HFRO ETF

$6.53

AUM$625M

TER1.18%

Holdings69

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HFRO ETF

$6.53

Highland Opportunities and Income Fund

AUM$625M

TER1.18%

Holdings69

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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

122.3%

Gross exposure

122.3%

Long

122.3%

Cash & collateral

6.5%

As of Jun 30, 2026

Showing top 50 of 68 holdings · as of Jun 30, 2026

HFRO holdings, by weight
#	Ticker	Name	Weight	Cumulative	Shares	Mkt value	Share chg	Sector	Industry
1	—	Nfro Reit Sub Llc Nfro Reit Sub	17.33%	17.3%	116,277,473	$113.02M	-	-	-
2	—	Nfro Holdings, Llc	11.03%	28.4%	2,513,991	$71.91M	-	-	-
3	—	Nfro Reit Sub Llc Nfro Reit Sub Ii	10.60%	39.0%	105,635,401	$69.12M	+917.0K	-	-
4	—	Nfro Sfr Reit Sub	9.79%	48.8%	4,877,212	$63.84M	+7.8K	-	-
5	—	Nexls Llc	7.84%	56.6%	994	$51.13M	-	-	-
6	NREF	Nexpoint Real Estate Finance IncReal Estate · Equity Real Estate Investment Trusts (REITs)	6.83%	63.4%	2,872,285	$44.52M	-1.50M	Real Estate	Equity Real Estate Investment Trusts (REITs)
7	—	Sfr Operating Partnership, L.P. Convertible Note	6.73%	70.2%	-	$43.90M	-	-	-
8	DTRXX	Dreyfus Trsy Oblig Cash Management Cl InsFinancials · Capital Markets	6.47%	76.6%	-	$42.17M	-	Financials	Capital Markets
9	—	Nxdt Hospitality Convertible Promissory Note	5.13%	81.8%	-	$33.46M	-	-	-
10	NEDZX	Nexpoint Credit Catalyst-Z Mutual Fund	3.91%	85.7%	1,051,896	$25.49M	-	-	-
11	—	Nfro Finance, Llc Note	3.30%	89.0%	-	$21.51M	-	-	-
12	—	Junior Credit Term Loan	3.11%	92.1%	-	$20.28M	-	-	-
13	—	Ccs Medical Inc.(Chronic Care) Lx113924	2.76%	94.8%	12,026,660	$18.02M	-	-	-
14	—	Sapience Therapeutics Promissory Note	2.53%	97.4%	-	$16.48M	-	-	-
15	—	Meaningful Partners Dedicatedcapital Vehicle Ii Lp	2.44%	99.8%	453,675	$15.89M	-	-	-
16	—	Midwave Wireless 2/27/2020	2.01%	101.8%	-	$13.10M	-	-	-
17	FRMI	Fermi Inc	1.97%	103.8%	1,400,000	$12.82M	-	-	-
18	—	Tcal Mezz Lender, Llc Promissory Note	1.95%	105.7%	-	$12.74M	-	-	-
19	—	Nexpoint Storage Partners Series A Preferred Stock	1.93%	107.7%	21,608	$12.56M	+5.5K	-	-
20	—	Spe Operating Partnership, L.P. Promissory Note	1.90%	109.6%	-	$12.38M	-	-	-
21	—	Midwave Wireless, Inc	1.75%	111.3%	27,134	$11.41M	-	-	-
22	—	Sapience Series B-1 Preferred Shares	1.52%	112.8%	3,440,476	$9.94M	-	-	-
23	IQHQ	Iqhq Inc	1.31%	114.1%	2,006,665	$8.55M	-	-	-
24	NXDT	Nexpoint Diversified Real Estate TrustReal Estate · Equity Real Estate Investment Trusts (REITs)	1.27%	115.4%	1,595,827	$8.28M	+36.7K	Real Estate	Equity Real Estate Investment Trusts (REITs)
25	—	Sapience Series B Preferred Shares	1.26%	116.7%	2,361,111	$8.24M	-	-	-
26	—	Nfro Spe, Llc - Prom Note	0.99%	117.7%	-	$6.47M	-	-	-
27	—	Lake At Las Vegas 3/3/2019	0.98%	118.6%	-	$6.37M	-	-	-
28	—	Nref Op Iv Reit Sub, Llc Term Loan @ Fixed 7.50%	0.98%	119.6%	-	$6.40M	-	-	-
29	—	Discovery Holding Tl B 5/27/2033	0.92%	120.5%	-	$6.01M	-	-	-
30	NXRT	Nexpoint Residential ReitReal Estate · Equity Real Estate Investment Trusts (REITs)	0.91%	121.5%	213,700	$5.97M	-	Real Estate	Equity Real Estate Investment Trusts (REITs)
31	—	Nxdt Hospitality Convertible Prom Note	0.76%	122.2%	-	$4.97M	-	-	-
32	—	Dwight 2026-Fl2 Issuer Llc Dwight 2026-Fl2 C	0.61%	122.8%	-	$4.00M	-	-	-
33	—	South Street Securities Funding Llc 144A 6.250000% 12/30/2026	0.60%	123.4%	-	$3.92M	-	-	-
34	—	Nexpoint Real Estate Finance Inc Preferred Stock	0.57%	124.0%	150,977	$3.71M	-	-	-
35	—	Apnimed, Inc Series C-1	0.54%	124.5%	270,246	$3.54M	-	-	-
36	—	Sapience Therapeutics Promissory Note 2	0.51%	125.0%	-	$3.30M	-	-	-
37	—	Llv Holdco Inc Llvhsam01	0.44%	125.5%	34,511	$2.86M	-	-	-
38	ABMD	Contra Abiomed IncHealth Care · Healthcare Equip.	0.41%	125.9%	1,800,000	$2.70M	-	Health Care	Healthcare Equip.
39	—	Nexpoint Storage Partners Operating Company Note	0.39%	126.3%	-	$2.57M	-	-	-
40	—	Apnimed, Inc Series C-2	0.30%	126.6%	144,132	$1.96M	-	-	-
41	—	Midwave Wireless, Inc. Tranche K Loan 12/31/2025	0.30%	126.9%	-	$1.97M	-	-	-
42	TALO	Talos Energy IncEnergy · Oil & Gas	0.28%	127.2%	139,112	$1.80M	-	Energy	Oil & Gas
43	—	Northwoods Cap Xii-b Ltd Jr Secd Deferrable Nt Cl F 144a 3c7 Fltg 2031-06-15	0.26%	127.4%	-	$1.67M	-	-	-
44	HFRO	Highland Floating Rate Opportunities FundFinancials · Diversified Financial Services	0.23%	127.7%	207,152	$1.48M	-	Financials	Diversified Financial Services
45	BHR	Braemar Hotels & Resorts Inc (Conv) 5.50%Real Estate · Equity Real Estate Investment Trusts (REITs)	0.21%	127.9%	100,000	$1.38M	-	Real Estate	Equity Real Estate Investment Trusts (REITs)
46	—	Saranac Clo Iii Ltd Sranc 2014-3A Er 12.0853008 2030-06-22	0.17%	128.0%	-	$1.09M	-	-	-
47	—	American Traffic/Ats Consol/Verra Mobi 9/25 Tlb 10/1/2032	0.14%	128.2%	-	$914.4K	-	-	-
48	WHLRP	Wheeler Real Estate Investment Trust, Inc.	0.13%	128.3%	82,301	$823.0K	-	-	-
49	—	Mp Clo Vii Ltd Mezzanine Deferrable Nt 144a 3c7 Cl F-rr Fltg Rate 2028-10-18	0.09%	128.4%	-	$596.8K	-	-	-
50	—	Cifc 2014-4ra Sub - Cifc Funding 2014-iv-r Ltd 10/17/2030	0.08%	128.5%	-	$506.4K	-	-	-
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HFRO ETF All Holdings

HFRO holdings total 69 positions. The top 10 holdings account for 85.7% of the fund, led by Nfro Reit Sub Llc Nfro Reit Sub at 17.3%, Nfro Holdings, Llc at 11.0%, Nfro Reit Sub Llc Nfro Reit Sub Ii at 10.6%.

HFRO portfolio concentration is relatively high, with the top 10 representing 85.7% of total assets. The largest sector exposure is Real Estate at 9.2%.

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

68 of 69 holdings

Sector

Industry

Sort By

1
Nfro Reit Sub Llc Nfro Reit Sub
Other
17.33%
2
Nfro Holdings, Llc
Other
11.03%
3
Nfro Reit Sub Llc Nfro Reit Sub Ii
Other
10.60%
4
Nfro Sfr Reit Sub
Other
9.79%
5
Nexls Llc
Other
7.84%
6
Nexpoint Real Estate Finance Inc
NREFReal Estate
6.83%
7
Sfr Operating Partnership, L.P. Convertible Note
Other
6.73%
8
Dreyfus Trsy Oblig Cash Mgmt Cl Ins
DTRXXFinancials
6.47%
9
Nxdt Hospitality Convertible Promissory Note
Other
5.13%
10
Nexpoint Credit Catalyst-Z Mutual Fund
NEDZXUnknown
3.91%
11
Nfro Finance, Llc Note
Other
3.30%
12
Junior Credit Term Loan
Other
3.11%
13
Ccs Medical Inc.(Chronic Care) Lx113924
Other
2.76%
14
Sapience Therapeutics Promissory Note
Other
2.53%
15
Meaningful Partners Dedicatedcapital Vehicle Ii Lp Common Stock
Other
2.44%
16
Midwave Wireless 2/27/2020
Other
2.01%
17
Fermi Inc
FRMIUnknown
1.97%
18
Tcal Mezz Lender, Llc Promissory Note
Other
1.95%
19
Nexpoint Storage Partners Series A Preferred Stock
Other
1.93%
20
Spe Operating Partnership, L.P. Promissory Note
Other
1.90%
21
Midwave Wireless, Inc Common Stock
Other
1.75%
22
Sapience Series B-1 Preferred Shares
Other
1.52%
23
Iqhq Inc
IQHQUnknown
1.31%
24
Nexpoint Diversified Real Estate Trust
NXDTReal Estate
1.27%
25
Sapience Series B Preferred Shares
Other
1.26%
26
Nfro Spe, Llc - Prom Note
Other
0.99%
27
Lake At Las Vegas 3/3/2019
Other
0.98%
28
Nref Op Iv Reit Sub, Llc Term Loan @ Fixed 7.50%
Other
0.98%
29
Discovery Hldg Tl B 5/27/2033
Other
0.92%
30
Nexpoint Residential Reit
NXRTReal Estate
0.91%
31
Nxdt Hospitality Convertible Prom Note
Other
0.76%
32
Dwight 2026-Fl2 Issuer Llc Dwight 2026-Fl2 C
Other
0.61%
33
South Street Securities Funding Llc 144A 6.250000% 12/30/2026
Other
0.60%
34
Nexpoint Real Estate Finance Inc Preferred Stock
Other
0.57%
35
Apnimed, Inc Series C-1
Other
0.54%
36
Sapience Therapeutics Promissory Note 2
Other
0.51%
37
Llv Holdco Inc Llvhsam01
Other
0.44%
38
Contra Abiomed Inc
ABMDHealth Care
0.41%
39
Nexpoint Storage Partners Operating Company Note
Other
0.39%
40
Apnimed, Inc Series C-2
Other
0.30%
41
Midwave Wireless, Inc. Tranche K Loan 12/31/2025
Other
0.30%
42
Talos Energy Inc
TALOEnergy
0.28%
43
Northwoods Cap Xii-b Ltd Jr Secd Deferrable Nt Cl F 144a 3c7 Fltg 2031-06-15
Other
0.26%
44
Highland Floating Rate Opportunities Fund
HFROFinancials
0.23%
45
Braemar Hotels & Resorts Inc (Conv) 5.50%
BHRPBReal Estate
0.21%
46
Saranac Clo Iii Ltd Sranc 2014-3A Er 12.0853008 2030-06-22
Other
0.17%
47
American Traffic/Ats Consol/Verra Mobi 9/25 Tlb 10/1/2032
Other
0.14%
48
Wheeler Real Estate Investment Trust, Inc.
WHLRPUnknown
0.13%
49
Mp Clo Vii Ltd Mezzanine Deferrable Nt 144a 3c7 Cl F-rr Fltg Rate 2028-10-18
Other
0.09%
50
Cifc 2014-4ra Sub - Cifc Funding 2014-iv-r Ltd 10/17/2030
Other
0.08%
51
Cifc 2014-5a Sub - Cifc Funding 2014-v Ltd 10/17/2031
Other
0.08%
52
Midwave Wireless, Inc. Tranche J Loan 12/31/2025
Other
0.04%
53
Daiwa Capital Markets America Inc. Slrpa 3.640% 07/01/2026
Other
0.04%
54
Citadel Securities Llc Slrpa 3.710% 07/01/2026
Other
0.04%
55
Wheeler Reit Inc Preferred Stock Var
WHLRDUnknown
0.02%
56
Midwave Wireless 5/20 Tl 2/28/2022
Other
0.02%
57
Citigroup Global Markets Inc. Slrpa 3.640% 07/01/2026
Other
0.02%
58
Cifc 2014-1a Sub - Cifc Funding 2014 Ltd 01/18/2031
Other
0.01%
59
Covenant Cr Partners Clo Iii Jr Secd Nt Cl F Fltg 144a 2029-10-15
Other
0.01%
60
Ozlm Xxii Ltd Secd Deferrable Nt Cl E Fltg 144a 3c7 2031-01-17
Other
0.01%
61
Llv Holdco Inc Llvhsbm01
Other
0.01%
62
Midwave Wireless H 2/28/2022
Other
0.01%
63
Value Creation Inc Lx113920
9238:CAUnknown
0.01%
64
Cifc 2015-1a Sub - Cifc Funding 2015-i Ltd 01/22/2031
Other
0.00%
65
Cifc 2013-2a Sub - Cifc Funding 2013-ii Ltd 10/18/2030
Other
0.00%
66
Iheartcommunications Inc 144A 9.13% May 01, 2029
IHRT 9.125 05/01/29 Communication Services
0.00%
67
Windr 2014-2a Sub - Thl Credit Wind River 2014-2 C 01/15/2031
Other
0.00%
68
Claymore Common Stock
Other
0.00%

#	Company	Ticker	Weight
1	Nfro Reit Sub Llc Nfro Reit Sub	-	17.330%
2	Nfro Holdings, Llc	-	11.030%
3	Nfro Reit Sub Llc Nfro Reit Sub Ii	-	10.600%
4	Nfro Sfr Reit Sub	-	9.790%
5	Nexls Llc	-	7.840%
6	Nexpoint Real Estate Finance Inc	NREF	6.830%
7	Sfr Operating Partnership, L.P. Convertible Note	-	6.730%
8	Dreyfus Trsy Oblig Cash Mgmt Cl Ins	DTRXX	6.470%
9	Nxdt Hospitality Convertible Promissory Note	-	5.130%
10	Nexpoint Credit Catalyst-Z Mutual Fund	NEDZX	3.910%
11	Nfro Finance, Llc Note	-	3.300%
12	Junior Credit Term Loan	-	3.110%
13	Ccs Medical Inc.(Chronic Care) Lx113924	-	2.760%
14	Sapience Therapeutics Promissory Note	-	2.530%
15	Meaningful Partners Dedicatedcapital Vehicle Ii Lp Common Stock	-	2.440%
16	Midwave Wireless 2/27/2020	-	2.010%
17	Fermi Inc	FRMI	1.970%
18	Tcal Mezz Lender, Llc Promissory Note	-	1.950%
19	Nexpoint Storage Partners Series A Preferred Stock	-	1.930%
20	Spe Operating Partnership, L.P. Promissory Note	-	1.900%
21	Midwave Wireless, Inc Common Stock	-	1.750%
22	Sapience Series B-1 Preferred Shares	-	1.520%
23	Iqhq Inc	IQHQ	1.310%
24	Nexpoint Diversified Real Estate Trust	NXDT	1.270%
25	Sapience Series B Preferred Shares	-	1.260%
26	Nfro Spe, Llc - Prom Note	-	0.990%
27	Lake At Las Vegas 3/3/2019	-	0.980%
28	Nref Op Iv Reit Sub, Llc Term Loan @ Fixed 7.50%	-	0.980%
29	Discovery Hldg Tl B 5/27/2033	-	0.920%
30	Nexpoint Residential Reit	NXRT	0.910%
31	Nxdt Hospitality Convertible Prom Note	-	0.760%
32	Dwight 2026-Fl2 Issuer Llc Dwight 2026-Fl2 C	-	0.610%
33	South Street Securities Funding Llc 144A 6.250000% 12/30/2026	-	0.600%
34	Nexpoint Real Estate Finance Inc Preferred Stock	-	0.570%
35	Apnimed, Inc Series C-1	-	0.540%
36	Sapience Therapeutics Promissory Note 2	-	0.510%
37	Llv Holdco Inc Llvhsam01	-	0.440%
38	Contra Abiomed Inc	ABMD	0.410%
39	Nexpoint Storage Partners Operating Company Note	-	0.390%
40	Apnimed, Inc Series C-2	-	0.300%
41	Midwave Wireless, Inc. Tranche K Loan 12/31/2025	-	0.300%
42	Talos Energy Inc	TALO	0.280%
43	Northwoods Cap Xii-b Ltd Jr Secd Deferrable Nt Cl F 144a 3c7 Fltg 2031-06-15	-	0.260%
44	Highland Floating Rate Opportunities Fund	HFRO	0.230%
45	Braemar Hotels & Resorts Inc (Conv) 5.50%	BHRPB	0.210%
46	Saranac Clo Iii Ltd Sranc 2014-3A Er 12.0853008 2030-06-22	-	0.170%
47	American Traffic/Ats Consol/Verra Mobi 9/25 Tlb 10/1/2032	-	0.140%
48	Wheeler Real Estate Investment Trust, Inc.	WHLRP	0.130%
49	Mp Clo Vii Ltd Mezzanine Deferrable Nt 144a 3c7 Cl F-rr Fltg Rate 2028-10-18	-	0.090%
50	Cifc 2014-4ra Sub - Cifc Funding 2014-iv-r Ltd 10/17/2030	-	0.080%
51	Cifc 2014-5a Sub - Cifc Funding 2014-v Ltd 10/17/2031	-	0.080%
52	Midwave Wireless, Inc. Tranche J Loan 12/31/2025	-	0.040%
53	Daiwa Capital Markets America Inc. Slrpa 3.640% 07/01/2026	-	0.040%
54	Citadel Securities Llc Slrpa 3.710% 07/01/2026	-	0.040%
55	Wheeler Reit Inc Preferred Stock Var	WHLRD	0.020%
56	Midwave Wireless 5/20 Tl 2/28/2022	-	0.020%
57	Citigroup Global Markets Inc. Slrpa 3.640% 07/01/2026	-	0.020%
58	Cifc 2014-1a Sub - Cifc Funding 2014 Ltd 01/18/2031	-	0.010%
59	Covenant Cr Partners Clo Iii Jr Secd Nt Cl F Fltg 144a 2029-10-15	-	0.010%
60	Ozlm Xxii Ltd Secd Deferrable Nt Cl E Fltg 144a 3c7 2031-01-17	-	0.010%
61	Llv Holdco Inc Llvhsbm01	-	0.010%
62	Midwave Wireless H 2/28/2022	-	0.010%
63	Value Creation Inc Lx113920	9238:CA	0.010%
64	Cifc 2015-1a Sub - Cifc Funding 2015-i Ltd 01/22/2031	-	0.000%
65	Cifc 2013-2a Sub - Cifc Funding 2013-ii Ltd 10/18/2030	-	0.000%
66	Iheartcommunications Inc 144A 9.13% May 01, 2029	IHRT 9.125 05/01/29	0.000%
67	Windr 2014-2a Sub - Thl Credit Wind River 2014-2 C 01/15/2031	-	0.000%
68	Claymore Common Stock	-	0.000%