Pyxis to launch bank loan ETF
Pyxis Capital, formerly known as Highland Funds Asset Management, is preparing to launch its first exchange-traded fund, a passive fund providing investors with access to senior loans.
The Pyxis/iBoxx Liquid Loan ETF, which will track the Markit iBoxx USD Leveraged Loan Index, is the second bank loan ETF following the launch of the PowerShares Senior Loan Portfolio in March 2011.
According to a filling made with the Securities and Exchange Commission, the new fund will under normal circumstances invest at least 80 per cent of its assets in senior loans.
The fund’s total annual operating expense will be 0.55 per cent, significantly lower than the PowerShares Senior Loan Portfolio’s 0.76 per cent.
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