Pyxis Launches Challenger To BKLN

January 02, 2013


Pyxis Capital, the mutual fund arm of Dallas-based money management firm Highland Capital, launched its first ETF in early November. The arrival of the Pyxis/iBoxx Senior Loan ETF (NYSE Arca: SNLN) was originally set to launch in late October, but Hurricane Sandy delayed the fund’s debut.

SNLN tracks the Markit iBoxx USD Liquid Leveraged Loan Index and invests primarily in below-investment-grade senior loans to domestic and foreign corporations and partnerships, the company said in a regulatory filing. The ETF has an annual expense ratio of 0.55 percent.

SNLN competes directly with the $1.3 billion PowerShares Senior Loan Portfolio (NYSE Arca: BKLN), the first ETF to serve up direct access to senior loans. That fund was launched in March 2011, and costs 0.76 percent, a price that includes 11 basis points in acquired fund fees.

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