Company Press Release

Pyxis Capital Launches Pyxis iBoxx Senior Loan ETF

First ETF offering by leading alternative fund family targets yield-seeking investors with unique bank loan fund.

Dallas, TX – November 7, 2012 – Pyxis Capital, L.P. today announced the launch of the Pyxis iBoxx Senior Loan ETF (ticker: SNLN), a low-cost exchange traded fund that provides investors with access to bank loan investments. Trading began today 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," said 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.

“In this time of extremely low interest rates, we believe the Pyxis iBoxx Senior Loan ETF is well-positioned to serve investors who are looking for income, but don’t want to take on too much risk,” said Pyxis President Brad Ross. “Senior secured bank loans are a defensive asset class with the potential to pay a higher yield.”

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. “We believe investors will benefit from the institutional expertise and heft that Highland holds in the bank loan and credit universe,” said Mr. Ross.

About Pyxis Capital

Pyxis Capital, L.P., headquartered in Dallas, Texas, is a SEC-registered investment adviser with approximately $2.4 billion of assets under management across 17 funds. It is one of the most respected and experienced alternative investment managers serving the registered product market. As a manager of managers, Pyxis Capital is dedicated to identifying and retaining best in class asset managers to serve as sub-advisers to its funds. The Pyxis Capital funds complex, which spun off from Highland Capital Management at the beginning of 2012, includes a diverse set of investment strategies---from broad-based equity and fixed income investments to alternative strategies including long/short and trend following as well as alternative credit strategies. For more information, visit www.pyxiscap.com.

Investors should consider the investment objectives, risks, charges and expenses of the Pyxis Funds carefully before investing. Please call 1-877-665-1287 or visit www.pyxiscap.com for more information on the Funds. Please read the prospectus carefully before you invest.

Securities may be offered through Nexbank Securities, Inc., an affiliate of Pyxis Capital, L.P. NexBank Securities, Inc. is a FINRA member firm.

Leveraged Loans are loans to companies that typically already have a high amount of debt and are often characterized by lower credit ratings or higher interest rates.

The risks associated with Senior Loans are similar to the risks of below investment grade securities, although Senior Loans are typically senior and secured in contrast to other below investment grade securities, which are often subordinated and unsecured.

Investing involves risk, including the possible loss of principal.

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

There is no guarantee the fund will meet its investment objectives.

Narrowly focused funds typically exhibit higher volatility. Also, the fund is non-diversified, and an investment in the Fund could fluctuate in value more than an investment in a diversified fund.

The Markit iBoxx Liquid Leveraged Loan Index has been licensed for use by Pyxis Capital, L.P. The Pyxis iBoxx Senior Loan ETF is not sponsored, endorsed, issued, sold, or promoted by the Markit iBoxx Liquid Leveraged Loan Index, nor does this company make any representations regarding the advisability of investing in the Pyxis iBoxx Senior Loan ETF.

Pyxis Capital L.P., serves as an advisor to the Pyxis Funds. The Pyxis iBoxx Senior Loan ETF is distributed by SEI Investments Distribution Co., which is not affiliated with Pyxis Capital L.P. or any of its affiliates.


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