, Inc.

            6,485

             1,554,001






Broadline Retail - 5.6%

Amazon.com, Inc. (a)

            17,762

             4,614,035






Capital Markets - 8.7%

Bank of New York Mellon Corp.

            10,241

             1,651,669
Charles Schwab Corp.

            17,268

             1,896,372
CME Group, Inc.

            6,318

             1,803,789
Robinhood Markets, Inc. - Class A (a)

            17,361

             1,819,606




             7,171,436






Chemicals - 5.8%

Air Products and Chemicals, Inc.

            5,056

             1,564,630
Corteva, Inc.

            20,375

             1,724,336
Linde PLC

            3,113

             1,524,063




             4,813,029






Commercial Services & Supplies - 1.7%

Republic Services, Inc.

            3,128

             691,038
Waste Management, Inc.

            3,401

             744,547




             1,435,585






Communications Equipment - 4.8%

Arista Networks, Inc. (a)

            10,083

             1,973,142
Cisco Systems, Inc.

            17,851

             1,972,357




             3,945,499






Construction & Engineering - 1.8%

Comfort Systems USA, Inc.

            421

             650,706
Quanta Services, Inc.

            1,367

             829,892




             1,480,598






Consumer Staples Distribution & Retail - 2.6%

Costco Wholesale Corp.

            2,236

             2,110,538






Electric Utilities - 1.8%

NextEra Energy, Inc.

            17,613

             1,450,254






Electrical Equipment - 4.0%

Eaton Corp. PLC

            2,496

             1,003,092
GE Vernova, Inc.

            1,656

             1,487,966
Vertiv Holdings Co. - Class A

            3,068

             793,753




             3,284,811








Electronic Equipment, Instruments & Components - 2.1%

Amphenol Corp. - Class A

            11,021

             1,747,380






Ground Transportation - 1.1%

Union Pacific Corp.

            3,091

             929,371






Health Care Providers & Services - 2.2%

UnitedHealth Group, Inc.

            4,724

             1,839,573






Hotels, Restaurants & Leisure - 2.0%

Starbucks Corp.

            15,443

             1,640,819






Media - 2.0%

AppLovin Corp. - Class A (a)

            5,256

             1,640,187






Oil, Gas & Consumable Fuels - 8.5%

ConocoPhillips

            13,607

             1,802,791
Diamondback Energy, Inc.

            5,831

             1,168,999
EOG Resources, Inc.

            8,974

             1,300,871
Occidental Petroleum Corp.

            19,642

             1,182,056
Valero Energy Corp.

            4,473

             1,605,449




             7,060,166






Pharmaceuticals - 2.0%

Johnson & Johnson

            6,331

             1,683,096






Professional Services - 1.0%

Automatic Data Processing, Inc.

            2,907

             831,867






Semiconductors & Semiconductor Equipment - 20.9%

Analog Devices, Inc.

            4,641

             1,680,692
Marvell Technology, Inc.

            8,941

             1,892,452
Micron Technology, Inc.

            3,215

             3,082,317
Monolithic Power Systems, Inc.

            924

             1,171,419
NVIDIA Corp.

            34,857

             7,695,728
Texas Instruments, Inc.

            6,915

             1,804,193




             17,326,801






Software - 5.2%

Crowdstrike Holdings, Inc. - Class A (a)

            6,809

             1,572,879
Datadog, Inc. - Class A (a)

            4,926

             1,167,659
Fortinet, Inc. (a)

            9,186

             1,570,163




             4,310,701






Technology Hardware, Storage & Peripherals - 7.5%

Sandisk Corp. (a)

            1,506

             2,359,450
Seagate Technology Holdings PLC

            2,338

             1,936,752
Western Digital Corp.

            4,178

             1,882,398




             6,178,600






Tobacco - 4.5%

Altria Group, Inc.

            25,670

             1,757,882
Philip Morris International, Inc.

            10,337

             1,936,120




             3,694,002








Trading Companies & Distributors - 0.7%

WW Grainger, Inc.

            466

             610,222
TOTAL COMMON STOCKS (Cost $83,230,396)

             83,167,375






PURCHASED OPTIONS - 0.7% (a)
Notional Amount  

Contracts  

Value  
Call Options - 0.7%




SPDR Gold Shares (b)(c)




Expiration: 12/18/2026; Exercise Price: $407.26
             81,684

            2

             4,745
Expiration: 12/18/2026; Exercise Price: $427.09
             15,683,328

            384

             586,921
TOTAL PURCHASED OPTIONS (Cost $923,888)

             591,666






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

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

            32,991

             32,991
TOTAL MONEY MARKET FUNDS (Cost $32,991)

             32,991






TOTAL INVESTMENTS - 101.3% (Cost $84,187,275)

             83,792,032
Liabilities in Excess of Other Assets - (1.3)%
(0.01278)
            (1,057,514)
TOTAL NET ASSETS - 100.0%




    $        82,734,518


Percentages are stated as a percent of net assets.



(a)

Non-income producing security.
(b)

Exchange-traded.
(c)

100 shares per contract.
(d)

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

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




Horizon Expansion Leaders ETF
Schedule of Written Options
August 31, 2026 (Unaudited)

WRITTEN OPTIONS - (1.3)%
Notional Amount

Contracts

Value
Put Options - (1.3)%
SPDR Gold Shares (a)(b)





Expiration: 12/18/2026; Exercise Price: $407.26
    $        (81,684)

(2)

    $        (3,461)
Expiration: 12/18/2026; Exercise Price: $427.09
             (15,683,328)

(384)

             (1,091,501)
TOTAL WRITTEN OPTIONS (Premiums received $922,897)




    $        (1,094,962)

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 Expansion Leaders 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
    $        83,167,375

    $        –

    $        –

    $        83,167,375
  Purchased Options
            –

            591,666

            –

            591,666
  Money Market Funds
            32,991

            –

            –

            32,991
Total Investments
    $        83,200,366

    $        591,666

    $        –

    $        83,792,032








Liabilities:







Investments:







  Written Options
    $        –

    $        (1,094,962)

    $        –

    $        (1,094,962)
Total Investments
    $        –

    $        (1,094,962)

    $        –

    $        (1,094,962)



 

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