▁and ▁comment ary ▁about ▁fund ing ▁ ▁The ▁internal ▁rate ▁of ▁return ▁( IR R ) ▁of ▁the ▁E TF ▁s ▁very ▁low ▁and ▁compar able ▁to ▁invest ing ▁in ▁U . S . ▁tre as uries . ▁Therefore , ▁questions ▁have ▁ar isen ▁about ▁the ▁E TF ' s ▁required ▁rate ▁of ▁return ▁and ▁performance ▁against ▁benchmark . ▁ ▁Under ▁the ▁U . S . ▁Sec ur ities ▁and ▁Exchange ▁Commission ' s ▁Rule ▁ 5 0 1 ▁Reg ulation ▁D , ▁T ET F ▁does ▁not ▁fall ▁under ▁any ▁of ▁the ▁eight ▁definitions ▁of ▁acc red ited ▁invest or , ▁affect ing ▁T ET F ' s ▁participation ▁in ▁follow ▁on ▁offer ings . ▁ ▁An ▁October ▁ 2 0 1 0 ▁article ▁by ▁the ▁Dallas ▁Mor ning ▁News ▁editor ial ▁board ▁argued ▁for ▁fundamental ▁reform ▁in ▁how ▁the ▁fund ▁works . ▁The ▁board ▁stated , ▁" The ▁way ▁Texas ▁d oles ▁out ▁money ... ▁ra ises ▁such ▁serious ▁questions ▁about ▁the ▁role ▁of ▁political ▁don ations ▁in ▁the ▁fund ' s ▁operation ▁that ▁the ▁governor ▁and ▁the ▁Texas ▁Legisl ature ▁should ▁rev amp ▁it ." ▁Although ▁the ▁board ▁considered ▁it ▁" a ▁valuable ▁program ", ▁it ▁remarked ▁that ▁" other ▁states ▁have ▁tried ▁to ▁keep ▁polit icians ▁at ▁arm ' s ▁length ▁from ▁the ▁selection ▁and ▁fund ing ▁process ... ▁Texas ▁needs ▁to ▁do ▁the ▁same ". ▁ ▁In ▁response ▁to ▁critic isms , ▁Governor ▁Perry ▁has ▁said ▁that ▁it ▁" is ▁a ▁pretty ▁rare ▁occurrence " ▁for ▁him ▁to