Texas Stock Exchange secures first primary listings from two ETFs

The Texas Stock Exchange has spent years as a compelling idea on paper. Now it has something more tangible: its first actual listing commitments, courtesy of two Texas-focused ETFs that have designated TXSE as their primary exchange.

Westwood Holdings Group filed a prospectus with the Securities and Exchange Commission on March 31, 2026, for the Westwood Salient Enhanced Power and Infrastructure ETF, ticker PWRX. The filing names TXSE as the primary listing venue, making it one of the first funds to formally plant its flag on the new exchange.

What PWRX actually is

PWRX is an actively managed ETF with an options overlay, meaning the fund managers don’t just pick stocks and wait. They layer options strategies on top of equity positions to enhance income or manage downside risk.

The fund targets companies across the energy and power spectrum, from traditional fossil fuel producers to renewable energy operators to the data-center infrastructure companies that power the AI buildout.

The fund can invest in companies of any size, so it isn’t restricted to large-cap names that dominate most energy indices.

Westwood CEO Brian Casey framed the choice of TXSE as more than a logistical decision, describing it as a statement about innovation and Texas-based leadership in finance.

What TXSE actually is

The Texas Stock Exchange is a fully electronic national securities exchange, meaning it operates no physical trading floor. It is a wholly-owned subsidiary of TXSE Group Inc. and has already received SEC approval to operate as a national exchange.

TXSE is backed by major financial institutions and liquidity providers. The exchange plans to begin providing listing and trading services for public companies and exchange-traded products in 2026, so the PWRX filing lands right at the start of that operational window.

TXSE positions itself as a transparent, issuer-aligned alternative to NYSE and Nasdaq, the two platforms that have effectively split the US equity listing market between them for decades.

Why the first listing matters more than the fund size

Exchanges are, in an important sense, network businesses. Their value compounds as more issuers and more liquidity providers join the platform.

Every exchange that has tried to challenge NYSE and Nasdaq in recent decades has faced the same chicken-and-egg problem: issuers want to list where the liquidity is, and liquidity providers want to be where the listings are. TXSE needed a first mover, and now it has one.

The energy and infrastructure tilt of PWRX also plays to TXSE’s geographic identity. Texas is the largest energy-producing state in the US, and its economy is disproportionately shaped by oil, gas, power generation, and the industrial infrastructure connecting them.

Data centers add another dimension to that story. Texas hosts a significant and growing share of US data-center capacity. PWRX’s mandate to invest in data-center infrastructure puts it squarely at the intersection of two of the state’s biggest economic themes.

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