Horizon Core Equity ETF
Schedule of Investments
August 31, 2026 (Unaudited)

COMMON STOCKS - 91.3%

Shares  

Value  
Aerospace & Defense - 2.7%

General Dynamics Corp.

            2,183

    $        810,657
General Electric Co.

            3,461

             1,161,892
Honeywell Aerospace, Inc. (a)

            1,544

             244,122
Howmet Aerospace, Inc.

            2,866

             702,027
L3Harris Technologies, Inc.

            1,388

             369,555
Lockheed Martin Corp.

            1,508

             846,335
Northrop Grumman Corp.

            974

             525,668
RTX Corp.

            7,457

             1,549,042




             6,209,298






Air Freight & Logistics - 0.3%

FedEx Corp.

            2,097

             686,558






Automobiles - 1.0%

General Motors Co.

            15,700

             1,355,224
Tesla, Inc. (a)

            2,217

             815,745




             2,170,969






Banks - 2.6%

Bank of America Corp.

            21,625

             1,339,453
Citigroup, Inc.

            6,812

             896,595
JPMorgan Chase & Co.

            4,898

             1,743,786
PNC Financial Services Group, Inc.

            2,413

             578,227
US Bancorp

            11,068

             681,567
Wells Fargo & Co.

            7,150

             617,689




             5,857,317






Beverages - 1.7%

Coca-Cola Co.

            21,368

             1,894,700
Monster Beverage Corp. (a)

            16,186

             743,261
PepsiCo, Inc.

            8,099

             1,136,614




             3,774,575






Biotechnology - 1.7%

AbbVie, Inc.

            3,170

             812,851
Amgen, Inc.

            1,517

             652,128
Gilead Sciences, Inc.

            7,164

             1,048,380
Regeneron Pharmaceuticals, Inc.

            693

             553,762
Vertex Pharmaceuticals, Inc. (a)

            1,428

             777,575




             3,844,696






Broadline Retail - 1.9%

Amazon.com, Inc. (a)

            16,716

             4,342,315






Building Products - 0.5%

Johnson Controls International PLC

            3,933

             543,698
Trane Technologies PLC

            1,414

             628,382




             1,172,080






Capital Markets - 2.8%

Bank of New York Mellon Corp.

            5,376

             867,041
Blackrock, Inc.

            421

             486,512


Charles Schwab Corp.

            10,989

             1,206,812
CME Group, Inc.

            1,743

             497,626
Goldman Sachs Group, Inc.

            679

             696,586
Intercontinental Exchange, Inc.

            3,229

             518,900
Moody's Corp.

            1,034

             521,798
Morgan Stanley

            3,946

             841,761
S&P Global, Inc.

            1,458

             635,455




             6,272,491






Chemicals - 1.1%

Corteva, Inc.

            6,020

             509,473
Ecolab, Inc.

            1,816

             514,291
Linde PLC

            2,205

             1,079,524
Sherwin-Williams Co.

            1,434

             485,853




             2,589,141






Commercial Services & Supplies - 0.8%

Cintas Corp.

            2,796

             564,205
Republic Services, Inc.

            2,774

             612,832
Waste Management, Inc.

            2,793

             611,444




             1,788,481






Communications Equipment - 1.5%

Arista Networks, Inc. (a)

            6,081

             1,189,991
Ciena Corp. (a)

            646

             247,289
Cisco Systems, Inc.

            14,102

             1,558,130
Motorola Solutions, Inc.

            719

             348,930




             3,344,340






Construction & Engineering - 0.2%

Comfort Systems USA, Inc.

            341

             527,056






Consumer Finance - 0.4%

American Express Co.

            2,872

             948,248






Consumer Staples Distribution & Retail - 2.1%

Costco Wholesale Corp.

            2,223

             2,098,268
Target Corp.

            3,616

             581,742
Walmart, Inc.

            20,653

             2,165,880




             4,845,890






Diversified Telecommunication Services - 0.6%

AT&T, Inc.

            20,220

             523,496
Comcast Corp. - Class A

            7,053

             187,751
Verizon Communications, Inc.

            13,564

             678,471




             1,389,718






Electric Utilities - 1.3%

American Electric Power Co., Inc.

            6,072

             743,395
Duke Energy Corp.

            6,022

             722,098
NextEra Energy, Inc.

            9,250

             761,645
Southern Co.

            7,519

             661,672




             2,888,810






Electrical Equipment - 0.9%

AMETEK, Inc.

            2,438

             573,344
Eaton Corp. PLC

            1,354

             544,146
GE Vernova, Inc.

            1,151

             1,034,208






             2,151,698






Electronic Equipment, Instruments & Components - 0.8%

Amphenol Corp. - Class A

            5,019

             795,762
Corning, Inc.

            2,416

             359,332
Keysight Technologies, Inc. (a)

            1,023

             330,122
TE Connectivity PLC

            1,676

             343,999




             1,829,215






Entertainment - 0.4%

Netflix, Inc. (a)

            7,376

             597,825
Walt Disney Co.

            2,065

             222,091




             819,916






Financial Services - 4.2%

Berkshire Hathaway, Inc. - Class B (a)

            11,378

             5,734,853
Mastercard, Inc. - Class A

            4,263

             2,512,229
Visa, Inc. - Class A

            3,505

             1,329,692




             9,576,774






Ground Transportation - 0.4%

Fedex Freight Holding Co., Inc. (a)

            1,048

             140,159
Uber Technologies, Inc. (a)

            8,881

             671,848




             812,007






Health Care Equipment & Supplies - 1.0%

Abbott Laboratories

            5,957

             657,415
Boston Scientific Corp. (a)

            4,924

             237,829
Intuitive Surgical, Inc. (a)

            1,128

             425,098
Medtronic PLC

            4,355

             394,781
Stryker Corp.

            1,763

             570,859




             2,285,982






Health Care Providers & Services - 1.7%

Cardinal Health, Inc.

            1,681

             394,396
Cencora, Inc.

            1,054

             341,074
Cigna Group

            1,376

             379,886
CVS Health Corp.

            6,414

             602,339
HCA Healthcare, Inc.

            1,438

             595,979
McKesson Corp.

            695

             615,298
UnitedHealth Group, Inc.

            2,225

             866,437




             3,795,409






Hotels, Restaurants & Leisure - 2.0%

Airbnb, Inc. - Class A (a)

            8,474

             1,552,606
Booking Holdings, Inc.

            7,025

             1,398,607
McDonald's Corp.

            5,605

             1,477,142




             4,428,355






Household Durables - 0.6%

Garmin Ltd.

            4,592

             1,304,633






Household Products - 0.7%

Procter & Gamble Co.

            11,377

             1,651,030






Industrial Conglomerates - 0.1%

Honeywell International, Inc.

            1,545

             329,797








Insurance - 2.1%

Allstate Corp.

            2,427

             625,681
Aon PLC - Class A

            1,753

             563,625
Chubb Ltd.

            2,825

             956,545
Hartford Insurance Group, Inc.

            3,155

             433,434
Marsh & McLennan Cos., Inc.

            3,629

             688,784
Progressive Corp.

            3,890

             848,331
Travelers Cos., Inc.

            1,837

             672,213




             4,788,613






Interactive Media & Services - 6.9%

Alphabet, Inc. - Class A (b)

            35,096

             11,909,828
Meta Platforms, Inc. - Class A

            6,363

             3,641,799




             15,551,627






IT Services - 0.4%

Accenture PLC - Class A

            2,487

             471,933
International Business Machines Corp.

            1,716

             401,321




             873,254






Life Sciences Tools & Services - 0.4%

Danaher Corp.

            2,411

             514,893
Thermo Fisher Scientific, Inc.

            708

             436,907




             951,800






Machinery - 1.0%

Caterpillar, Inc.

            1,153

             919,483
Cummins, Inc.

            1,037

             585,283
Parker-Hannifin Corp.

            691

             676,793




             2,181,559






Metals & Mining - 0.8%

Freeport-McMoRan, Inc.

            9,537

             722,332
Newmont Corp.

            8,243

             1,039,113




             1,761,445






Multi-Utilities - 0.3%

Consolidated Edison, Inc.

            6,290

             673,156






Oil, Gas & Consumable Fuels - 3.9%

Chevron Corp.

            10,044

             2,070,470
ConocoPhillips

            6,384

             845,816
EOG Resources, Inc.

            2,077

             301,082
EQT Corp.

            3,173

             171,913
ExxonMobil Holdings Corp.

            20,504

             3,300,119
Kinder Morgan, Inc.

            11,342

             365,666
Marathon Petroleum Corp.

            1,019

             380,413
Phillips 66

            1,509

             372,089
Targa Resources Corp.

            795

             233,452
Valero Energy Corp.

            969

             347,794
Williams Cos., Inc.

            5,639

             423,207




             8,812,021






Pharmaceuticals - 5.0%

Bristol-Myers Squibb Co.

            11,040

             737,583
Eli Lilly & Co.

            3,897

             4,507,777
Johnson & Johnson

            12,726

             3,383,207
Merck & Co., Inc.

            13,799

             2,038,940
Pfizer, Inc.

            19,576

             557,133






             11,224,640






Professional Services - 0.0% (c)

Mobility Global, Inc.

            1,458

             29,597






Semiconductors & Semiconductor Equipment - 16.4%

Advanced Micro Devices, Inc. (a)

            6,846

             3,222,549
Analog Devices, Inc.

            2,410

             872,758
Applied Materials, Inc.

            3,647

             1,671,748
Broadcom, Inc.

            16,992

             6,292,817
Intel Corp. (a)

            11,724

             1,049,415
KLA Corp.

            4,599

             806,895
Lam Research Corp.

            5,386

             1,623,825
Micron Technology, Inc.

            5,380

             5,157,967
NVIDIA Corp.

            68,561

             15,136,898
QUALCOMM, Inc.

            2,510

             427,905
Teradyne, Inc.

            737

             257,825
Texas Instruments, Inc.

            2,474

             645,491




             37,166,093






Software - 7.2%

Adobe, Inc. (a)

            2,036

             596,120
Intuit, Inc.

            684

             245,761
Microsoft Corp.

            23,797

             12,071,980
Oracle Corp.

            4,005

             597,226
Palantir Technologies, Inc. - Class A (a)

            8,506

             1,585,348
Salesforce, Inc.

            2,791

             718,794
ServiceNow, Inc. (a)

            2,196

             324,986
Synopsys, Inc. (a)

            618

             271,667




             16,411,882






Specialty Retail - 2.5%

Home Depot, Inc.

            4,983

             1,633,577
O'Reilly Automotive, Inc. (a)

            12,350

             1,096,680
Ross Stores, Inc.

            5,958

             1,361,641
TJX Cos., Inc.

            11,035

             1,477,697




             5,569,595






Technology Hardware, Storage & Peripherals - 7.2%

Apple, Inc.

            45,354

             14,370,415
Sandisk Corp. (a)

            630

             987,021
Seagate Technology Holdings PLC

            721

             597,262
Western Digital Corp.

            785

             353,682




             16,308,380






Tobacco - 0.9%

Altria Group, Inc.

            9,195

             629,674
Philip Morris International, Inc.

            8,165

             1,529,304




             2,158,978






Wireless Telecommunication Services - 0.3%

T-Mobile US, Inc.

            3,933

             709,671
TOTAL COMMON STOCKS (Cost $187,612,917)

             206,809,110






EXCHANGE TRADED FUNDS - 6.4%

Shares  

Value  
Roundhill Magnificent Seven ETF (b)

            210,207

             14,449,629
TOTAL EXCHANGE TRADED FUNDS (Cost $13,866,295)

             14,449,629








REAL ESTATE INVESTMENT TRUSTS - 1.6%

Shares  

Value  
Health Care REITs - 0.3%

Welltower, Inc.

            3,197

             755,259






Industrial REITs - 0.3%

Prologis, Inc.

            4,929

             689,666






Retail REITs - 0.4%

Realty Income Corp.

            6,674

             408,983
Simon Property Group, Inc.

            2,187

             464,344




             873,327






Specialized REITs - 0.6%

American Tower Corp.

            3,191

             560,659
Equinix, Inc.

            695

             727,470




             1,288,129
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,397,741)

             3,606,381






PURCHASED OPTIONS - 0.1% (a)
Notional Amount  

Contracts  

Value  
Put Options - 0.1%




State Street SPDR S&P 500 ETF Trust (d)(e)




Expiration: 09/08/2026; Exercise Price: $752.68
             35,361,005

            461

             40,674
Expiration: 09/22/2026; Exercise Price: $747.53
             36,588,285

            477

             170,041
TOTAL PURCHASED OPTIONS (Cost $471,721)

             210,715






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.6%
Shares  

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

            1,426,483

             1,426,483
TOTAL MONEY MARKET FUNDS (Cost $1,426,483)

             1,426,483






TOTAL INVESTMENTS - 100.0% (Cost $206,775,157)

             226,502,318
Other Assets in Excess of Liabilities - 0.0% (c)
0.00019
            43,019
TOTAL NET ASSETS - 100.0%




    $        226,545,337


Percentages are stated as a percent of net assets.




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)

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 $9,797,252.
(c)

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

Exchange-traded.
(e)

100 shares per contract.
(f)

The rate shown represents the 7-day annualized yield as of August 31, 2026.
(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 $9,797,252.
(c)

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

Exchange-traded.
(e)

100 shares per contract.
(f)

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







Horizon Core Equity ETF
Schedule of Written Options
August 31, 2026 (Unaudited)

WRITTEN OPTIONS - (0.2)%
Notional Amount

Contracts

Value
Put Options - (0.2)%
State Street SPDR S&P 500 ETF Trust (a)(b)





Expiration: 09/08/2026; Exercise Price: $765.78
    $        (35,361,005)

(461)

    $        (162,848)
Expiration: 09/22/2026; Exercise Price: $761.16
             (36,588,285)

(477)

             (316,385)
TOTAL WRITTEN OPTIONS (Premiums received $770,415)




    $        (479,233)

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 Core Equity 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
    $        206,809,110

    $        –

    $        –

    $        206,809,110
  Exchange Traded Funds
            14,449,629

            –

            –

            14,449,629
  Real Estate Investment Trusts
            3,606,381

            –

            –

            3,606,381
  Purchased Options
            –

            210,715

            –

            210,715
  Money Market Funds
            1,426,483

            –

            –

            1,426,483
Total Investments
    $        226,291,603

    $        210,715

    $        –

    $        226,502,318








Liabilities:







Investments:







  Written Options
    $        –

    $        (479,233)

    $        –

    $        (479,233)
Total Investments
    $        –

    $        (479,233)

    $        –

    $        (479,233)



 

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