Pyxis Capital has launched the Pyxis iBoxx Senior Loan ETF, a low-cost exchange-traded fund that provides investors with access to bank loan investments.
Trading began on 7 November on the New York Stock Exchange.
The Pyxis iBoxx Senior Loan ETF is the only ETF to track the Markit iBoxx USD Liquid Leveraged Loan Index, a measure of the broad loan market comprised of 100 of the most liquid, tradable leveraged loans as identified by Markit’s Loans Liquidity service.
"This is an exciting expansion of our family of iBoxx indices," says Armins Rusis, managing director and co-head of information at Markit. "The iBoxx USD Liquid Leveraged Loan Index focuses on the most actively-traded segment of the market and is the only benchmark that incorporates up-to-date loan reference and transaction information from Markit Loan Data, and high-quality valuations from Markit Loan Pricing, making it uniquely-suited for ETF construction.”
The fund’s floating rate design typically re-prices rates every 90 days, reducing duration risk and protecting against inflation risk.
The fund also builds on the strengths of Highland Capital, one of the largest and most experienced global alternative credit managers. Pyxis, which spun off from Highland earlier this year, tapped Highland’s expertise in the development of the Pyxis iBoxx Senior Loan ETF.
