Texas Stock Exchange lands first primary ETF listings, challenging NYSE and Nasdaq
In brief
- TXSE secured first primary listings from two ETFs, including Westwood's PWRX fund
- Westwood Salient Enhanced Power and Infrastructure ETF offers actively managed energy exposure with options overlay
- TXSE positions itself as transparent, issuer-aligned alternative to NYSE and Nasdaq
A New Exchange Emerges
TXSE is a fully electronic national securities exchange with no physical trading floor, operating as a wholly-owned subsidiary of TXSE Group Inc. The exchange has already received SEC approval to operate as a national securities exchange and plans to begin providing listing and trading services for public companies and exchange-traded products in 2026.
The listings represent real momentum. TXSE has secured its first actual listing commitments from two Texas-focused ETFs that have designated the exchange as their primary venue. This signals confidence in the platform's infrastructure and regulatory standing.
The PWRX Strategy
PWRX is an actively managed ETF with an options overlay strategy, meaning fund managers don't just pick stocks and wait. They layer derivative positions on top of equity holdings to generate additional returns.
The fund targets a specific market segment. PWRX focuses on companies across the energy and power spectrum, from traditional fossil fuel producers to renewable energy operators and data-center infrastructure companies. The choice makes strategic sense: Texas is the largest energy-producing state in the US, and its economy is disproportionately shaped by oil, gas, power generation, and industrial infrastructure. Additionally, Texas hosts a significant and growing share of US data-center capacity.
Why TXSE Matters
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.
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.
The regional angle isn't incidental. Westwood's decision to list on TXSE rather than a traditional incumbent signals that newer exchanges can compete on alignment and transparency, not just on network effects. For TXSE, these first listings prove the model works. They're proof of concept that issuers will choose alternatives when the value proposition is clear.
