(The Center Square) – A Texas bank on Thursday became the first to launch a new Exchange-Traded Fund.
Texas is now the only state to have its own ETF as it also leads the U.S. for having the greatest number of companies on the NYSE.
Governor Greg Abbott on Thursday rang the closing bell at the New York Stock Exchange to celebrate Texas Capital Bank launching its new Exchange-Traded Fund (ETF) & Funds Management division and flagship Texas Capital Texas Equity Index ETF (NYSE Arca: TXS).
“As the eighth-largest economy in the entire world and with an annual GDP of $2.35 trillion, it’s about time Texas has its own ETF,” Gov. Abbott said. “Texas, Texans, and Texas businesses need access to capital. One way to provide that access to capital and expand capitalism in the state of Texas is through its own ETF—and all of you are making that happen here today. Washington, D.C. may be the capital of the United States of America, but Texas is the economic capital of America. Texas opens up opportunity and dreams to everybody.”
Abbott joined Texas Capital Bank President and CEO Rob C. Holmes, NYSE Vice Chairman and Chief Commercial Officer John Tuttle, members of the Texas Capital Funds Trust, and other Texas Capital executives at the NYSE.
TXS enables investments in the Texas economy by providing an opportunity to gain exposure to one of the largest, most diverse, and fastest-growing economies in the world. At the time of its launch, TXS included a diversified group of 216 publicly traded companies.
Texas Capital Bancshares, Inc. (NASDAQ: TCBI), a member of the Russell 2000 ® Index and the S&P MidCap 400®, is the holding company of Texas Capital. Founded in 1998, Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Headquartered in Dallas with offices in Austin, Houston, San Antonio and Fort Worth, it’s established commercial banking, consumer banking, investment banking and wealth management capabilities.
Thursday was the second time the governor visited the NYSE and rang the closing bell. The first time was in 2015 during an economic development mission.
