SOURCE: SPADE Indexes

SPADE Indexes

October 29, 2009 11:21 ET

ETF Product Tracking SPADE Oklahoma Index Launched

WASHINGTON, DC--(Marketwire - October 29, 2009) - SPADE Indexes, a developer of proprietary indexes and benchmarks, today celebrated the launch by OOK Advisors of the first of two new exchange traded funds (ETFs). Focused on the State of Oklahoma and the State of Texas, the products track underlying indexes developed by SPADE Indexes and represent the first regional-focused ETFs to reach the marketplace.

Launched today, the OOK Oklahoma ETF (NYSE Arca: OOK) is designed to track the SPADE Oklahoma Index (AMEX: OKLAH), developed to benchmark the performance of public companies headquartered in the state. The 29 companies include firms such as Devon, Cheseapeake Energy, Helmerich & Payne, and Williams. Year-to-date the index is up 36.5% and has bettered the broader markets in each of the past five years.

The forthcoming TXF Texas ETF (NYSE Arca: TXF) will track the SPADE Texas Index (AMEX: TEXAS), and was developed to benchmark the performance of the largest public companies headquartered in the state.

Both indexes are modified capitalization-weighted, rebalanced quarterly, and comprised of companies that meet a set of minimum criteria including a $5 share price, a $100 million market cap, and sufficient liquidity. Additional information regarding the index rules, methodology, current constituents, and historical performance can be found at www.spadeindexes.com.

According to Scott Sacknoff, president of SPADE Indexes, "There are no two states in this nation whose citizens are as proud of their hometown as those that reside in Texas and Oklahoma. And both are examples of states that put business first. Texas, if an independent nation, would have the twelfth largest GDP in the world, just behind Brazil and Russia, and is consistently rated one of the best states for business and regulation. Likewise, Oklahoma is considered a top state for business and CNN/Money recently ranked it the #1 place to launch a new business and called it, 'stable, affordable... with a diverse local economy.' Although both states feature economies heavily dependent on energy, there is remarkable diversification among the business activities of the index constituents. SPADE Indexes is proud to partner with local financial institutions like OOK Advisors and Capital West Securities in bringing these products to market."

The two regional ETFs offered by Oklahoma City-based OOK Advisors join the Powershares Aerospace & Defense ETF (NYSE: PPA) as exchange traded products that track indexes developed by SPADE Indexes.

Contact Information

  • For more information, contact:
    Scott Sacknoff
    Tel: 202-349-3917