Texas Capital Launches its First Exchange Traded Fund
13 Julho 2023 - 8:08AM
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 Capital’s
Head of Corporate & Investment Banking Daniel S. Hoverman,
Avery Capital Co-founder and Chief Executive Officer Avery Johnson,
Texas Capital’s Head of Investor Relations & Corporate
Development Jocelyn Kukulka and PIXIU Founder and Chief Executive
Officer Eddie Margain.
“The new Texas Capital Texas Equity Index ETF
offers investors an opportunity to gain exposure to one of the
largest, most diverse and fastest growing economies in the world,”
said Texas Capital President & CEO, Rob C. Holmes. “As the
premier full-service financial services institution based in Texas,
we are uniquely positioned to bring TXS to market. For the many
people who do not have the good fortune to live in Texas, TXS
offers an opportunity to enjoy the economic benefits of the Lone
Star State.”
Additional details on the Fund can be found
here.
About Texas Capital 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 Bank (individually and collectively with all affiliates and
subsidiaries, “Texas Capital”), a full-service financial services
firm that delivers customized solutions to businesses,
entrepreneurs and individual customers. Founded in 1998, the firm
is headquartered in Dallas with offices in Austin, Houston, San
Antonio and Fort Worth, and has built a network of clients across
the country. With the ability to service clients through their
entire lifecycles, Texas Capital has established commercial
banking, consumer banking, investment banking and wealth management
capabilities. For more information, please visit
www.texascapital.com.
DisclosuresInvestors
should carefully consider the investment objectives, risks and
charges of the Fund before investing. The prospectus contains this
information and other information about the Fund, and it should be
read carefully before investing. Investors can obtain a copy of the
prospectus by calling 844.TCB.ETFS
(844.822.3837).
Texas Risk. Texas’ economy
relies to a significant extent on certain key industries, such as
the oil and gas industry (including drilling, production and
refining), chemicals production, technology and telecommunications
equipment manufacturing and international trade. Each of these
industries has from time to time suffered from economic downturns,
and adverse conditions in one or more of these industries could
impair the ability of issuers of Texas municipal securities to pay
principal or interest on their obligations.Investment and
Market Risk. As with all investments, an investment in the
Fund is subject to investment risk. Investors in the Fund could
lose money, including the possible loss of the entire principal
amount of an investment, over short or prolonged periods of
time. Geographic Concentration Risk. Because
the Fund and the Index will invest only in issuers headquartered in
Texas, the Fund's performance is expected to be closely tied to
various factors such as social, financial, economic and political
conditions within that region. Events that negatively affect that
region may cause the value of the Fund’s shares to decrease, in
some cases significantly. As a result, the Fund may be more
volatile than more geographically diverse funds.Index
Tracking Risk. There is no guarantee that the Fund will
achieve a high degree of correlation to the Index and therefore
achieve its investment objective. The Fund may have difficulty
achieving its investment objective due to fees, expenses (including
rebalancing expenses) and other transaction costs related to the
normal operation of the Fund. These costs that may be incurred by
the Fund are not incurred by the Index, which may make it more
difficult for the Fund to track the Index. New Adviser
Risk. The Adviser has not previously served as an adviser
to a registered mutual fund or ETF. As a result, there is no
long-term track record against which an investor may judge the
Adviser and it is possible the Adviser may not achieve the Fund’s
intended investment objective. New Fund Risk.
The Fund is new and does not have shares outstanding as of the date
of the Prospectus. If the Fund does not grow large once it
commences trading, it will be at greater risk than larger funds of
wider bid-ask spreads for its shares, trading at a greater premium
or discount to net asset value, liquidation and/or a stop to
trading. Any resulting liquidation of the Fund could cause the Fund
to incur elevated transaction costs for the Fund and negative tax
consequences for its shareholders. Passive Investment
Risk. The Fund is not actively managed, and the Adviser
will not sell a security due to current or projected under
performance of a security, industry, or sector, unless that
security is removed from the Index by the Index Provider, who is
unaffiliated with the Adviser. The Fund invests in securities
included in the Index regardless of the Adviser’s independent
analysis of the investment decision.
Shares are not individually redeemable and
are issued and redeemed at their net asset value only in large,
specified blocks of shares called creation units. Shares otherwise
can be bought and sold only through exchange trading at market
price (not NAV). Shares may trade at a premium or discount to their
net asset value in the secondary market. Brokerage commissions will
reduce returns.
Texas Capital Bank Wealth Management Services, Inc.
d/b/a Texas Capital Bank Private Wealth Advisors (“PWA”), a wholly
owned subsidiary of Texas Capital Bank and a Registered Investment
Advisor with the U.S. Securities and Exchange Commission (“SEC”),
serves as investment adviser to the Texas Capital Texas Equity
Index ETF and is paid a fee for its services. Shares of the Texas
Capital Texas Equity Index ETF are not deposits or obligations of,
or guaranteed or endorsed by, Texas Capital Bank or its affiliates.
The Texas Capital Texas Equity Index ETF is not insured by the FDIC
or any other government agency. The Texas Capital Texas Equity
Index ETF is distributed by Northern Lights Distributors, LLC,
member FINRA/SIPC, which is not affiliated with Texas Capital Bank
Private Wealth Advisors.
Not a Deposit. Not FDIC Insured. Not Guaranteed by
the Bank. May Lose Value. Not Insured by any Federal Government
Agency.
1 Source: U.S. Department of Commerce, Bureau
of Economic Analysis2 Source: Texas Economic Development
Corporation
MEDIA CONTACT
Julia Monter, 469.399.8425
julia.monter@texascapitalbank.com
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