X / @GregAbbott_TX
Texas Gov. Greg Abbott rings the closing bell at the New York Stock Exchange on Thursday.
The Texas Capital Texas Equity Index (TXS ETF) is an index launched by Dallas-based Texas Capital Bank in July. Investors can buy shares of the index, which is based on the values of publicly traded Texas-based companies, including Tesla, Exxon Mobil, Charles Schwab and Waste Management, among others, according to the New York Post.
“Texas is the only state in America that has its own ETF,” Abbott said in a video posted on X, formerly known as Twitter. “In fact, there are 30 countries across the globe that have a gross domestic product smaller than the state of Texas but have their own ETF. It’s time Texas had its own ETF.”Great! Now fund public schools and pay teachers
— Robert Ortiz M.Ed Leadership (@RobertCOrtiz) September 29, 2023
Abbott called Texas “the home of capitalism in the United States.”
Despite Texas’ strong economic growth, including its 7% expansion in GDP for the fourth quarter of 2022, the TXS index hasn’t received much fanfare from investors. Its shares have traded between $23 and $25 a share since the July 14 launch.
The online response to Abbott's announcement was also lukewarm.
“Great! Now fund public schools and pay teachers,” X user @RobertoCOrtiz commented on Abbott’s video.
X user @metzlisol was also critical of Abbott’s characterization of the Lone Star State being a capitalist utopia. The Lone Star State might be great for billionaires but not so much for regular folks, @metzlisol argued.
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