DALLAS, Sept. 12, 2016 /PRNewswire/ -- Highland Capital Management Fund Advisors, L.P., the retail affiliate of Dallas-based investment management firm Highland Capital Management, L.P., announced today its plans to change the primary listing venue of its Senior Loan ETF (NYSE: SNLN) from NYSE Arca to Nasdaq.
The Highland/iBoxx Senior Loan ETF, which consists of approximately the 100 largest, most liquid loans, will retain its current ticker symbol "SNLN" with the Nasdaq listing. The fund will commence trading on Nasdaq upon market open on September 28, 2016. Until that time, the fund will continue to trade on the NYSE Arca.
"Highland has been a driver of innovation in the loan market, and we are continuously pursuing ways to more effectively deliver bank loan exposure to a wide range of investors," said Chris Mawn, managing director at Highland Capital Management and portfolio manager of Highland's Senior Loan ETF. "With Nasdaq's high-touch client service and dynamic approach to building and growing the ETF ecosystem, the move furthers our commitment to innovation in the loan space, and we look forward to working with Nasdaq to enhance investor experience and reach new loan investors with our ETF."
Highland maintains a strong relationship with NYSE, and all other Highland funds listed on the NYSE Arca will remain on the exchange.
Current SNLN shareholders are not required to take any actions as a result of this change.
About Highland Capital Management Fund Advisors, L.P.
Highland Capital Management Fund Advisors, L.P. is an SEC-registered investment adviser that, together with its affiliates, has approximately $17 billion of assets under management. Founded in 1993 by Jim Dondero and Mark Okada, Highland is one of the largest and most experienced global alternative credit managers. Highland specializes in credit strategies, including credit hedge funds, long-only funds and separate accounts, distressed and special-situation private equity, and collateralized loan obligations (CLOs). Highland also offers alternative investments, including emerging markets, long/short equities, and natural resources. Highland's diversified client base includes public pension plans, foundations, endowments, corporations, financial institutions, fund of funds, governments, and high net-worth individuals. Highland is headquartered in Dallas, Texas and maintains offices in New York, Sao Paolo, Singapore, and Seoul. For more information visit highlandfunds.com.
Before investing in the Fund, you should carefully consider the Fund's investment objectives, risks, charges and expenses. For a copy of a prospectus or summary prospectus which contains this and other information, please visit our website at highlandfunds.com or call 1-855-799-4757. Please read the fund prospectus carefully before investing.
The Fund will issue and redeem shares only to authorized participants who have entered into agreements with the Fund's distributor ("Authorized Participants") in exchange for the deposit or delivery of a basket of assets (securities and/or cash) in large blocks, known as Creation Units. Retail investors may only purchase and sell shares on a national securities exchange through a broker-dealer. The price of Fund shares is based on market price, and because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The price used to calculate market returns ("Market Price") of the Fund generally is determined using the midpoint between the bid and the ask on the primary securities exchange on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. The Fund's Market Price may be at, above or below its NAV. Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.
Investing involves risk, including the possible loss of principal. There is no guarantee the Fund will meet its investment objectives. 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. Narrowly focused funds typically exhibit higher volatility. The Fund is subject to interest rate risk and will decline in value as interest rates rise. The Fund is non-diversified, and an investment in the Fund could fluctuate in value more than an investment in a diversified fund. The Fund may invest in derivatives which are often more volatile than other investments and may magnify the Fund's gains or losses.
The Highland/iBoxx Senior Loan ETF is distributed by SEI Investments Distribution Co. (SIDCO), which is not affiliated with Highland Capital Management or any of its affiliates.