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Texas Capital Launches its First Exchange Traded Fund
The Texas Capital Texas Equity Index ETF enables the world to invest in the Texas economy DALLAS, July 13, 2023 (GLOBE NEWSWIRE) -- Texas Capital Bank Private
About this update from Texas Capital Bancshares, Inc.
[{"type":"text","content":"The Texas Capital Texas Equity Index ETF enables the world to invest in the Texas economy\nDALLAS, July 13, 2023 (GLOBE NEWSWIRE) -- Texas Capital Bank Private Wealth Advisors (a subsidiary of Texas Capital) and the Texas Capital Funds Trust today announced the launch of the Texas Capital Texas Equity Index ETF (NYSE Arca: TXS) (the “Fund”). TXS will seek to track the performance of the Texas Capital Texas Equity Index (the “Index”), an index comprised exclusively of public companies headquartered in the state of Texas. At the time of launch, the Index included a diversified group of 216 publicly traded companies, with individual component weights determined first by sector, as defined by the North American Industry Classification System (NAICS) and based on relative contribution to Texas’ reported Gross Domestic Product (GDP), and then by market capitalization. The construction of the Index is designed to reflect the overall performance of the Texas economy – which, at a GDP of $2.36 trillion in 20221, is the ninth largest in the world.2 “With today’s launch, we enable the world to invest in Texas,” said Edward Rosenberg, head of ETF & Funds Management for Texas Capital and president of the Texas Capital Funds Trust. “We believe the state’s pro-business environment creates persistent competitive advantages for companies based in Texas relative to companies headquartered elsewhere. The modest cost of living, net migration to the state and presence of renowned universities located across Texas means companies have access to human capital. Our launch of TXS will enable Texas-headquartered public companies to continue attracting financial capital as well.” The Texas Capital Funds Trust is a Delaware statutory trust formed in 2023 and registered as an open-end management investment company under the Investment Company Act of 1940. The Trust has retained Texas Capital Bank Wealth Management Services, Inc., doing business as Texas Capital Bank Private Wealth Advisors, as the adviser to the Fund. The Fund’s portfolio is managed by the chief investment officer of Texas Capital Bank Private Wealth Advisors, J. Steven Orr, who brings more than 30 years of portfolio management experience. The Board of Trustees for the Texas Capital Funds Trust includes Hayman Capital Management Founder and Chief Investment Officer J. Kyle Bass, Texas Capit...