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Energy-heavy stocks could hearten investors |
| The Oklahoman - March 6, 2008 |
The filing of a registration statement with the U.S. Securities and Exchange Commission for the Capital West Oklahoma Index Fund, the first state-based Exchange Traded Fund (ETF), made business page headlines in an article by Oklahoman writer Don Mecoy. McAfee & Taft provided legal services to client Capital West Securities in conjunction with the filing of the statement.
The fund, which is expcted to be traded on the American Stock Exchange under the stock symbol "OOK," will be made up exclusively of stocks issued by Oklahoma's publicly traded companies. Final SEC approval is expected within four to six months.
According to Keith Geary, Capital West chief executive officer, the fund will initially buy stock from 25 publicly traded companies based in Oklahoma, with five percent of the fund's money being initially invested in each of the dozen largest companies in the fund. Fifteen of the top 16 companies in the fund are energy-related firms.
Nick Massey, an Edmond-based financial adviser, was also quoted as saying that an energy-heavy Oklahoma Fund would make it more desirable than a more widely diversified fund.
Geary also announced that at least 10% of the management fee earned from OOK will be donated to Aaron's Bridge, a newly formed nonprofit organization whose purpose is to address children's issues in Oklahoma, the first of which is to see that a biomedical-based treatment option be available in Oklahoma for children that are diagnosed with developmental disorders.
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