At a glance
TXSS charges 0.49% a year, above the 0.17% average of the 6 funds most like it (the most expensive of 7). It has $10.6M in assets, the 7th largest of that group; it paid 0.63% of its price in distributions over the past 12 months, annual. Over the past year it returned −4.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds. Its ten largest positions make up 29.0% of the fund, out of 185 in all.
The short version
Texas Capital Texas Small Cap Equity Index ETF (TXSS) tracks the Texas Capital Texas Small Cap Equity Index, a basket of smaller companies headquartered in Texas. Unlike national small-cap funds, it weights sectors to mirror each industry's share of the Texas private-sector economy. It also costs more and is far smaller than its peers: a 0.49% yearly fee versus a 0.17% peer average, and about $10.6 million in assets as of September 30, 2025.
Price history
The interactive chart needs JavaScript.
TXSS -4.5% 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 | |
|---|---|---|---|---|---|---|
| TXSS price data to Oct 27, 2026 | 0.0% | -4.5% | — | — | — | +2.9% |
- Over the year to Oct 27, 2026, TXSS returned -4.5%, 7th of 7 among similar funds.
- Its worst full calendar year was 2025 (-1.2%); its best was 2024 (+9.6%).
- The deepest fall in its price history was 25.9% (Nov 25, 2024 to Apr 8, 2025), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | 0.0% |
| 2025 | -1.2% |
| 2024 | +9.6% |
| 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 |
|---|---|---|
| 2025 | $0.1700 | +30.8% |
| 2024 | $0.1300 |
What's inside
As of Sep 30, 2025, the fund held 185 securities; the ten largest made up 29% of assets.
| Holding | Weight | |
|---|---|---|
| Howard Hughes Holdings Inc. | 7.71% | |
| NETSTREIT Corp. | 3.00% | |
| Concentra Group Holdings Parent Inc | 2.62% | |
| DNOW Inc. | 2.44% | |
| DXP Enterprises Inc. | 2.38% | |
| Addus Homecare Corp | 2.31% | |
| Group 1 Automotive, Inc. | 2.17% | |
| Vital Farms Inc. | 2.16% | |
| Biglari Holdings Inc. | 2.15% | |
| Excelerate Energy Inc. | 2.07% | |
| Fluor Corporation | 2.03% | |
| Rush Enterprises Inc. | 1.85% | |
| KBR Inc | 1.84% | |
| MRC Global Inc | 1.81% | |
| Primoris Services Corp. | 1.79% |
By country
United States 98.66%Canada 0.78%Luxembourg 0.22%By asset type
Stocks 99.66%What changed recently
- Over the three months to Sep 30, 2025, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.10%, +6.62%, -1.16%.
How it works
TXSS is a passive index fund: it aims to match the Texas Capital Texas Small Cap Equity Index before fees, with no manager picking stocks. Texas Capital, the fund's sponsor, owns the index; Syntax, an unaffiliated firm, builds and maintains it. Members must be headquartered in Texas per their latest SEC filing, listed on the NYSE or Nasdaq, and outside the 800 largest companies in the index universe. They also need at least $100 million in market value and free-float value (shares open to public trading).
Sector weights mirror each industry's share of Texas private-sector economic output (GDP), per the U.S. Bureau of Economic Analysis. Within each sector, larger companies get bigger weights based on free-float market value. No stock may exceed 10% or fall below 0.05%, and companies ranked 801st to 1,000th by size are capped at 20% combined. As of September 30, 2025, the fund held 185 stocks, led by Howard Hughes Holdings at 7.7%.
The fund keeps at least 80% of assets in index stocks but may hold a sample rather than every one, and it may put more than 25% in one industry if the index does. It uses no leverage and held no derivatives as of September 30, 2025. The prospectus reports 13% portfolio turnover, a sign of light trading.
What it really costs
- TXSS charges 0.49% a year, versus an average of 0.17% for the similar funds below (7th 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 |
|---|---|---|---|---|
| TXSS | $50 | $157 | $274 | $616 |
In a retirement portfolio
A single-state small-company fund with about $10.6 million in assets and a 0.49% fee is too narrow to anchor a portfolio but could serve as a small add-on.
TXSS could add a tilt toward smaller Texas companies, but it launched in December 2023, so it has no record in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Calendar results look mild, a 9.6% gain in 2024 and a 1.2% loss in 2025, but they hide a 25.9% drop from November 25, 2024 to April 8, 2025, and it had not regained that peak as of October 27, 2026. Cashing out near that low would have locked in a deep loss. Income is small: a 0.63% trailing 12-month yield as of October 27, 2026, paid once a year. At 0.49%, costs run well above the 0.17% average for similar funds; the SEC's example puts them at $616 over 10 years on $10,000. 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 seeking a targeted slice of Texas-based small companies, such as Howard Hughes Holdings, NETSTREIT and Concentra Group, alongside broader core funds.
- Those who prefer an index that sets sector weights by each industry's share of Texas private-sector GDP rather than national market value.
- Patient investors who can sit through steep drops, like the 25.9% fall from November 2024 to April 2025, without needing to cash out.
Look elsewhere if
- Cost-focused investors: the 0.49% annual fee compares with 0.03% for SPSM, 0.06% for IJR and 0.07% for VIOO, all national small-cap funds.
- Those wanting steady income: the trailing yield was 0.63% as of October 27, 2026, and payouts come only once a year.
- Investors wary of tiny, concentrated funds: assets were about $10.6 million as of September 30, 2025, and every holding is chosen for its Texas headquarters.
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 |
|---|---|---|---|---|---|
| TXSS this fund | — | 0.49% | $10.6M | -4.5% | — |
| VIOO Vanguard S&P Small-Cap 600 ETF | 9% | 0.07% | $6.45B | +16.7% | +18.6% |
| SPSM SPDR Portfolio S&P 600 Small Cap ETF | 9% | 0.03% | $16.92B | +21.7% | +17.4% |
| IJR iShares Core S&P Small-Cap ETF | 9% | 0.06% | $111.32B | +21.7% | +17.4% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 7% | 0.38% | $2.19B | +19.0% | +17.1% |
| IWN iShares Russell 2000 Value ETF | 6% | 0.24% | $14.53B | +23.9% | +19.8% |
| FNDA Schwab Fundamental U.S. Small Company ETF | 6% | 0.25% | $9.10B | +15.4% | +18.5% |
Questions investors ask
What does TXSS invest in?
TXSS holds small companies headquartered in Texas, following the Texas Capital Texas Small Cap Equity Index. As of September 30, 2025, it owned 185 stocks, and the 10 largest made up 29% of assets. Howard Hughes Holdings led at 7.7%, followed by NETSTREIT at 3.0%, Concentra Group Holdings at 2.6%, and DNOW and DXP Enterprises at about 2.4% each. As of March 31, 2025, the index's key sectors were consumer discretionary, energy, healthcare, industrials and real estate.
What is the expense ratio of TXSS?
TXSS charges 0.49% a year, all of it management fee, per its prospectus filed April 30, 2025. That is more than any of six similar small-cap funds, which average 0.17%, and far above SPSM at 0.03%. In the SEC's standard example, $10,000 earning 5% a year would incur about $50 in costs after one year, $157 after three, $274 after five and $616 after 10, if cashed out at the end of each period.
TXSS vs IJR: what's the difference?
The main differences are scope, cost and size. TXSS holds only Texas-headquartered small companies, while iShares Core S&P Small-Cap ETF (IJR) is a national small-cap fund; only about 9% of their holdings overlap. IJR charges 0.06% versus 0.49% for TXSS, and held about $111.3 billion as of June 30, 2026, against roughly $10.6 million for TXSS as of September 30, 2025. Over one year, IJR returned 20.8% through October 30, 2026, while TXSS lost 4.5% through October 27, 2026.
Does TXSS pay dividends?
Yes, but the payout is small and arrives only once a year. TXSS paid $0.17 per share over the 12 months to October 27, 2026, a trailing yield of 0.63%. Smaller companies often reinvest earnings rather than pay large dividends, and this fund tracks an index weighted by sector and company size, not one built for income. Anyone counting on monthly or quarterly payouts may find the annual schedule hard to plan around.
Is TXSS a risky ETF?
It carries several risks worth weighing. TXSS gained 9.58% in 2024 and lost 1.2% in 2025, but it fell 25.9% from November 25, 2024 to April 8, 2025 and had not regained that peak as of October 27, 2026. Every holding is a Texas-headquartered company, so it is a concentrated bet on one state's business base. Its small size, about $10.6 million as of September 30, 2025, can mean wider trading spreads and a higher chance of closure. Its history starts only in December 2023.