Elevation proposes listing an international ETF on the Texas Stock Exchange

Elevation Series Trust filed on Wednesday to register the Aligned Pathway International Completion ETF, AICF, a proposed fund of international shares, and the prospectus names Texas Stock Exchange LLC as the principal U.S. listing exchange.

As of Thursday, October 1, the registration is not effective. The prospectus is marked subject to completion, so the terms can still change.

The filing elects to become effective 75 days after Wednesday. Counted from the filing date, that is Monday, December 14, and the shares would be offered as soon as practicable after the registration takes effect.

The SEC approved the Texas Stock Exchange as a national securities exchange on Tuesday, September 30, 2025. On Wednesday, September 16, two funds that already traded on NYSE Arca, a New York exchange, moved their primary listings to the Texas Stock Exchange. The Texas Capital Texas Equity Index ETF, CTXS, holds companies tied to the Texas economy, and the Texas Capital Texas Oil Index ETF, COILT, holds companies extracting oil and gas in Texas.

Texas Capital said the transfer made the two funds the exchange's first primary listings, and that existing shareholders did not need to act. On Thursday, September 17, the Westwood Salient Enhanced Power & Infrastructure ETF, PWRX, began trading there. The exchange called it the first new ETF to launch on the venue, and its disclosure page that day listed the Westwood fund alongside the two Texas Capital funds as approved for listing.

The proposed fund would seek capital appreciation. It would be actively managed, and it would invest primarily in international equity securities, starting from publicly listed shares of companies located outside the United States. It is designed for international and emerging-market shares that a retail investor may find hard or costly to buy directly, because of local rules, limits on foreign ownership, a U.S. price well above the local shares, or high trading and custody costs.

If a U.S. listing of the same company is the easier holding, the adviser may drop the local shares. If that U.S. listing is thinly traded or priced at a significant premium, the adviser may keep the local shares.

Under normal circumstances, the fund would invest at least 40% of its assets in countries outside the United States, measuring that share against net assets plus any money borrowed for investment. The prospectus does not say whether a U.S. listing of a foreign company counts in that test.

The fund would be non-diversified, so it may put more of its money in fewer companies than a diversified fund. At the start, the prospectus expects a focus on technology and finance, in countries that include South Korea, Taiwan, India, Canada, Japan, China and Hong Kong.

Vident Asset Management, in Alpharetta, Georgia, is the adviser. The prospectus puts Vident's assets under management at approximately $30.9 billion as of August 31. Andrea Salsiri, Russell Ayan and Devin Ryder would manage the portfolio. The management fee is not set out, only marked as an estimate for the first year, and Vident has agreed to pay substantially all of the fund's expenses out of that fee.

What the exchange has asked to change

The exchange has asked the SEC to delete a continued-listing rule for ETFs. After a fund's first year on the exchange, the exchange starts a process to remove it if fewer than 50 investors own its shares.

The exchange told the Commission the test comes from the rules for operating companies, does not fit ETFs, and can push a fund that is operating normally toward delisting. Its proposal notes that other exchanges keep an equivalent test.

The Commission has until Sunday, October 4 to approve that change, reject it, or open a proceeding on whether to reject it.