The Texas Stock Exchange is the planned primary listing venue of a new exchange traded fund from Westwood Holdings Group, a Dallas-based investment firm.
Westwood filed a prospectus with the U.S. Securities and Exchange Commission Tuesday for a new product, the Westwood Salient Enhanced Power & Infrastructure ETF. Pending regulatory approval, the ETF will trade using the ticker symbol PWRX on TXSE after the exchange begins operations later this year.
The prospectus marks the first public commitment for a primary listing on TXSE, though there may be other listings in the pipeline that, depending on the timing of the regulatory process, begin trading sooner. "Westwood's decision to list its latest ETP on TXSE reflects where the market is headed. We're entering a new era defined by alignment, transparency, and true partnership — and the Texas Stock Exchange was built with those principles at its core,” said Rob Marrocco, TXSE’s global head of exchange-traded products, in a statement.“PWRX reflects the convergence of energy, innovation, and capital that defines Texas today. As part of an exclusive group of asset managers in Texas, Westwood has been at the forefront of that shift. The next chapter of American capital markets will be written right here in Texas — and we're just getting started."Westwood currently offers three of its own ETFs, two of which trade on the New York Stock Exchange and one on Nasdaq. The investment firm already offers an energy-focused ETF — its Enhanced Energy Income ETF — though WEEI appears to have a narrower investment strategy than that of PWRX. Across the three ETFs, Westwood has more than $300 million in ETF assets, per its website. "Listing on the Texas Stock Exchange ... reflects our commitment to innovation, partnership and leadership in our home state," said Westwood CEO Brian Casey in a statement."As the first ETF ever to file a prospectus naming TXSE as its listing exchange, this ETF, an extension of our Enhanced Income Series, will be managed by our established Energy team, based in Houston. Westwood is proud to help chart this new path alongside our TXSE partners as we continue to shape the future of income-oriented investing and support the growth of the financial sector here in Texas." Exchange-traded product listings will launch on TXSE in September, according to the Member Readiness and Launch Guide available on TXSE’s website. This follows a planned phased rollout of trading on the exchange’s platform from July 2 to July 17, though exact dates are subject to change.Cindy Clemishire says she will continue to seek justice after Robert Morris' release from jail
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