OOK Advisors launched an exchange traded fund (ETF) that focuses on the economy of Texas. It’s the second state-focused ETF from the advisor, and the second such ETF in existence.

The Texas Large Companies ETF (NYSEArca: TXF) allows investors access to Texas-based publicly traded companies.  TXF is based on the SPADE Texas Index, a modified market capitalization weighted index that seeks to measure the performance of publicly traded companies headquartered in Texas.

The Spade Index weightings include 63% energy, oil and gas, 8.9 % technology, 6.4% telecommunications, 4.2% consumer and the remaining percentages include companies within the transportation, business services, real estate, industrial, financial, food, utilities and health care sectors.

The economy in Texas is the world’s 11th largest. Analysts predict that it will perform relatively better than most states post-recession. According to Susan Combs for Texas Ahead, in the 12 months ending in September 2009, the state lost 303,700 jobs.

Although Texas was able to survive the real estate crash with which the United States is grappling, construction activity has slowed and property values have room for improvement. Consumer sentiment in Texas remains fairly stable, but it’s 7% lower than one year ago. (More on Oklahoma’s ETF).

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Tags: New ETFs, State ETFs, Texas, TXF