Fund Details
Fund Objective
The Texas Capital Texas Small Cap Equity Index ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Texas Capital Texas Small Cap Equity Index (the “Index”).
The Index is a sector GDP weighted and market-capitalization weighted diversified index designed to reflect the performance of stocks in small-capitalization companies that are headquartered in Texas. The key business sectors in the Index include industrials, energy, consumer discretionary, healthcare and real estate.
Fund Rationale
We believe companies headquartered in Texas enjoy certain economic, regulatory, taxation, workforce and other benefits relative to companies headquartered in other states. We believe small capitalization companies enjoy these benefits in greater proportion when compared to larger, more geographically diverse companies. In the Advisor’s view, the strong business environment in the state of Texas is demonstrated by, among other things, its infrastructure spending and resources, relatively low cost of conducting business, export data, and third-party rankings and recognitions.
We believe the Fund offers a cost-effective opportunity to invest directly in small-capitalization companies that benefit from the economic environment in Texas.
Macroeconomic Trends.
Captures and capitalizes on the macroeconomic trends of companies located in Texas’s favorable business climate.
Industry Diversification.
Investment weighting determined by GDP-based sector weights and market capitalization-based company weights.
Small Cap Exposure.
Specific exposure to small companies located in one of the world’s largest economies by GDP.
Quick Links
Investors should carefully consider the investment objectives, risks, and charges and expenses of the fund before investing. The prospectus contains this and other information about the fund, and it should be read carefully before investing. Investors may obtain a copy of the prospectus by calling 844.822.3837.
Daily Statistics
330-Day Median Bid-Ask Spread: the midpoint within the spread between an ETF’s selling price and buying price. It is calculated over the last 30 days in 10 second intervals by dividing the difference between the bid (sell price) and offer (buy price) by the midpoint of the National Best Bid Offer (NBBO) and identifying the median of those values.
Historical Premium/Discount
| Term | 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
|---|---|---|---|---|---|
| Days at premium | 176 | - | - | - | - |
| Days at discount | 76 | - | - | - | - |
Performance
Growth Of $10,000 Since Inception
The Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.
| Performance as of March 11, 2025 (%) | ||||||||
|---|---|---|---|---|---|---|---|---|
| TERM | 1 DAY | 1 MO | 3 MO | 6 MO | 1 YR | QTD (CURRENT) | YTD | SINCE INCEPTION |
| NAV | -0.12 | -10.35 | -12.39 | -0.50 | 4.44 | -6.86 | -6.86 | 3.33 |
| CLOSING MARKET PRICE | -0.27 | -10.29 | -12.42 | -0.50 | 4.48 | -6.89 | -6.89 | 4.14 |
| Texas Capital Texas Small Cap Equity Index Total Return (UNDERLYING INDEX) | -0.11 | -10.36 | -12.04 | 0.02 | 5.21 | -6.72 | -6.72 | 4.04 |
| Syntax US SmallCap 2000 Total Return Index (USD) | -0.03 | -11.35 | -15.43 | -2.33 | -0.98 | -9.95 | -9.95 | 0.62 |
Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Investors may obtain performance data current to the most recent month-end by calling 844.822.3837.
The Syntax US SmallCap 2000 Index (SY2000) measures the float-adjusted market capitalization-weighted performance of the 201st- through 1000th-largest and sufficiently liquid publicly traded entities in the United States as defined according to Syntax’s proprietary country classification methodology, which considers regulatory filings, currencies of accounting and distribution, and use of tax havens.
| Quarter-End Performance as of December 31, 2024 (%) | |||
|---|---|---|---|
| TERM | QTR | 1 YR | SINCE INCEPTION |
| NAV | 0.25 | 9.58 | 11.40 |
| CLOSING MARKET PRICE | 0.29 | 9.57 | 11.84 |
| Texas Capital Texas Small Cap Equity Index Total Return (UNDERLYING INDEX) | 0.61 | 10.33 | 12.15 |
| Syntax US SmallCap 2000 Total Return Index (USD) | 2.38 | 8.80 | 11.52 |
Fund Management
Investment Adviser: Texas Capital Bank Private Wealth Advisors
Administrator and Fund Accountant: Ultimus Fund Solutions, LLC.
Distributor: Northern Lights Distributors, LLC
Portfolio Manager: J. Steven Orr, Chief Investment Officer
Mr. Orr is responsible for the strategy, construction, and performance of client portfolios and trusts. With over 30 years of portfolio management experience, Steven joined Texas Capital Bank in 2013 from Communities Foundation of Texas, where he had managed investments and helped raise the Foundation’s performance to among the highest in their peer groups of universities and foundations. Prior to his work at Communities Foundation, he successfully ran insurance and arbitrage portfolios for Associates First Capital totaling $4 billion, as well as mutual fund bond and insurance and portfolios at Caterpillar, Inc. Steven earned his Bachelor of Arts in Economics and a minor and Math from the University of Texas at Austin, a Master in Business from Texas State, and a Juris Doctorate from St. Mary’s School of Law. He is an attorney and a CFA® and CMT® Charter holder.
Portfolio Manager: Carlos Pena, Vice President
Mr. Pena joined Texas Capital in August 2023, bringing to his role more than 11 years of experience in financial services and investment management. Previously, he served as a portfolio strategist at State Farm where he was a member of the State Farm Investment Management team and responsible for establishing the firm’s investment management infrastructure and the construction of model portfolios using both passive and active strategies. Prior, Mr. Pena served as a fixed income portfolio manager at Wells Fargo where he was responsible for $900 million in customized actively managed SMA portfolios across taxable and tax-exempt strategies. He has also held roles at JPMorgan Corporate & Investment Bank and United Capital. Mr. Pena earned a Bachelor of Business Administration in finance and international business at the University of North Texas. He holds the Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) designations.
Holdings
Top 10 Holdings
| Portfolio Holdings as of March 11, 2025 | |||
|---|---|---|---|
| Description | Shares | Portfolio Weight (%) | |
| HOWARD HUGHES HO | 12,645.00 | 7.36 | |
| INSPERITY INC | 5,325.00 | 3.82 | |
| BRINKER INTL | 3,129.00 | 3.59 | |
| AMN HEALTHCARE | 16,716.00 | 3.48 | |
| GROUP 1 AUTOMOTI | 851.00 | 2.95 | |
| DNOW INC | 24,195.00 | 2.92 | |
| KINETIK HOLDINGS | 7,043.00 | 2.87 | |
| ADDUS HOMECARE | 3,342.00 | 2.53 | |
| NETSTREIT CORP | 20,576.00 | 2.45 | |
| RUSH ENTER-CL A | 4,706.00 | 2.05 | |
Holdings are subject to change and do not constitute a recommendation or solicitation to buy or sell a particular security. Current and future portfolio holdings are subject to risk.
Sector Weights
Source: Syntax as of March 11, 2025.
The Syntax US SmallCap 2000 Index is the property of Syntax LLC, which calculates and maintains the Index. Syntax® is a registered trademark of Syntax LLC and/or its affiliate. The Texas Capital Texas Equity Index is the property of Texas Capital Bank, which has contracted with Syntax LLC to calculate and maintain the Index. Syntax and their affiliates and data providers did not participate in the creation, marketing or distribution of the ETF and have no liability in connection with the ETF nor the information provided herein.
Have further questions?
To learn more about our ETF & Funds Management solutions and to speak with our sales team call us
at 844.TCB.ETFS (844.822.3837).
NAV Return represents the closing price of underlying securities. Market Price Return is calculated using the price which investors buy and sell ETF shares in the market. The market returns in the table are based upon the midpoint of the bid/ask spread at 4:00 pm EST, and do not represent the returns you would have received if you traded shares at other times.
Investors should carefully consider the investment objectives, risks, and charges of the fund before investing. The prospectus contains this information and other information about the fund, and it should be read carefully before investing. Investors can obtain a copy of the prospectus by calling 844.TCB.ETFS (844.822.3837).
This website should not be considered a solicitation to buy or an offer to sell shares of any investment in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction. Nothing on this website is intended to be investment, tax, financial or legal advice.
Not a Deposit. Not FDIC Insured. Not Guaranteed by the Bank. May Lose Value. Not Insured by any Federal Government Agency.
Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Unlike mutual funds, shares of ETFs are not individually redeemable directly with the ETF. Shares of ETFs are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Current performance may be lower or higher than the performance data quoted. Investors may obtain performance data current to the most recent month-end by calling 844.822.3837.
There are risks involved with investing in ETFs, including possible loss of money. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The Fund’s return may not match the return of the Underlying Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.
Texas Capital Bank Wealth Management Services, Inc. d/b/a Texas Capital Bank Private Wealth Advisors (“PWA”), a wholly owned subsidiary of Texas Capital Bank and an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”), serves as investment adviser to the Texas Small Cap Equity Index ETF and is paid a fee for its services. Shares of the Texas Small Cap Equity Index ETF are not deposits or obligations of, or guaranteed or endorsed by, Texas Capital Bank or its affiliates. The Texas Small Cap Equity Index ETF is not insured by the FDIC or any other government agency.
The Syntax US SmallCap 2000 Index is the property of Syntax LLC, which calculates and maintains the Index. Syntax® is a registered trademark of Syntax, LLC and/or its affiliate.
Index performance does not represent actual fund or portfolio performance and such performance does not reflect the actual investment experience of any investor. An investor cannot invest directly in an index. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in a portfolio invested in accordance with an index. None of the Syntax Indices or the benchmark indices portrayed herein charge management fees or incur brokerage expenses, and no such fees or expenses were deducted from the performance shown; provided, however, that the returns of any investment portfolio invested in accordance with such indices would be net of such fees and expenses. Additionally, none of these indices lend securities, and no revenues from securities lending were added to the performance shown. Performance shown is unaudited and subject to revision. This site may include materials and documents containing forward-looking statements which are based on our expectations and projections as of the date made. Past returns are not necessarily predictive of future returns.
The Texas Small Cap Equity Index ETF is distributed by Northern Lights Distributors, LLC, member FINRA/SIPC, which is not affiliated with Texas Capital Bank Private Wealth Advisors.
1 The ratio of all the distributions a fund paid in the past 12 months divided by the current share price of the fund.
2 SEC 30-Day Yield is an annualization of the fund’s total net investment income per share for the 30-day period ended on the last day of the month. 30-Day SEC Yield as of February 28, 2025.