Horizon Small/Mid Cap Core Equity ETF
Schedule of Investments
August 31, 2026 (Unaudited)
COMMON STOCKS - 89.1%									Shares						Value
Aerospace & Defense - 4.0%
ATI, Inc. (a)									8,096						$        1,653,203
Carpenter Technology Corp.									2,365						1,126,733
Curtiss-Wright Corp.									1,738						1,012,437
Moog, Inc. - Class A									1,997						741,886
Woodward, Inc.									3,338						1,134,319
															5,668,578
Automobile Components - 1.2%
BorgWarner, Inc.									14,506						930,705
Gentex Corp.									18,035						403,443
Lear Corp.									3,106						388,219
															1,722,367
Banks - 6.5%
Ameris Bancorp									3,397						286,197
Associated Banc-Corp.									10,223						312,926
Atlantic Union Bankshares Corp.									6,685						269,606
Banc of California, Inc.									8,034						149,593
BankUnited, Inc.									3,786						172,642
Cathay General Bancorp									3,781						231,435
Columbia Banking System, Inc.									16,394						485,918
Commerce Bancshares, Inc.									9,687						559,037
Customers Bancorp, Inc. (a)									1,895						148,151
East West Bancorp, Inc.									9,025						1,144,911
First BanCorp									9,457						263,661
First Financial Bancorp									6,180						201,653
First Hawaiian, Inc.									5,490						140,599
FNB Corp.									16,827						306,756
Fulton Financial Corp.									8,056						188,994
Independent Bank Corp.									2,232						181,194
International Bancshares Corp.									3,406						238,965
Provident Financial Services, Inc.									6,701						156,803
SOUTHSTATE BANK CORP									4,974						521,723
Texas Capital Bancshares, Inc.									2,005						194,846
UMB Financial Corp.									4,840						685,489
United Bankshares, Inc.									6,251						294,610
United Community Banks, Inc.									4,263						148,523
Valley National Bancorp									30,084						410,346
Wintrust Financial Corp.									4,331						651,209
WSFS Financial Corp.									2,917						225,922
Zions Bancorp NA									9,542						636,356
															9,208,065
Beverages - 0.7%
Coca-Cola Consolidated, Inc.									3,782						739,646
Vita Coco Co., Inc. (a)									4,086						239,909
															979,555
Biotechnology - 3.3%
BioMarin Pharmaceutical, Inc. (a)									8,037						524,254
Exelixis, Inc. (a)									8,033						438,923
Halozyme Therapeutics, Inc. (a)									3,848						409,774

---

Krystal Biotech, Inc. (a)									968						347,860
Neurocrine Biosciences, Inc. (a)									7,103						1,094,075
Roivant Sciences Ltd. (a)									13,297						460,608
United Therapeutics Corp. (a)(b)									2,661						1,358,121
															4,633,615
Broadline Retail - 0.7%
Etsy, Inc. (a)									6,414						521,651
Macy's, Inc.									23,425						514,413
															1,036,064
Building Products - 1.4%
Advanced Drainage Systems, Inc.									2,473						335,660
Armstrong World Industries, Inc.									1,695						292,523
AZZ, Inc.									2,424						332,476
Simpson Manufacturing Co., Inc.									2,243						409,594
UFP Industries, Inc.									2,919						246,714
Zurn Elkay Water Solutions Corp.									7,341						350,900
															1,967,867
Capital Markets - 3.4%
Affiliated Managers Group, Inc.									1,698						625,186
BGC Group, Inc. - Class A									36,143						434,077
Evercore, Inc. - Class A									1,725						494,092
Federated Hermes, Inc.									3,618						230,286
Houlihan Lokey, Inc.									2,244						299,103
Piper Sandler Cos.									3,587						269,240
SEI Investments Co.									7,412						822,584
Stifel Financial Corp.									6,613						534,198
StoneX Group, Inc. (a)									8,514						583,039
Victory Capital Holdings, Inc. - Class A									1,716						202,505
Virtu Financial, Inc. - Class A									5,452						357,869
															4,852,179
Chemicals - 1.3%
Balchem Corp.									2,435						428,292
Cabot Corp.									3,609						298,500
NewMarket Corp.									316						283,673
RPM International, Inc.									4,510						469,491
Sensient Technologies Corp.									2,242						302,536
															1,782,492
Commercial Services & Supplies - 1.4%
Brady Corp. - Class A									3,619						328,062
Clean Harbors, Inc. (a)									3,390						1,068,697
OPENLANE, Inc. (a)									6,188						220,293
Tetra Tech, Inc.									9,963						360,063
															1,977,115
Communications Equipment - 0.2%
Extreme Networks, Inc. (a)									14,726						331,188
Construction & Engineering - 2.0%
Argan, Inc.									753						320,017
Dycom Industries, Inc. (a)									1,505						438,271
Everus Construction Group, Inc. (a)									2,682						308,779
Granite Construction, Inc.									1,445						174,209

---

MYR Group, Inc. (a)									799						232,845
Sterling Infrastructure, Inc. (a)									1,653						777,026
Valmont Industries, Inc.									1,191						559,365
															2,810,512
Consumer Finance - 1.0%
Ally Financial, Inc.									6,904						291,418
Bread Financial Holdings, Inc.									2,188						228,580
Enova International, Inc. (a)									1,454						329,651
FirstCash Holdings, Inc.									2,616						561,054
															1,410,703
Consumer Staples Distribution & Retail - 1.9%
Maplebear, Inc. (a)									11,193						565,470
Performance Food Group Co. (a)									9,791						970,974
PriceSmart, Inc.									1,297						220,503
Sprouts Farmers Market, Inc. (a)									2,940						241,198
US Foods Holding Corp. (a)									6,624						694,460
															2,692,605
Containers & Packaging - 0.9%
AptarGroup, Inc.									3,082						405,653
Crown Holdings, Inc.									5,531						643,753
Sonoco Products Co.									4,961						273,599
															1,323,005
Diversified Consumer Services - 1.8%
ADT, Inc.									67,378						497,923
Covista, Inc. (a)									2,938						388,786
Frontdoor, Inc. (a)									5,912						478,103
Grand Canyon Education, Inc. (a)									2,207						326,923
H&R Block, Inc.									7,797						402,715
Laureate Education, Inc. (a)									10,409						390,650
															2,485,100
Electric Utilities - 0.2%
OGE Energy Corp.									6,895						314,619
Electrical Equipment - 2.0%
Acuity, Inc.									1,230						408,102
EnerSys									1,910						351,173
nVent Electric PLC									7,798						1,175,548
Regal Rexnord Corp.									1,480						234,506
Sensata Technologies Holding PLC									5,069						207,981
Vicor Corp. (a)									1,913						359,032
															2,736,342
Electronic Equipment, Instruments & Components - 3.9%
Arrow Electronics, Inc. (a)									4,744						969,816
Avnet, Inc.									6,229						557,869
Cognex Corp.									8,093						493,349
Littelfuse, Inc.									1,422						586,120
Plexus Corp. (a)									1,467						351,303
Sanmina Corp. (a)									2,150						422,948
TD SYNNEX Corp. (b)									6,703						1,694,854
TTM Technologies, Inc. (a)									4,035						479,842
															5,556,101

---

Energy Equipment & Services - 1.6%
Archrock, Inc.									9,956						313,813
Kodiak Gas Services, Inc.									5,046						296,553
Oceaneering International, Inc. (a)									3,823						197,879
TechnipFMC PLC									19,117						1,493,994
															2,302,239
Entertainment - 1.2%
Cinemark Holdings, Inc.									10,709						381,348
Roku, Inc. (a)									8,351						1,310,522
															1,691,870
Financial Services - 1.7%
Enact Holdings, Inc.									7,376						355,523
Essent Group Ltd.									5,764						389,416
MGIC Investment Corp.									13,061						400,320
NMI Holdings, Inc. (a)									4,333						192,169
Radian Group, Inc.									6,861						246,035
Remitly Global, Inc. (a)									10,695						285,984
Voya Financial, Inc.									5,446						551,789
															2,421,236
Food Products - 0.5%
Darling Ingredients, Inc. (a)									11,149						738,844
Gas Utilities - 1.1%
National Fuel Gas Co.									5,708						474,106
New Jersey Resources Corp.									6,700						357,378
ONE Gas, Inc.									3,629						287,671
Southwest Gas Holdings, Inc.									4,073						359,768
															1,478,923
Ground Transportation - 1.2%
Knight-Swift Transportation Holdings, Inc.									5,743						393,453
Landstar System, Inc.									2,182						394,135
Ryder System, Inc.									1,924						470,341
Saia, Inc. (a)									586						208,106
Schneider National, Inc. - Class B									7,561						260,930
															1,726,965
Health Care Equipment & Supplies - 0.8%
Globus Medical, Inc. - Class A (a)									6,170						502,053
Lantheus Holdings, Inc. (a)									2,663						268,857
Merit Medical Systems, Inc. (a)									3,887						352,395
															1,123,305
Health Care Providers & Services - 3.6%
Alignment Healthcare, Inc. (a)									10,475						140,365
BrightSpring Health Services, Inc. (a)									10,656						622,310
Chemed Corp.									828						429,492
Concentra Group Holdings Parent, Inc.									10,682						360,411
Encompass Health Corp.									6,404						769,825
Ensign Group, Inc.									2,408						414,802
LifeStance Health Group, Inc. (a)									24,129						298,234
Molina Healthcare, Inc. (a)									1,663						330,555
National HealthCare Corp.									1,243						269,147

---

Tenet Healthcare Corp. (a)									5,550						1,475,800
															5,110,941
Hotels, Restaurants & Leisure - 2.3%
Aramark									15,133						852,139
Boyd Gaming Corp.									3,869						300,196
Brinker International, Inc. (a)									2,408						550,228
Life Time Group Holdings, Inc. (a)									12,821						538,739
Monarch Casino & Resort, Inc.									2,384						287,153
Texas Roadhouse, Inc.									3,564						697,118
															3,225,573
Household Durables - 2.2%
Cavco Industries, Inc. (a)									551						308,081
Champion Homes, Inc. (a)									4,531						404,482
Green Brick Partners, Inc. (a)									4,092						295,524
M/I Homes, Inc. (a)									2,613						388,841
Meritage Homes Corp.									5,928						411,581
Mohawk Industries, Inc. (a)									2,602						333,706
Toll Brothers, Inc.									6,950						996,978
															3,139,193
Household Products - 0.4%
Central Garden & Pet Co. - Class A (a)									6,611						245,995
Reynolds Consumer Products, Inc.									13,998						324,054
															570,049
Insurance - 4.1%
American Financial Group, Inc.									5,039						718,309
CNO Financial Group, Inc.									5,690						311,755
First American Financial Corp.									5,912						437,015
Genworth Financial, Inc. (a)									16,071						159,746
Hanover Insurance Group, Inc.									2,244						507,391
Mercury General Corp.									3,659						373,071
Palomar Holdings, Inc.									1,253						166,110
Reinsurance Group of America, Inc.									4,103						1,009,502
RenaissanceRe Holdings Ltd.									2,837						929,515
Selective Insurance Group, Inc.									3,879						354,114
SiriusPoint Ltd. (a)									6,394						154,671
Unum Group									7,085						660,464
															5,781,663
Interactive Media & Services - 0.4%
Match Group, Inc.									12,990						528,043
IT Services - 2.2%
Okta, Inc. (a)									7,638						1,321,679
Twilio, Inc. - Class A (a)									7,322						1,725,283
															3,046,962
Life Sciences Tools & Services - 0.8%
Illumina, Inc. (a)									3,579						764,582
Medpace Holdings, Inc. (a)									514						305,311
															1,069,893
Machinery - 5.5%
Crane Co.									2,701						553,894

---

Donaldson Co., Inc.									3,186						289,575
Enpro, Inc.									799						236,680
ESCO Technologies, Inc.									1,495						408,180
Federal Signal Corp.									2,002						234,234
Franklin Electric Co., Inc.									2,890						289,260
Gates Industrial Corp. Ltd. (a)									11,899						304,376
Graco, Inc.									5,948						460,554
Lincoln Electric Holdings, Inc.									2,141						602,113
Mueller Industries, Inc.									19,165						1,196,088
Mueller Water Products, Inc. - Class A									10,418						251,490
RBC Bearings, Inc. (a)									2,008						992,474
SPX Technologies, Inc. (a)									1,180						232,165
Timken Co.									3,859						464,817
Toro Co.									6,444						630,288
Watts Water Technologies, Inc. - Class A									1,729						632,382
															7,778,570
Marine Transportation - 0.7%
Kirby Corp. (a)									4,313						611,842
Matson, Inc.									1,675						376,557
															988,399
Media - 0.6%
New York Times Co. - Class A									6,011						404,360
Versant Media Group, Inc.									9,933						408,445
															812,805
Metals & Mining - 2.6%
Alcoa Corp.									7,662						382,717
Coeur Mining, Inc.									35,885						745,690
Commercial Metals Co.									5,252						354,352
Hecla Mining Co.									17,476						347,248
Kaiser Aluminum Corp.									1,266						201,016
Materion Corp.									957						225,929
Reliance, Inc.									3,587						1,377,587
															3,634,539
Oil, Gas & Consumable Fuels - 5.3%
Antero Midstream Corp.									27,177						609,308
Antero Resources Corp. (a)									18,178						699,489
Chord Energy Corp.									1,986						292,160
CNX Resources Corp. (a)									5,017						182,519
DT Midstream, Inc.									3,360						440,227
HF Sinclair Corp.									11,414						1,159,777
International Seaways, Inc.									2,918						287,832
Magnolia Oil & Gas Corp. - Class A									6,879						184,701
Ovintiv, Inc.									18,276						1,199,819
PBF Energy, Inc. - Class A									3,580						261,304
Permian Resources Corp.									49,376						1,149,967
Range Resources Corp.									9,465						391,094
SM Energy Co.									15,150						563,277
															7,421,474
Passenger Airlines - 0.2%
American Airlines Group, Inc. (a)									17,034						228,767
Pharmaceuticals - 0.9%
Amneal Pharmaceuticals, Inc. (a)									24,115						421,289

---

Indivior Pharmaceuticals, Inc. (a)									6,649						232,250
Jazz Pharmaceuticals PLC (a)									2,624						657,784
															1,311,323
Professional Services - 1.4%
ExlService Holdings, Inc. (a)									9,994						380,572
Genpact Ltd.									8,983						341,174
Korn Ferry									3,168						271,022
Paylocity Holding Corp. (a)									2,151						344,633
Science Applications International Corp.									2,398						307,472
UL Solutions, Inc.									3,660						272,743
															1,917,616
Real Estate Management & Development - 0.8%
Jones Lang LaSalle, Inc. (a)									2,149						786,255
St Joe Co.									4,976						328,913
															1,115,168
Semiconductors & Semiconductor Equipment - 3.6%
Amkor Technology, Inc.									12,139						574,175
Cirrus Logic, Inc. (a)									3,633						397,850
Diodes, Inc. (a)									4,773						433,388
FormFactor, Inc. (a)									3,637						365,919
MACOM Technology Solutions Holdings, Inc. (a)(b)									4,793						1,264,537
MaxLinear, Inc. (a)									3,654						218,911
MKS, Inc.									1,715						439,452
Onto Innovation, Inc. (a)									2,225						594,542
Rambus, Inc. (a)									3,660						317,285
Semtech Corp. (a)									3,413						453,792
															5,059,851
Software - 1.2%
Clear Secure, Inc. - Class A									7,859						346,975
Dynatrace, Inc. (a)									11,196						611,190
Nutanix, Inc. - Class A (a)									11,130						763,184
															1,721,349
Specialty Retail - 2.3%
Bath & Body Works, Inc.									16,303						313,833
Burlington Stores, Inc. (a)									2,124						551,730
CarMax, Inc. (a)									6,248						383,190
Five Below, Inc. (a)									2,926						722,254
Murphy USA, Inc.									1,491						768,446
Victoria's Secret & Co. (a)									6,374						544,403
															3,283,856
Textiles, Apparel & Luxury Goods - 0.2%
Kontoor Brands, Inc.									3,654						275,548
Trading Companies & Distributors - 1.7%
Applied Industrial Technologies, Inc.									2,679						867,943
Core & Main, Inc. - Class A (a)									4,794						205,950
MSC Industrial Direct Co., Inc. - Class A									3,188						378,990
Rush Enterprises, Inc. - Class A									4,127						317,077
WESCO International, Inc.									1,668						567,787
															2,337,747

---

Water Utilities - 0.2%
American States Water Co.									3,582						319,837
TOTAL COMMON STOCKS (Cost $119,641,120)															125,650,620
REAL ESTATE INVESTMENT TRUSTS - 7.1%									Shares						Value
Commercial Services & Supplies - 0.4%
CoreCivic, Inc. (a)									8,319						276,357
GEO Group, Inc. (a)									9,538						303,404
															579,761
Diversified REITs - 0.6%
Essential Properties Realty Trust, Inc.									8,330						249,900
WP Carey, Inc.									8,113						567,586
															817,486
Health Care REITs - 0.9%
CareTrust REIT, Inc.									13,508						526,136
Omega Healthcare Investors, Inc.									15,851						724,708
															1,250,844
Hotel & Resort REITs - 0.8%
Apple Hospitality REIT, Inc.									20,773						331,329
DiamondRock Hospitality Co.									18,899						232,647
Ryman Hospitality Properties, Inc.									4,129						523,392
															1,087,368
Industrial REITs - 0.9%
EastGroup Properties, Inc.									1,977						394,411
First Industrial Realty Trust, Inc.									8,519						527,156
STAG Industrial, Inc.									9,928						369,818
															1,291,385
Mortgage Real Estate Investment Trusts (REITs) - 0.2%
Annaly Capital Management, Inc.									12,810						293,605
Office REITs - 0.3%
COPT Defense Properties									7,385						265,860
Cousins Properties, Inc.									7,613						220,701
															486,561
Residential REITs - 0.5%
American Homes 4 Rent - Class A									20,362						678,055
Retail REITs - 1.2%
Brixmor Property Group, Inc.									18,992						548,679
NNN REIT, Inc.									7,825						353,690
Phillips Edison & Co., Inc.									8,754						338,342
Tanger, Inc.									7,383						278,413
Urban Edge Properties									10,191						215,642
															1,734,766
Specialized REITs - 1.3%
CubeSmart									12,516						497,135
EPR Properties									4,300						252,453
Gaming and Leisure Properties, Inc.									15,219						640,263
Millrose Properties, Inc.									12,080						367,474

---

															1,757,325
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $10,013,052)															9,977,156
PURCHASED OPTIONS - 0.2% (a)			Notional Amount						Contracts						Value
Put Options - 0.2%
iShares Russell 2000 ETF (c)(d)
Expiration: 09/01/2026; Exercise Price: $279.67			7,700,966						262						254
Expiration: 09/01/2026; Exercise Price: $285.64			1,410,864						48						86
Expiration: 09/01/2026; Exercise Price: $290.97			20,134,205						685						9,604
Expiration: 09/15/2026; Exercise Price: $287.23			2,527,798						86						14,399
Expiration: 09/15/2026; Exercise Price: $289.18			30,216,004						1,028						220,074
Expiration: 09/15/2026; Exercise Price: $289.60			1,939,938						66						14,896
Expiration: 09/29/2026; Exercise Price: $285.25			2,527,798						86						22,909
Expiration: 09/29/2026; Exercise Price: $287.54			1,939,938						66						21,238
TOTAL PURCHASED OPTIONS (Cost $583,915)															303,460
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 3.3%									Shares						Value
First American Government Obligations Fund - Class X, 3.59% (e)									4,686,070						4,686,070
TOTAL MONEY MARKET FUNDS (Cost $4,686,070)															4,686,070
TOTAL INVESTMENTS - 99.7% (Cost $134,924,157)															140,617,306
Other Assets in Excess of Liabilities - 0.3% (f)												0.00347			489,729
TOTAL NET ASSETS - 100.0%															$        141,107,035
Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

(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 $2,197,520.
(c)						Exchange-traded.
(d)						100 shares per contract.
(e)						The rate shown represents the 7-day annualized yield as of August 31, 2026.
(f)						Includes cash of $2,805 that is pledged as collateral for written options.

---

Horizon Small/Mid Cap Core Equity ETF
Schedule of Written Options
August 31, 2026 (Unaudited)
WRITTEN OPTIONS - (0.7)%			Notional Amount						Contracts						Value
Put Options - (0.7)%
iShares Russell 2000 ETF (a)(b)
Expiration: 09/01/2026; Exercise Price: $288.03			$        (7,700,966)						(262)						$        (914)
Expiration: 09/01/2026; Exercise Price: $293.26			(1,410,864)						(48)						(2,712)
Expiration: 09/01/2026; Exercise Price: $298.60			(20,134,205)						(685)						(319,895)
Expiration: 09/15/2026; Exercise Price: $292.62			(2,527,798)						(86)						(28,257)
Expiration: 09/15/2026; Exercise Price: $295.70			(1,939,938)						(66)						(31,296)
Expiration: 09/15/2026; Exercise Price: $296.72			(30,216,004)						(1,028)						(547,492)
Expiration: 09/29/2026; Exercise Price: $292.05			(2,527,798)						(86)						(40,082)
Expiration: 09/29/2026; Exercise Price: $295.22			(1,939,938)						(66)						(39,684)
TOTAL WRITTEN OPTIONS (Premiums received $1,009,721)															$        (1,010,332)
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 Small/Mid Cap 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

$        125,650,620

$        –

$        –

$        125,650,620

Real Estate Investment Trusts

9,977,156

–

–

9,977,156

Purchased Options

–

303,460

–

303,460

Money Market Funds

4,686,070

–

–

4,686,070

Total Investments

$        140,313,846

$        303,460

$        –

$        140,617,306

Liabilities:

Investments:

Written Options

$        –

$        (1,010,332)

$        –

$        (1,010,332)

Total Investments

$        –

$        (1,010,332)

$        –

$        (1,010,332)

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