It seems that Texas Capital, a financial institution based in Dallas, is planning to launch its first exchange-traded fund (ETF) called the “Texas Capital Texas Equity Index ETF.” The ETF will track an index of over 200 publicly traded companies headquartered in Texas with a market capitalization of at least $250 million. This move comes after Texas Capital hired Edward Rosenberg in March as managing director of its investment banking arm Texas Capital Securities. Rosenberg has over 28 years of funds management experience, including serving as head of ETFs at American Century Investments. To represent the economic diversity of the State of Texas, the ETF will use sector weightings corresponding to the industry contributions to the gross domestic product (GDP) of Texas, as reported for the private sector by the U.S. Bureau of Economic Analysis. Within each sector allocation, the fund will use market-capitalization weightings to represent the public companies headquartered in Texas operating within the identified sector.
ETF Newz Says:
Overall, the ETF appears to be focused on providing exposure to Texas-based companies across a range of sectors while taking into account the state's economic profile.
