Reuters
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(Reuters) -BlackRock said on Tuesday it had launched a Texas-focused exchange-traded fund, as the state gains traction as a rising hub of economic activity in the United States.
The Lone Star State's low taxes, business-friendly policies and growing tech and energy sectors have attracted investors and asset managers looking to tap into its long-term growth potential.
BlackRock said iShares Texas Equity ETF will invest in companies headquartered in the state.
The world's largest asset manager said Texas is home to one in ten publicly traded U.S. companies, and that more than 300 firms have relocated their headquarters to the state since 2015.
Elon Musk-led Tesla and SpaceX, as well as tech giants Oracle and Hewlett Packard Enterprise, have moved to the state in recent years.
BlackRock said it manages nearly $380 billion in assets tied to public companies in Texas, including about $115 billion in the state's oil and gas sector, making it one of the largest investors in the region.
(Reporting by Manya Saini in Bengaluru; Editing by Sriraj Kalluvila)
