About the Market
If Texas were a nation, its economy would rank as the 15th-largest in the world (according to the World Bank) by Gross Domestic Product (GDP), just behind Brazil and Canada and ahead of Turkey. Considered a top state for business, Texas was ranked #1 by Legislative Quotient as the most business-friendly legislative climate; #1 by Chief Executive magazine; and is the home to 58 of the Fortune 500 including four of the top 20, ranking it #1 by state. Financial Times on 9 October 2008 ranked Texas as #1 in personal income growth, #1 in employment growth, and #1 in real gross state product. Although an abundance of oil and gas has traditionally made energy the state’s major industry, the economy of Texas has evolved into a major high-technology center with interests in air transportation and mining.

About the Index
The SPADE Texas Index is a modified market cap weighted index designed to benchmark the performance of the largest, publicly-traded companies in the State of Texas and represents the top 90% of firms by market capitalization. To download our most recent Fact Sheet, right click here

Why it was Developed
The SPADE Texas Index was developed by ISBC/SPADE Indexes and licensed to Geary Advisors -- founded by the principals of Geary Securities (formerly Capital West Securities), a leading Oklahoma City-based financial firm with offices in Texas. The firm has petitioned the SEC to allow them to offer an exchange traded fund and related ETF-option products. The ETF began trading 4 November 2009 under the ticker "TXF".

About the Constituents
The SPADE Total Texas is the universe of nearly 600 public companies whose corporate headquarters are located within the State of Texas and which meet a set of minimum requirements including a $5 minimum share price, a $100 million market cap, sufficient liquidity, and which list on the NYSE or NASDAQ. The companies are then ranked by market cap and the top 90% are selected for the SPADE Texas Index.

For additional data on the constituents, methodology, rules, and performance, please click on the appropriate section of this website. For information including a prospectus on the TXF Texas ETF exchange traded fund, please visit the TXF Texas ETF website or contact them directly.

Number of Constituents (most recent rebalance):     85

Market Capitalization Range:     $2.6 billion to $323.7 billion

Median Market Capitalization:     $6.28 billion

Ten Largest Constituents (1 January 2010)

ConocoPhillips: 5.06%

Schlumberger: 5.02%

AT&T: 5.02%

ExxonMobil: 5.01%

Apache: 3.65%

Burlington Northern: 3.54%

Texas Instruments: 3.44%

Anadarko Petroleum: 3.23%

Dell: 2.96%

Haliburton     2.86%

Breakdown by Industry Category

Energy / Oil and Gas:   64.80%

Technology:     8.41%

Telecommunications:     6.50%

Transportation: 4.43%

Business Services: 4.20%

Retail:     3.83%

Industrials: 2.42%

Food: 1.51%

Banking & Insurance: 1.50%

Real Estate & Construction:     1.23%

Utilities:     0.88%

Healthcare: 0.28%