HFRO ETF

$7.36

AUM$644M

TER1.18%

Holdings63

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HFRO ETF

$7.36

Highland Opportunities and Income Fund

AUM$644M

TER1.18%

Holdings63

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Overview Performance Chart Dividends Top Holdings All Holdings Sectors Geography Similar Compare Overlap

Leveraged fundWeights reflect notional exposure via swaps/derivatives and do not sum to 100%.

Net exposure

130.3%

Gross exposure

130.3%

Long

130.3%

Cash & collateral

0.9%

As of Mar 31, 2026

Showing top 50 of 62 holdings · as of Mar 31, 2026

HFRO holdings, by weight
#	Ticker	Name	Weight	Cumulative	Shares	Mkt value	Share chg	Sector	Industry
1	—	Sold SEK/Bought USD	15.55%	15.6%	116,277,473	$97.47M	-	-	-
2	—	Nfro Holdings, Llc	11.41%	27.0%	2,513,991	$71.50M	+237.3K	-	-
Share changes, sector and industry · Pro
3	—	Nfro Reit Sub Llc Nfro Reit Sub Ii	10.87%	37.8%	104,718,415	$68.16M
4	—	Fed Hm Ln Pc Pool G18518 Fg 07/29 Fixed 3	10.74%	48.6%	4,869,446	$67.29M
5	—	Ois Recfix USD 3.186% 05-09-23/05-09-30 Lch	9.68%	58.3%	994	$60.68M
6	NREF	Nexpoint Real Estate Finance Inc	9.40%	67.7%	4,372,285	$58.89M
7	—	Bought THB Sold USD 20260430	7.76%	75.4%	-	$48.62M
8	Debt	Fannie Mae Pool Bv4656	7.02%	82.4%	-	$44.01M
9	Debt	Nassau County Interim Finance Authority	5.07%	87.5%	-	$31.78M
10	NEDZX	Nexpoint Credit Catalyst-Z Mutual Fund	4.03%	91.5%	1,036,128	$25.23M
11	—	Tcal Mezz Lender, Llc Promissory Note 12.9999996 2027-11-26	3.72%	95.3%	-	$23.29M
12	Debt	Krw/usd	3.49%	98.7%	12,026,660	$21.86M
13	—	Junior Credit Term Loan	3.24%	102.0%	-	$20.28M
14	Debt	U.S. Treasury	2.63%	104.6%	-	$16.48M
15	—	Meaningful Partners Dedicatedcapital Vehicle Ii Lp	2.28%	106.9%	453,675	$14.26M
16	Debt	Illinois St Sales Tax Rev	2.02%	108.9%	-	$12.67M
17	—	Spe Operating Partnership, L.P. Promissory Note	1.95%	110.9%	-	$12.22M
18	—	317Ua83A9 Pimco	1.87%	112.7%	27,134	$11.71M
19	—	United Group Bv	1.59%	114.3%	3,440,476	$9.94M
20	—	Forward Foreign Currency Contract	1.49%	115.8%	16,103	$9.31M
21	IQHQ	Iqhq Inc	1.34%	117.1%	2,006,665	$8.39M
22	—	Gazprom Pjsc (Ga	1.31%	118.5%	2,361,111	$8.24M
23	NXDT	Nexpoint Diversified Real Estate Trust	1.16%	119.6%	1,559,149	$7.28M
24	—	Long: S53284003 Cds USD R F 1.00000 553284004 Ccpcdx / Short: S53284003 Cds USD P V 03Mevent 553284005 Ccpcdx	1.02%	120.6%	-	$6.38M
25	—	Lake At Las Vegas 3/3/2019	1.00%	121.6%	-	$6.25M
26	—	Nref Op Iv Reit Sub, Llc Term Loan @ Fixed 7.50%	0.99%	122.6%	-	$6.21M
27	Debt	Nxlst Prom Note 1	0.93%	123.6%	-	$5.85M
28	DTRXX	Dreyfus Trsy Oblig Cash Management Cl Ins	0.88%	124.4%	-	$5.50M
29	NXRT	Nexpoint Residential Reit	0.85%	125.3%	213,700	$5.34M
30	—	Bought CNH Sold USD 20260402	0.75%	126.0%	-	$4.72M
31	—	South Street Securities Funding Llc 144A 6.250000% 12/30/2026	0.63%	126.7%	-	$3.92M
32	—	Nexpoint Real Estate Finance Inc Preferred Stock	0.55%	127.2%	150,977	$3.44M
33	—	Sapience Therapeutics Promissory Note 2 11.9999988 2027-08-23	0.53%	127.7%	-	$3.30M
34	Debt	Carrier Global Corp	0.51%	128.3%	270,246	$3.20M
35	ABMD	Contra Abiomed Inc	0.43%	128.7%	1,800,000	$2.70M
36	TALO	Talos Energy Inc	0.35%	129.0%	139,112	$2.19M
37	—	Llv Holdco Inc Llvhsam01	0.33%	129.4%	34,511	$2.06M
38	—	Root Bidco Sarl	0.30%	129.7%	-	$1.91M
39	—	Apnimed, Inc Series C-2	0.29%	130.0%	144,132	$1.85M
40	—	Northwoods Cap Xii-b Ltd Jr Secd Deferrable Nt Cl F 144a 3c7 Fltg 2031-06-15	0.26%	130.2%	-	$1.60M
41	BHR	Braemar Hotels & Resorts Inc (Conv) 5.50%	0.23%	130.4%	100,000	$1.45M
42	—	Saranac Clo Iii Ltd Sranc 2014-3A Er 12.0853008 2030-06-22	0.21%	130.7%	-	$1.33M
43	—	Cifc 2014-4ra Sub - Cifc Funding 2014-iv-r Ltd 10/17/2030	0.09%	130.7%	-	$547.9K
44	—	Mp Clo Vii Ltd Mezzanine Deferrable Nt 144a 3c7 Cl F-rr Fltg Rate 2028-10-18	0.09%	130.8%	-	$554.4K
45	WHLRP	Wheeler Real Estate Investment Trust, Inc.	0.09%	130.9%	82,301	$572.0K
46	—	Cifc 2014-5a Sub - Cifc Funding 2014-v Ltd 10/17/2031	0.08%	131.0%	-	$530.0K
47	—	Ozlm Xxii Ltd Secd Deferrable Nt Cl E Fltg 144a 3c7 2031-01-17	0.05%	131.1%	-	$341.9K
48	—	Sold MXN Bought USD 20260610	0.04%	131.1%	-	$256.8K
49	Debt	Citadel Securities Llc Slrpa	0.04%	131.1%	-	$226.0K
50	WHLRD	Wheeler Reit Inc Preferred Stock Var	0.02%	131.2%	2,990	$115.5K
More holdings · Pro

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HFRO ETF All Holdings

HFRO holdings total 63 positions. The top 10 holdings account for 91.5% of the fund, led by Sold SEK/Bought USD at 15.6%, Nfro Holdings, Llc at 11.4%, Nfro Reit Sub Llc Nfro Reit Sub Ii at 10.9%.

HFRO portfolio concentration is relatively high, with the top 10 representing 91.5% of total assets. The largest sector exposure is Real Estate at 11.6%.

HFRO sectors provide a detailed breakdown. HFRO overlap shows how holdings compare to other funds in your portfolio.

Compare HFRO

HFRO vs SPY HFRO vs QQQ HFRO vs VOO HFRO vs VTI HFRO vs IVV HFRO vs SCHD HFRO vs VYM HFRO vs VXUS

HFRO ETF Holdings

62 of 63 holdings

Sector

Industry

Sort By

1
Sold SEK/Bought USD
Other
15.55%
2
Nfro Holdings, Llc
Other
11.41%
3
Nfro Reit Sub Llc Nfro Reit Sub Ii
Other
10.87%
4
Fed Hm Ln Pc Pool G18518 Fg 07/29 Fixed 3
Other
10.74%
5
Ois Recfix USD 3.186% 05-09-23/05-09-30 Lch
Other
9.68%
6
Nexpoint Real Estate Finance Inc
NREFReal Estate
9.40%
7
Bought THB Sold USD 20260430
Other
7.76%
8
Fannie Mae Pool Bv4656 2.50% 4/1/2052
Other
7.02%
9
Nassau County Interim Finance Authority 5 11/15/2035
Other
5.07%
10
Nexpoint Credit Catalyst-Z Mutual Fund
NEDZXUnknown
4.03%
11
Tcal Mezz Lender, Llc Promissory Note 12.9999996 2027-11-26
Other
3.72%
12
KRW/USD 0% 09/16/2026
Other
3.49%
13
Junior Credit Term Loan
Other
3.24%
14
U.S. Treasury 4.125% 8/15/2053
Other
2.63%
15
Meaningful Partners Dedicatedcapital Vehicle Ii Lp Common Stock
Other
2.28%
16
Illinois St Sales Tax Rev 5 06/15/2039
Other
2.02%
17
Spe Operating Partnership, L.P. Promissory Note
Other
1.95%
18
317Ua83A9 Pimco
Other
1.87%
19
United Group Bv
Other
1.59%
20
Forward Foreign Currency Contract
Other
1.49%
21
Iqhq Inc
IQHQUnknown
1.34%
22
Gazprom Pjsc (Ga
Other
1.31%
23
Nexpoint Diversified Real Estate Trust
NXDTReal Estate
1.16%
24
Long: S53284003 Cds USD R F 1.00000 553284004 Ccpcdx / Short: S53284003 Cds USD P V 03Mevent 553284005 Ccpcdx
Other
1.02%
25
Lake At Las Vegas 3/3/2019
Other
1.00%
26
Nref Op Iv Reit Sub, Llc Term Loan @ Fixed 7.50%
Other
0.99%
27
Nxlst Prom Note 1 4.2% 12/31/28
Other
0.93%
28
Dreyfus Trsy Oblig Cash Mgmt Cl Ins
DTRXXFinancials
0.88%
29
Nexpoint Residential Reit
NXRTReal Estate
0.85%
30
Bought CNH Sold USD 20260402
Other
0.75%
31
South Street Securities Funding Llc 144A 6.250000% 12/30/2026
Other
0.63%
32
Nexpoint Real Estate Finance Inc Preferred Stock
Other
0.55%
33
Sapience Therapeutics Promissory Note 2 11.9999988 2027-08-23
Other
0.53%
34
Carrier Global Corp 3.38 04/05/2040
Other
0.51%
35
Contra Abiomed Inc
ABMDHealth Care
0.43%
36
Talos Energy Inc
TALOEnergy
0.35%
37
Llv Holdco Inc Llvhsam01
Other
0.33%
38
Root Bidco Sarl
Other
0.30%
39
Apnimed, Inc Series C-2
Other
0.29%
40
Northwoods Cap Xii-b Ltd Jr Secd Deferrable Nt Cl F 144a 3c7 Fltg 2031-06-15
Other
0.26%
41
Braemar Hotels & Resorts Inc (Conv) 5.50%
BHRPBReal Estate
0.23%
42
Saranac Clo Iii Ltd Sranc 2014-3A Er 12.0853008 2030-06-22
Other
0.21%
43
Cifc 2014-4ra Sub - Cifc Funding 2014-iv-r Ltd 10/17/2030
Other
0.09%
44
Mp Clo Vii Ltd Mezzanine Deferrable Nt 144a 3c7 Cl F-rr Fltg Rate 2028-10-18
Other
0.09%
45
Wheeler Real Estate Investment Trust, Inc.
WHLRPUnknown
0.09%
46
Cifc 2014-5a Sub - Cifc Funding 2014-v Ltd 10/17/2031
Other
0.08%
47
Ozlm Xxii Ltd Secd Deferrable Nt Cl E Fltg 144a 3c7 2031-01-17
Other
0.05%
48
Sold MXN Bought USD 20260610
Other
0.04%
49
Citadel Securities Llc Slrpa 3.730% 04/01/2026 3.73 2026-04-01
Other
0.04%
50
Wheeler Reit Inc Preferred Stock Var
WHLRDUnknown
0.02%
51
Phelix De Base Electricity
Other
0.02%
52
Cifc 2014-1a Sub - Cifc Funding 2014 Ltd 01/18/2031
Other
0.01%
53
Covenant Cr Partners Clo Iii Jr Secd Nt Cl F Fltg 144a 2029-10-15
Other
0.01%
54
Ois COP Ibr/8.93300 10/28/25-4Y* Cme
Other
0.01%
55
Value Creation Inc Lx113920
9238:CAUnknown
0.01%
56
Cifc 2015-1a Sub - Cifc Funding 2015-i Ltd 01/22/2031
Other
0.00%
57
Cifc 2013-2a Sub - Cifc Funding 2013-ii Ltd 10/18/2030
Other
0.00%
58
Iheartcommunications Inc 144A 9.13% May 01, 2029
IHRT 9.125 05/01/29 Communication Services
0.00%
59
Windr 2014-2a Sub - Thl Credit Wind River 2014-2 C 01/15/2031
Other
0.00%
60
Dobbs Ferry N Y Loc Dev Corp R
Other
0.00%
61
Square 5.76 2027-03-10
Other
0.00%
62
Rfr USD Sofr/3.85000 08/05/24-10Y Lch
Other
0.00%

#	Company	Ticker	Weight
1	Sold SEK/Bought USD	-	15.550%
2	Nfro Holdings, Llc	-	11.410%
3	Nfro Reit Sub Llc Nfro Reit Sub Ii	-	10.870%
4	Fed Hm Ln Pc Pool G18518 Fg 07/29 Fixed 3	-	10.740%
5	Ois Recfix USD 3.186% 05-09-23/05-09-30 Lch	-	9.680%
6	Nexpoint Real Estate Finance Inc	NREF	9.400%
7	Bought THB Sold USD 20260430	-	7.760%
8	Fannie Mae Pool Bv4656 2.50% 4/1/2052	-	7.020%
9	Nassau County Interim Finance Authority 5 11/15/2035	-	5.070%
10	Nexpoint Credit Catalyst-Z Mutual Fund	NEDZX	4.030%
11	Tcal Mezz Lender, Llc Promissory Note 12.9999996 2027-11-26	-	3.720%
12	KRW/USD 0% 09/16/2026	-	3.490%
13	Junior Credit Term Loan	-	3.240%
14	U.S. Treasury 4.125% 8/15/2053	-	2.630%
15	Meaningful Partners Dedicatedcapital Vehicle Ii Lp Common Stock	-	2.280%
16	Illinois St Sales Tax Rev 5 06/15/2039	-	2.020%
17	Spe Operating Partnership, L.P. Promissory Note	-	1.950%
18	317Ua83A9 Pimco	-	1.870%
19	United Group Bv	-	1.590%
20	Forward Foreign Currency Contract	-	1.490%
21	Iqhq Inc	IQHQ	1.340%
22	Gazprom Pjsc (Ga	-	1.310%
23	Nexpoint Diversified Real Estate Trust	NXDT	1.160%
24	Long: S53284003 Cds USD R F 1.00000 553284004 Ccpcdx / Short: S53284003 Cds USD P V 03Mevent 553284005 Ccpcdx	-	1.020%
25	Lake At Las Vegas 3/3/2019	-	1.000%
26	Nref Op Iv Reit Sub, Llc Term Loan @ Fixed 7.50%	-	0.990%
27	Nxlst Prom Note 1 4.2% 12/31/28	-	0.930%
28	Dreyfus Trsy Oblig Cash Mgmt Cl Ins	DTRXX	0.880%
29	Nexpoint Residential Reit	NXRT	0.850%
30	Bought CNH Sold USD 20260402	-	0.750%
31	South Street Securities Funding Llc 144A 6.250000% 12/30/2026	-	0.630%
32	Nexpoint Real Estate Finance Inc Preferred Stock	-	0.550%
33	Sapience Therapeutics Promissory Note 2 11.9999988 2027-08-23	-	0.530%
34	Carrier Global Corp 3.38 04/05/2040	-	0.510%
35	Contra Abiomed Inc	ABMD	0.430%
36	Talos Energy Inc	TALO	0.350%
37	Llv Holdco Inc Llvhsam01	-	0.330%
38	Root Bidco Sarl	-	0.300%
39	Apnimed, Inc Series C-2	-	0.290%
40	Northwoods Cap Xii-b Ltd Jr Secd Deferrable Nt Cl F 144a 3c7 Fltg 2031-06-15	-	0.260%
41	Braemar Hotels & Resorts Inc (Conv) 5.50%	BHRPB	0.230%
42	Saranac Clo Iii Ltd Sranc 2014-3A Er 12.0853008 2030-06-22	-	0.210%
43	Cifc 2014-4ra Sub - Cifc Funding 2014-iv-r Ltd 10/17/2030	-	0.090%
44	Mp Clo Vii Ltd Mezzanine Deferrable Nt 144a 3c7 Cl F-rr Fltg Rate 2028-10-18	-	0.090%
45	Wheeler Real Estate Investment Trust, Inc.	WHLRP	0.090%
46	Cifc 2014-5a Sub - Cifc Funding 2014-v Ltd 10/17/2031	-	0.080%
47	Ozlm Xxii Ltd Secd Deferrable Nt Cl E Fltg 144a 3c7 2031-01-17	-	0.050%
48	Sold MXN Bought USD 20260610	-	0.040%
49	Citadel Securities Llc Slrpa 3.730% 04/01/2026 3.73 2026-04-01	-	0.040%
50	Wheeler Reit Inc Preferred Stock Var	WHLRD	0.020%
51	Phelix De Base Electricity	-	0.020%
52	Cifc 2014-1a Sub - Cifc Funding 2014 Ltd 01/18/2031	-	0.010%
53	Covenant Cr Partners Clo Iii Jr Secd Nt Cl F Fltg 144a 2029-10-15	-	0.010%
54	Ois COP Ibr/8.93300 10/28/25-4Y* Cme	-	0.010%
55	Value Creation Inc Lx113920	9238:CA	0.010%
56	Cifc 2015-1a Sub - Cifc Funding 2015-i Ltd 01/22/2031	-	0.000%
57	Cifc 2013-2a Sub - Cifc Funding 2013-ii Ltd 10/18/2030	-	0.000%
58	Iheartcommunications Inc 144A 9.13% May 01, 2029	IHRT 9.125 05/01/29	0.000%
59	Windr 2014-2a Sub - Thl Credit Wind River 2014-2 C 01/15/2031	-	0.000%
60	Dobbs Ferry N Y Loc Dev Corp R	-	0.000%
61	Square 5.76 2027-03-10	-	0.000%
62	Rfr USD Sofr/3.85000 08/05/24-10Y Lch	-	0.000%