At a glance
TXS charges 0.49% a year, above the 0.27% average of the 6 funds most like it (the 6th cheapest of 7). It has $35.5M in assets, the 7th largest of that group; it paid 0.78% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +16.7% with distributions reinvested (S&P 500: +11.5%), 4th of those 7 funds; over three years it returned +24.8% a year. Its ten largest positions make up 40.7% of the fund, out of 230 in all.
The short version
Texas Capital Texas Equity Index ETF (TXS) is an index fund that held 230 stocks of companies headquartered in Texas as of June 30, 2026. Its largest holdings include CrowdStrike, Tesla, McKesson and Charles Schwab. Unlike a broad US stock fund, it sets each sector's weight to match that industry's share of the Texas private-sector economy. Its 0.49% expense ratio is above the 0.27% average of comparable funds, and it held just $35.5 million in net assets.
Price history
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TXS +16.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TXS official prospectus, to Dec 31, 2025 | — | +10.20% | — | — | — | +16.37% |
| Texas Capital Texas Equity Index (reflects no deduction for fees, expenses, or taxes) index, same period | — | +10.90% | — | — | — | +16.94% |
| Vetta Fi U.S. Equity 3000 Index (reflects no deduction for fees, expenses, or taxes) index, same period | — | +17.16% | — | — | — | +19.70% |
| Syntax U.S. 800 Mid Cap Index (reflects no deduction for fees, expenses, or taxes) index, same period | — | +11.17% | — | — | — | +12.42% |
| TXS price data to Oct 27, 2026 | +21.0% | +16.7% | +24.8% | — | — | +18.6% |
- Over the year to Oct 27, 2026, TXS returned +16.7%, 4th of 7 among similar funds.
- Its worst full calendar year was 2025 (+10.3%); its best was 2024 (+24.3%).
- The deepest fall in its price history was 19.7% (Nov 26, 2024 to Apr 8, 2025), recovered by Jul 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +21.0% | — |
| 2025 | +10.3% | +10.20% |
| 2024 | +24.3% | +24.30% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2521 | |
| 2025 | $0.2900 | +7.4% |
| 2024 | $0.2700 |
What's inside
As of Jun 30, 2026, the fund held 230 securities; the ten largest made up 40.72% of assets.
| Holding | Weight | |
|---|---|---|
| CROWDSTRIKE HOLDINGS INC | 7.18% | |
| TESLA INC | 4.81% | |
| MCKESSON CORP | 4.58% | |
| CHARLES SCHWAB CORP (THE) | 4.49% | |
| DIGITAL REALTY TRUST INC | 4.28% | |
| TENET HEALTHCARE CORP | 4.14% | |
| WASTE MANAGEMENT INC | 3.46% | |
| GAMESTOP CORP | 2.72% | |
| CBRE GROUP INC | 2.65% | |
| CHENIERE ENERGY INC | 2.40% | |
| QUANTA SERVICES INC | 2.30% | |
| CROWN CASTLE INC | 2.24% | |
| SYSCO CORP | 2.02% | |
| EXXON MOBIL CORP | 1.94% | |
| BRINKER INTERNATIONAL INC | 1.86% |
By country
United States 98.2%Curaçao 0.76%Singapore 0.2%Ireland 0.06%British Virgin Islands 0.06%By asset type
Stocks 99.38%By sector
Sectors of the companies held, for the 61.5% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $784K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.25%, +1.34%, +0.57%.
How it works
TXS tracks the Texas Capital Texas Equity Index. Texas Capital Bank Private Wealth Advisors manages the fund and owns the index. Syntax, a separate company with no ties to Texas Capital, builds and maintains the index. The starting pool is common stocks listed on the NYSE or Nasdaq whose latest SEC filing names Texas as headquarters and that report in US dollars. Real estate investment trusts (REITs), which are companies that own income-producing property, can qualify. Each company needs at least $250 million in market value and in free float, meaning shares the public can actually trade. It also needs at least $3 million a day in average trading over 90 days.
Weighting happens in two steps. First, each sector gets a weight that matches its industry's share of Texas private-sector GDP, as reported by the US Bureau of Economic Analysis. Second, within each sector, companies are weighted by float-adjusted market value. No stock can be less than 0.05% or more than 10% of the index. As of June 30, 2026, CrowdStrike was the largest position at 7.2%, and the top 10 holdings made up 40.7% of assets.
The fund keeps at least 80% of its assets in index stocks. It may hold a sample of the index or lean slightly away from index weights. If the index puts more than 25% in one industry, the fund will too. It held no derivatives as of June 30, 2026, and portfolio turnover was 18%.
What it really costs
- TXS charges 0.49% a year, versus an average of 0.27% for the similar funds below (6th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $50 in the first year and $616 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TXS | $50 | $157 | $274 | $616 |
In a retirement portfolio
Every holding is a Texas-headquartered company, so it adds a regional tilt on top of a broader core rather than standing in for one.
TXS could add a Texas tilt to a portfolio built on broader stock and bond funds. Its record is short. It launched July 12, 2023, so it has no history through the 2008, 2020 or 2022 downturns. Its deepest drop was 19.7%, from November 26, 2024 to April 8, 2025. It was back at its old high by July 2, 2025, about 2.8 months after the low. Its weakest full year, 2025, still returned 10.2%. A longer slump, or trouble in Texas's oil and gas industry, could leave someone who needs to withdraw money in a bad year facing low prices for longer than that record shows.
Income is modest: the trailing yield was 0.78% as of October 27, 2026, paid quarterly. In the SEC's standard example, $10,000 invested would cost $50 in fees over one year and $616 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a deliberate tilt toward Texas-headquartered companies such as CrowdStrike, Tesla, McKesson and Exxon Mobil, held alongside a broader core fund.
- People who prefer sector weights tied to a state's economy rather than to stock-market size alone, with no single stock above 10%.
- Long-term holders comfortable with a short record: 24.3% in 2024, 10.2% in 2025, and a 19.7% peak-to-trough drop.
Look elsewhere if
- Cost-focused investors: TXS charges 0.49% a year, versus 0.03% for SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM).
- Anyone wary of single-region risk or short histories: all holdings are Texas-based, and the fund missed the 2008, 2020 and 2022 downturns.
- Those who avoid small funds: net assets were $35.5 million as of June 30, 2026, the smallest of seven compared funds.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| TXS this fund | — | 0.49% | $35.5M | +16.7% | +24.8% |
| YALL God Bless America ETF | 15% | 0.65% | $97.0M | -4.7% | +21.5% |
| FENY Fidelity MSCI Energy Index ETF | 14% | 0.084% | $2.01B | +56.9% | +20.5% |
| VFLO VictoryShares Free Cash Flow ETF | 8% | 0.39% | $7.76B | +42.0% | +31.5% |
| DFUV Dimensional US Marketwide Value ETF | 8% | 0.21% | $15.43B | +28.9% | +21.4% |
| SPTM SPDR Portfolio S&P 1500 Composite Stock Mar… | 8% | 0.03% | $13.58B | +11.9% | +21.5% |
| IWP iShares Russell Mid-Cap Growth ETF | 8% | 0.23% | $21.57B | -8.0% | +14.0% |
Questions investors ask
What is the expense ratio of TXS?
TXS charges 0.49% a year, according to its prospectus filed April 30, 2026. All of it is a management fee, with no fee waiver. That is above the 0.27% average of the funds it was compared with. Only one of those funds charges more. In the SEC's standard example, $10,000 earning 5% a year would cost about $50 after one year, $274 after five years and $616 after 10.
Does TXS pay dividends?
Yes, TXS pays dividends quarterly, but the amounts are small. Over the 12 months to October 27, 2026, it paid $0.3321 per share, a trailing yield of 0.78%. The fund is built to mirror Texas companies across sectors, not to target income. Investors who want meaningful cash payouts may want to compare dividend-focused funds.
TXS vs YALL: what's the difference?
They share fewer holdings than you might expect. God Bless America ETF (YALL) overlaps about 15% with TXS, the most of any fund compared, and no fund shares 20% or more of its holdings. YALL charges 0.65% a year, versus 0.49% for TXS. As of October 27, 2026, TXS's price return was 16.7% over one year and 24.8% a year over three years. YALL's figures were -4.7% and 21.5%.
How has TXS performed since launch?
From its July 12, 2023 launch through December 31, 2025, TXS returned 16.37% a year. That was slightly behind its own index at 16.94% and behind the broad VettaFi U.S. Equity 3000 Index at 19.7%. TXS gained 24.3% in 2024 and 10.2% in 2025, while the broad index returned 17.16% in 2025. Year to date through October 27, 2026, its price return was 21.0%.
Is TXS a risky ETF?
Its main extra risk is concentration: every holding is headquartered in Texas. A downturn in the state's economy or its key industries, such as oil and gas, chemicals or technology, could hit the whole fund at once. Its deepest drop was 19.7%, from November 2024 to April 2025. Over the year to October 27, 2026, its beta was 0.62, meaning it moved less than the overall stock market. The fund is also small, which the prospectus says can affect trading.