---
title: "Westwood's PWRX, at 0.69%, would target AI-driven power demand with covered calls on top"
url: "https://etf.net/news/westwood-s-pwrx-at-0-69-would-target-ai-driven-power-demand-with-covered-calls-on-top-2026-09-10"
published_at: "2026-09-10T11:51:04.367Z"
updated_at: "2026-09-10T11:51:04.367Z"
byline: "ETF.net Research"
---

# Westwood's PWRX, at 0.69%, would target AI-driven power demand with covered calls on top

Ultimus Managers Trust on September 9, 2026, filed a September 16 summary prospectus for Westwood Salient Enhanced Power & Infrastructure ETF PWRX, a 0.69% fund aimed at AI-driven electricity demand with a covered-call overlay.

By ETF.net Research. Published Sep 10, 2026.

The Westwood Salient Enhanced Power & Infrastructure ETF PWRX would buy companies expected to benefit from electricity demand driven by AI, onshoring and electrification, and write covered calls against that book for income. Ultimus Managers Trust on Wednesday filed a Form 497K, a summary prospectus dated September 16, for the Westwood-advised series, which the paper says has not commenced operations.

Westwood Management Corp. is the investment adviser. Vident Asset Management is the trading sub-adviser. The summary prospectus incorporates a prospectus and statement of additional information dated June 14, 2026, and states an objective of total return through income and capital appreciation.

Management fees are **0.69%**. Other expenses are 0.00%, based on estimated amounts for the current fiscal year, so total annual fund operating expenses are 0.69%. That fee sits below the **0.80%** Westwood charges on the Salient Enhanced Midstream Income ETF MDST and the **0.85%** on the Salient Enhanced Energy Income ETF WEEI. The adviser will pay all expenses incurred by the fund except advisory fees, excluding items the paper lists, among them interest, taxes, brokerage commissions, acquired-fund fees and expenses, and extraordinary costs. On the paper’s example of a $10,000 investment, a 5% annual return, and unchanged expenses, the cost would be $70 over one year and $221 over three years, before brokerage commissions.

## What PWRX would hold

Under normal circumstances the fund would invest at least **80%** of net assets, plus any borrowings for investment purposes, in securities of Power and Infrastructure Companies: traditional energy producers, utilities, renewables, energy infrastructure, data-center infrastructure and connectivity infrastructure. It would invest primarily in North America and may hold companies in other developed markets, of any market capitalization. The adviser typically selects 40 to 60 companies. The fund would operate as non-diversified, meaning it may invest in a limited number of issuers, and intends to put no more than **15%** of total assets in any single issuer. Direct holdings of master limited partnership equity may be up to but not more than **25%** of total assets at the time of investment, or such higher amount as permitted by any applicable tax diversification rules.

It would write covered calls only on securities it holds. Coverage on any given holding can run from 0% to 100% and is set by the manager as conditions dictate. The paper says “Enhanced” in the name refers to income from those holdings plus income from the covered-call strategy.

The paper names Frank T. Gardner III and Parag Sanghani, both senior vice presidents and senior portfolio managers at Westwood, and Rafael Zayas, Yin Bhuyan, and Austin Wen at Vident, as portfolio managers since inception, the document’s wording for a fund that has yet to open.

Westwood said on August 20 that it plans to list PWRX on the Texas Stock Exchange on September 17. The filing names only “the Exchange” and does not give a commencement date.

Source: etf.net, https://etf.net/news/westwood-s-pwrx-at-0-69-would-target-ai-driven-power-demand-with-covered-calls-on-top-2026-09-10. Please cite the page URL.