Well, it does not take a genius to assume that we will be seeing more of these. It is only a matter of time for all the States to establish an ETF of their own to offer investment opportunities for their local economies.
Oklahoma-based OOK Advisors, a sister company of Capital West Securities, recently filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to launch the Texas Exchange-Traded Fund. The Fund is expected to be traded on the NYSE Arca under the stock symbol “TXF.” The initial paperwork was filed with the SEC in January.
The fund will be made up exclusively of stocks issued by Texas’s publicly traded companies. TXF is expected to be one of the first state-based equity Exchange Traded Funds (ETF) to “ring the bell” and begin trading.
“We believe there are some outstanding companies in Texas with proven abilities that will make this fund a great vehicle to invest in Texas with us,” said Keith Geary, chairman of the Geary Companies.
Full Story: http://news.morningstar.com/newsnet/viewnews.aspx?article=/bw/20090424005638_univ.xml