Horizon Expedition Plus ETF
Schedule of Investments
August 31, 2026 (Unaudited)

COMMON STOCKS - 97.5%

Shares  

Value  
Aerospace & Defense - 1.8%

Axon Enterprise, Inc. (a)

            694

    $        393,193
General Electric Co.

            9,620

             3,229,530
Howmet Aerospace, Inc.

            3,819

             935,464




             4,558,187






Air Freight & Logistics - 0.2%

CH Robinson Worldwide, Inc.

            1,326

             198,449
Expeditors International of Washington, Inc.

            1,510

             286,372




             484,821






Automobiles - 3.3%

Ford Motor Co.

            21,404

             298,372
General Motors Co.

            4,331

             373,852
Tesla, Inc. (a)

            20,113

             7,400,578




             8,072,802






Banks - 1.8%

Citigroup, Inc.

            13,342

             1,756,074
Citizens Financial Group, Inc.

            4,633

             319,075
Fifth Third Bancorp

            7,391

             397,414
KeyCorp

            10,722

             231,703
PNC Financial Services Group, Inc.

            3,070

             735,664
Regions Financial Corp.

            8,191

             244,747
US Bancorp

            10,792

             664,571




             4,349,248






Beverages - 0.4%

Keurig Dr Pepper, Inc.

            7,859

             250,388
Monster Beverage Corp. (a)

            17,890

             821,509




             1,071,897






Biotechnology - 1.0%

Biogen, Inc. (a)

            1,429

             309,593
Incyte Corp. (a)

            2,403

             296,098
Moderna, Inc. (a)

            4,008

             562,483
Vertex Pharmaceuticals, Inc. (a)

            2,149

             1,170,173




             2,338,347






Broadline Retail - 6.8%

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

            62,932

             16,347,845
eBay, Inc.

            4,528

             468,920




             16,816,765






Building Products - 0.8%

Carrier Global Corp.

            6,134

             357,121
Johnson Controls International PLC

            4,376

             604,938
Masco Corp.

            3,151

             227,376
Trane Technologies PLC

            1,869

             830,584




             2,020,019






Capital Markets - 4.1%



Bank of New York Mellon Corp.

            6,042

             974,454
Blackstone, Inc.

            3,175

             454,787
Charles Schwab Corp.

            5,829

             640,141
Franklin Templeton, Inc.

            7,273

             248,373
Goldman Sachs Group, Inc.

            2,227

             2,284,679
Interactive Brokers Group, Inc. - Class A

            5,143

             500,362
Morgan Stanley

            13,557

             2,891,979
MSCI, Inc.

            473

             269,913
Northern Trust Corp.

            1,792

             332,523
Robinhood Markets, Inc. - Class A (a)

            8,170

             856,298
State Street Corp.

            2,704

             517,492
T Rowe Price Group, Inc.

            2,341

             260,506




             10,231,507






Chemicals - 0.9%

Air Products and Chemicals, Inc.

            1,391

             430,459
Corteva, Inc.

            3,809

             322,356
Linde PLC

            2,673

             1,308,647
PPG Industries, Inc.

            2,047

             229,612




             2,291,074






Commercial Services & Supplies - 0.2%

Cintas Corp.

            1,509

             304,501
Republic Services, Inc.

            1,138

             251,407




             555,908






Communications Equipment - 1.6%

Arista Networks, Inc. (a)

            12,200

             2,387,418
Ciena Corp. (a)

            1,696

             649,229
Lumentum Holdings, Inc. (a)

            939

             858,959




             3,895,606






Construction & Engineering - 0.8%

Comfort Systems USA, Inc.

            433

             669,254
EMCOR Group, Inc.

            497

             365,066
Quanta Services, Inc.

            1,568

             951,917




             1,986,237






Construction Materials - 0.1%

Vulcan Materials Co.

            844

             227,526






Consumer Finance - 0.7%

American Express Co.

            3,417

             1,128,191
Capital One Financial Corp.

            2,489

             533,915




             1,662,106






Consumer Staples Distribution & Retail - 1.0%

Casey's General Stores, Inc.

            376

             282,831
Costco Wholesale Corp.

            1,098

             1,036,391
Dollar Tree, Inc. (a)

            2,051

             259,636
Sysco Corp.

            3,128

             253,618
Target Corp.

            3,344

             537,983




             2,370,459






Diversified Telecommunication Services - 0.3%

Comcast Corp. - Class A

            10,792

             287,283
Verizon Communications, Inc.

            10,372

             518,808






             806,091






Electric Utilities - 0.5%

American Electric Power Co., Inc.

            3,064

             375,125
Edison International

            3,346

             180,617
Entergy Corp.

            3,213

             341,574
Xcel Energy, Inc.

            3,066

             232,066




             1,129,382






Electrical Equipment - 2.4%

AMETEK, Inc.

            1,832

             430,832
Eaton Corp. PLC

            2,967

             1,192,378
GE Vernova, Inc.

            2,863

             2,572,491
Hubbell, Inc.

            519

             235,107
Rockwell Automation, Inc.

            1,193

             506,345
Vertiv Holdings Co. - Class A

            4,165

             1,077,569




             6,014,722






Electronic Equipment, Instruments & Components - 1.9%

Amphenol Corp. - Class A

            12,975

             2,057,186
Coherent Corp. (a)

            2,408

             669,015
Corning, Inc.

            10,337

             1,537,422
Flex Ltd. (a)

            4,616

             504,298




             4,767,921






Energy Equipment & Services - 0.2%

Baker Hughes Co.

            6,090

             387,020






Entertainment - 0.5%

Live Nation Entertainment, Inc. (a)

            2,265

             407,451
Take-Two Interactive Software, Inc. (a)

            1,473

             323,618
Walt Disney Co.

            4,602

             494,945




             1,226,014






Financial Services - 1.8%

Block, Inc. (a)

            4,941

             405,261
Corpay, Inc. (a)

            734

             296,756
Visa, Inc. - Class A

            10,172

             3,858,952




             4,560,969






Food Products - 0.1%

Archer-Daniels-Midland Co.

            3,239

             263,298






Ground Transportation - 0.6%

CSX Corp.

            14,590

             736,941
JB Hunt Transport Services, Inc.

            1,195

             317,236
Old Dominion Freight Line, Inc.

            2,052

             410,318




             1,464,495






Health Care Equipment & Supplies - 0.6%

Dexcom, Inc. (a)

            3,465

             315,523
Edwards Lifesciences Corp. (a)

            4,392

             398,574
IDEXX Laboratories, Inc. (a)

            487

             271,108
Intuitive Surgical, Inc. (a)

            1,093

             411,908




             1,397,113








Health Care Providers & Services - 1.7%

Cardinal Health, Inc.

            1,556

             365,069
Centene Corp. (a)

            5,152

             331,480
Elevance Health, Inc.

            1,481

             581,352
Humana, Inc.

            1,115

             427,301
UnitedHealth Group, Inc.

            6,523

             2,540,121




             4,245,323






Hotels, Restaurants & Leisure - 2.2%

Airbnb, Inc. - Class A (a)

            4,577

             838,598
Booking Holdings, Inc.

            3,100

             617,179
Chipotle Mexican Grill, Inc. (a)

            7,427

             282,449
DoorDash, Inc. - Class A (a)

            3,014

             698,464
Expedia Group, Inc.

            1,309

             415,110
Hilton Worldwide Holdings, Inc.

            1,762

             557,286
Marriott International, Inc. - Class A

            2,211

             755,631
Royal Caribbean Cruises Ltd.

            1,609

             432,403
Starbucks Corp.

            7,928

             842,350




             5,439,470






Household Durables - 0.4%

DR Horton, Inc.

            1,888

             272,929
Garmin Ltd.

            1,571

             446,337
PulteGroup, Inc.

            1,913

             241,650




             960,916






Household Products - 0.1%

Colgate-Palmolive Co.

            3,797

             341,047






Independent Power and Renewable Electricity Producers - 0.1%

Vistra Corp.

            1,621

             222,677






Industrial Conglomerates - 0.0% (c)

Honeywell International, Inc.

            1

             107






Insurance - 1.3%

Aflac, Inc.

            2,311

             267,729
Allstate Corp.

            1,571

             405,004
Aon PLC - Class A

            812

             261,074
Chubb Ltd.

            1,815

             614,559
Cincinnati Financial Corp.

            1,490

             253,151
MetLife, Inc.

            4,199

             399,619
Principal Financial Group, Inc.

            2,227

             245,326
Prudential Financial, Inc.

            2,176

             255,898
Travelers Cos., Inc.

            1,411

             516,327




             3,218,687






Interactive Media & Services - 11.7%

Alphabet, Inc. - Class A (b)

            68,066

             23,098,197
Meta Platforms, Inc. - Class A

            10,463

             5,988,394




             29,086,591






IT Services - 0.6%

International Business Machines Corp.

            5,860

             1,370,478






Life Sciences Tools & Services - 0.5%

Agilent Technologies, Inc.

            2,032

             312,034


IQVIA Holdings, Inc. (a)

            1,432

             374,024
Waters Corp. (a)

            772

             320,094
West Pharmaceutical Services, Inc.

            891

             303,929




             1,310,081






Machinery - 2.4%

Caterpillar, Inc.

            4,609

             3,675,539
Cummins, Inc.

            1,272

             717,917
IDEX Corp.

            1,151

             263,165
Parker-Hannifin Corp.

            955

             935,365
Westinghouse Air Brake Technologies Corp.

            1,455

             416,028




             6,008,014






Media - 0.5%

AppLovin Corp. - Class A (a)

            3,390

             1,057,883
EchoStar Corp. - Class A (a)

            2,486

             214,890




             1,272,773






Metals & Mining - 1.1%

Freeport-McMoRan, Inc.

            10,836

             820,719
Newmont Corp.

            8,492

             1,070,501
Nucor Corp.

            2,251

             561,940
Steel Dynamics, Inc.

            1,584

             368,470




             2,821,630






Oil, Gas & Consumable Fuels - 1.7%

Diamondback Energy, Inc.

            1,503

             301,322
Kinder Morgan, Inc.

            9,635

             310,632
Marathon Petroleum Corp.

            1,882

             702,588
ONEOK, Inc.

            3,111

             298,687
Phillips 66

            2,018

             497,598
Targa Resources Corp.

            1,680

             493,332
Texas Pacific Land Corp.

            759

             284,124
Valero Energy Corp.

            1,863

             668,668
Williams Cos., Inc.

            7,489

             562,050




             4,119,001






Passenger Airlines - 0.5%

Delta Air Lines, Inc.

            6,722

             524,316
Southwest Airlines Co.

            5,854

             225,554
United Airlines Holdings, Inc. (a)

            3,224

             348,160




             1,098,030






Pharmaceuticals - 3.4%

Eli Lilly & Co.

            7,362

             8,515,846






Professional Services - 0.2%

Automatic Data Processing, Inc.

            1,332

             381,165






Semiconductors & Semiconductor Equipment - 17.9%

Advanced Micro Devices, Inc. (a)

            17,298

             8,142,514
Analog Devices, Inc.

            4,738

             1,715,819
Applied Materials, Inc.

            9,459

             4,335,911
Intel Corp. (a)

            53,519

             4,790,486
KLA Corp.

            16,193

             2,841,062
Lam Research Corp.

            15,038

             4,533,807
Marvell Technology, Inc.

            10,856

             2,297,781


Micron Technology, Inc.

            12,494

             11,978,373
Monolithic Power Systems, Inc.

            524

             664,311
Teradyne, Inc.

            2,173

             760,181
Texas Instruments, Inc.

            8,996

             2,347,146




             44,407,391






Software - 9.8%

Cadence Design Systems, Inc. (a)

            2,708

             917,416
Crowdstrike Holdings, Inc. - Class A (a)

            10,025

             2,315,775
Datadog, Inc. - Class A (a)

            3,812

             903,597
Fortinet, Inc. (a)

            7,358

             1,257,703
Microsoft Corp. (b)

            21,358

             10,834,700
Oracle Corp.

            11,883

             1,771,993
Palantir Technologies, Inc. - Class A (a)

            11,889

             2,215,872
Palo Alto Networks, Inc. (a)

            7,918

             3,025,705
ServiceNow, Inc. (a)

            3,378

             499,910
Synopsys, Inc. (a)

            1,314

             577,621




             24,320,292






Specialty Retail - 0.7%

Carvana Co. (a)

            4,661

             342,397
Ross Stores, Inc.

            2,726

             623,000
TJX Cos., Inc.

            3,663

             490,512
Williams-Sonoma, Inc.

            1,412

             322,289




             1,778,198






Technology Hardware, Storage & Peripherals - 4.5%

Dell Technologies, Inc. - Class C

            6,657

             3,035,659
Hewlett Packard Enterprise Co.

            14,444

             754,554
NetApp, Inc.

            2,256

             418,014
Sandisk Corp. (a)

            1,958

             3,067,599
Seagate Technology Holdings PLC

            2,572

             2,130,593
Western Digital Corp.

            3,976

             1,791,387




             11,197,806






Textiles, Apparel & Luxury Goods - 0.2%

Ralph Lauren Corp.

            725

             251,503
Tapestry, Inc.

            2,249

             277,504




             529,007






Tobacco - 0.7%

Altria Group, Inc.

            7,895

             540,650
Philip Morris International, Inc.

            6,845

             1,282,068




             1,822,718






Trading Companies & Distributors - 0.7%

Fastenal Co.

            8,575

             422,833
United Rentals, Inc.

            678

             703,764
WW Grainger, Inc.

            456

             597,128




             1,723,725






Wireless Telecommunication Services - 0.2%

T-Mobile US, Inc.

            2,464

             444,604
TOTAL COMMON STOCKS (Cost $238,571,484)

             241,585,111






REAL ESTATE INVESTMENT TRUSTS - 1.8%

Shares  

Value  
Health Care REITs - 0.6%



Ventas, Inc.

            3,453

             314,810
Welltower, Inc.

            5,137

             1,213,565




             1,528,375






Hotel & Resort REITs - 0.1%

Host Hotels & Resorts, Inc.

            10,711

             234,892






Industrial REITs - 0.3%

Prologis, Inc.

            4,699

             657,484






Retail REITs - 0.2%

Simon Property Group, Inc.

            2,840

             602,989






Specialized REITs - 0.6%

Equinix, Inc.

            698

             730,610
Iron Mountain, Inc.

            3,274

             377,656
Public Storage

            1,520

             466,625




             1,574,891
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,571,859)

             4,598,631






PURCHASED OPTIONS - 0.3% (a)
Notional Amount  

Contracts  

Value  
Put Options - 0.3%




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




Expiration: 09/03/2026; Exercise Price: $750.04
             62,207,755

            811

             16,390
Expiration: 09/10/2026; Exercise Price: $760.46
             62,207,755

            811

             217,770
Expiration: 09/17/2026; Exercise Price: $743.00
             61,900,935

            807

             145,212
Expiration: 09/24/2026; Exercise Price: $753.52
             62,361,165

            813

             405,329
TOTAL PURCHASED OPTIONS (Cost $1,517,180)

             784,701






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 1.0%
Shares  

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

            2,505,253

             2,505,253
TOTAL MONEY MARKET FUNDS (Cost $2,505,253)

             2,505,253






TOTAL INVESTMENTS - 100.6% (Cost $247,165,776)

             249,473,696
Liabilities in Excess of Other Assets - (0.6)%
(0.00647)
            (1,602,843)
TOTAL NET ASSETS - 100.0%




    $        247,870,853


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 $38,328,175.
(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 Expedition Plus ETF
Schedule of Written Options
August 31, 2026 (Unaudited)

WRITTEN OPTIONS - (0.7)%
Notional Amount

Contracts

Value
Put Options - (0.7)%
State Street SPDR S&P 500 ETF Trust (a)(b)





Expiration: 09/03/2026; Exercise Price: $763.49
    $        (62,207,755)

(811)

    $        (133,710)
Expiration: 09/10/2026; Exercise Price: $773.06
             (62,207,755)

(811)

             (635,151)
Expiration: 09/17/2026; Exercise Price: $757.57
             (61,900,935)

(807)

             (314,851)
Expiration: 09/24/2026; Exercise Price: $766.47
             (62,361,165)

(813)

             (722,261)
TOTAL WRITTEN OPTIONS (Premiums received $2,528,772)




    $        (1,805,973)

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 Expedition Plus 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
    $        241,585,111

    $        –

    $        –

    $        241,585,111
  Real Estate Investment Trusts
            4,598,631

            –

            –

            4,598,631
  Purchased Options
            –

            784,701

            –

            784,701
  Money Market Funds
            2,505,253

            –

            –

            2,505,253
Total Investments
    $        248,688,995

    $        784,701

    $        –

    $        249,473,696








Liabilities:







Investments:







  Written Options
    $        –

    $        (1,805,973)

    $        –

    $        (1,805,973)
Total Investments
    $        –

    $        (1,805,973)

    $        –

    $        (1,805,973)


 

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