I've never used PIX, I have the SDK but have no idea how to use it? Do you mind explaining?I just did: http://www.gamedev.net/topic/637219-particles-engine-and-slow-fps/#entry5021364
Also, your call to D3DXMatrixRotationX() is incorrect. It should be D3DXMatrixRotationZ().
Also your matrix is not orthogonal. Replace D3DXMatrixPerspectiveFovLH() with D3DXMatrixOrthoLH() or D3DXMatrixOrthoOffCenterLH().