(Bloomberg News) Pyxis Capital LP, the Dallas-based firm spun off from Highland Capital Management LP earlier this year, announced its first loan exchange-traded fund.

The Pyxis iBoxx Senior Loan ETF tracks the Markit iBoxx USD Liquid Leveraged Loan Index, which measures 100 of the most liquid, leveraged loans, the firm said.

"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," Brad Ross, Pyxis's president, said in the statement. "Senior secured bank loans are a defensive asset class with the potential to pay a higher yield."

Leveraged loans are rated below BBB- by Standard & Poor's and less than Baa3 at Moody's Investors Service. The debt has returned 9.2 percent this year, according to JPMorgan Leveraged Institutional Loan Indexes.