HFRO ETF

$7.07

AUM$642M

TER1.18%

Holdings63

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HFRO ETF

$7.07

Highland Opportunities and Income Fund

AUM$642M

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	—	Nfro Reit Sub Llc Nfro Reit Sub	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	—	Nfro Sfr Reit Sub	10.74%	48.6%	4,869,446	$67.29M
5	—	Nexls Llc	9.68%	58.3%	994	$60.68M
6	NREF	Nexpoint Real Estate Finance Inc	9.40%	67.7%	4,372,285	$58.89M
7	—	Trq Plano, Llc 12/31/2049	7.76%	75.4%	-	$48.62M
8	—	Sfr Operating Partnership, L.P. Convertible Note	7.02%	82.4%	-	$44.01M
9	—	Nxdt Hospitality Convertible Promissory Note	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	—	Ccs Medical Inc.(Chronic Care) Lx113924	3.49%	98.7%	12,026,660	$21.86M
13	—	Junior Credit Term Loan	3.24%	102.0%	-	$20.28M
14	—	Sapience Therapeutics Promissory Note	2.63%	104.6%	-	$16.48M
15	—	Meaningful Partners Dedicatedcapital Vehicle Ii Lp	2.28%	106.9%	453,675	$14.26M
16	—	Midwave Wireless 2/27/2020	2.02%	108.9%	-	$12.67M
17	—	Spe Operating Partnership, L.P. Promissory Note	1.95%	110.9%	-	$12.22M
18	—	Midwave Wireless, Inc	1.87%	112.7%	27,134	$11.71M
19	—	Sapience Series B-1 Preferred Shares	1.59%	114.3%	3,440,476	$9.94M
20	—	Nexpoint Storage Partners Series A Preferred Stock	1.49%	115.8%	16,103	$9.31M
21	IQHQ	Iqhq Inc	1.34%	117.1%	2,006,665	$8.39M
22	—	Sapience Series B Preferred Shares	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	—	Nfro Spe, Llc - Prom Note 5.4500004 2026-12-30	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	—	Nxdt Hospitality Convertible Prom Note	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	—	Apnimed, Inc Series C-1	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	—	Midwave Wireless, Inc. Tranche K Loan 12/31/2025	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	Debt	Citadel Securities Llc Slrpa	0.04%	131.1%	-	$226.0K
49	—	Midwave Wireless, Inc. Tranche J Loan 12/31/2025	0.04%	131.1%	-	$256.8K
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 Nfro Reit Sub Llc Nfro Reit Sub 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
Nfro Reit Sub Llc Nfro Reit Sub
Other
15.55%
2
Nfro Holdings, Llc
Other
11.41%
3
Nfro Reit Sub Llc Nfro Reit Sub Ii
Other
10.87%
4
Nfro Sfr Reit Sub
Other
10.74%
5
Nexls Llc
Other
9.68%
6
Nexpoint Real Estate Finance Inc
NREFReal Estate
9.40%
7
Trq Plano, Llc 12/31/2049
Other
7.76%
8
Sfr Operating Partnership, L.P. Convertible Note
Other
7.02%
9
Nxdt Hospitality Convertible Promissory Note
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
Ccs Medical Inc.(Chronic Care) Lx113924
Other
3.49%
13
Junior Credit Term Loan
Other
3.24%
14
Sapience Therapeutics Promissory Note
Other
2.63%
15
Meaningful Partners Dedicatedcapital Vehicle Ii Lp Common Stock
Other
2.28%
16
Midwave Wireless 2/27/2020
Other
2.02%
17
Spe Operating Partnership, L.P. Promissory Note
Other
1.95%
18
Midwave Wireless, Inc Common Stock
Other
1.87%
19
Sapience Series B-1 Preferred Shares
Other
1.59%
20
Nexpoint Storage Partners Series A Preferred Stock
Other
1.49%
21
Iqhq Inc
IQHQUnknown
1.34%
22
Sapience Series B Preferred Shares
Other
1.31%
23
Nexpoint Diversified Real Estate Trust
NXDTReal Estate
1.16%
24
Nfro Spe, Llc - Prom Note 5.4500004 2026-12-30
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
Nxdt Hospitality Convertible Prom Note
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
Apnimed, Inc Series C-1
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
Midwave Wireless, Inc. Tranche K Loan 12/31/2025
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
Citadel Securities Llc Slrpa 3.730% 04/01/2026 3.73 2026-04-01
Other
0.04%
49
Midwave Wireless, Inc. Tranche J Loan 12/31/2025
Other
0.04%
50
Wheeler Reit Inc Preferred Stock Var
WHLRDUnknown
0.02%
51
Midwave Wireless 5/20 Tl 2/28/2022
Other
0.02%
52
Value Creation Inc Lx113920
9238:CAUnknown
0.01%
53
Cifc 2014-1a Sub - Cifc Funding 2014 Ltd 01/18/2031
Other
0.01%
54
Covenant Cr Partners Clo Iii Jr Secd Nt Cl F Fltg 144a 2029-10-15
Other
0.01%
55
Midwave Wireless H 2/28/2022
Other
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
Daiwa Capital Markets America Inc. Slrpa 3.660% 04/01/2026 3.66 2026-04-01
Other
0.00%
61
Claymore Common Stock
Other
0.00%
62
Llv Holdco Inc Llvhsbm01
Other
0.00%

#	Company	Ticker	Weight
1	Nfro Reit Sub Llc Nfro Reit Sub	-	15.550%
2	Nfro Holdings, Llc	-	11.410%
3	Nfro Reit Sub Llc Nfro Reit Sub Ii	-	10.870%
4	Nfro Sfr Reit Sub	-	10.740%
5	Nexls Llc	-	9.680%
6	Nexpoint Real Estate Finance Inc	NREF	9.400%
7	Trq Plano, Llc 12/31/2049	-	7.760%
8	Sfr Operating Partnership, L.P. Convertible Note	-	7.020%
9	Nxdt Hospitality Convertible Promissory Note	-	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	Ccs Medical Inc.(Chronic Care) Lx113924	-	3.490%
13	Junior Credit Term Loan	-	3.240%
14	Sapience Therapeutics Promissory Note	-	2.630%
15	Meaningful Partners Dedicatedcapital Vehicle Ii Lp Common Stock	-	2.280%
16	Midwave Wireless 2/27/2020	-	2.020%
17	Spe Operating Partnership, L.P. Promissory Note	-	1.950%
18	Midwave Wireless, Inc Common Stock	-	1.870%
19	Sapience Series B-1 Preferred Shares	-	1.590%
20	Nexpoint Storage Partners Series A Preferred Stock	-	1.490%
21	Iqhq Inc	IQHQ	1.340%
22	Sapience Series B Preferred Shares	-	1.310%
23	Nexpoint Diversified Real Estate Trust	NXDT	1.160%
24	Nfro Spe, Llc - Prom Note 5.4500004 2026-12-30	-	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	Nxdt Hospitality Convertible Prom Note	-	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	Apnimed, Inc Series C-1	-	0.510%
35	Contra Abiomed Inc	ABMD	0.430%
36	Talos Energy Inc	TALO	0.350%
37	Llv Holdco Inc Llvhsam01	-	0.330%
38	Midwave Wireless, Inc. Tranche K Loan 12/31/2025	-	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	Citadel Securities Llc Slrpa 3.730% 04/01/2026 3.73 2026-04-01	-	0.040%
49	Midwave Wireless, Inc. Tranche J Loan 12/31/2025	-	0.040%
50	Wheeler Reit Inc Preferred Stock Var	WHLRD	0.020%
51	Midwave Wireless 5/20 Tl 2/28/2022	-	0.020%
52	Value Creation Inc Lx113920	9238:CA	0.010%
53	Cifc 2014-1a Sub - Cifc Funding 2014 Ltd 01/18/2031	-	0.010%
54	Covenant Cr Partners Clo Iii Jr Secd Nt Cl F Fltg 144a 2029-10-15	-	0.010%
55	Midwave Wireless H 2/28/2022	-	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	Daiwa Capital Markets America Inc. Slrpa 3.660% 04/01/2026 3.66 2026-04-01	-	0.000%
61	Claymore Common Stock	-	0.000%
62	Llv Holdco Inc Llvhsbm01	-	0.000%