Victory Capital dual-lists 25 VictoryShares ETFs on Nasdaq Texas, as the SEC approves NYSE Texas's $50,000 package for large dual-listers

Victory Capital has dual-listed 25 VictoryShares exchange-traded funds on Nasdaq Texas, effective 27 October. The funds keep their primary listings on The Nasdaq Stock Market, according to Nasdaq’s trader alert, and keep their existing tickers, according to its announcement at 9:00am ET (13:00 GMT) that day. Nasdaq’s announcement, headlined “Victory Capital Becomes the First ETF Issuer to Dual List on Nasdaq Texas”, says Victory Capital is “becoming the first ETF issuer to list on the exchange”. That is Nasdaq’s claim; the ETFs’ shares already traded on Nasdaq Texas before the dual listing, according to the same announcement.

This article reports the contents of exchange announcements and regulatory filings. It is not investment advice or an offer or solicitation to buy or sell any security.

Separately, in an order dated 23 October, the SEC approved a rule allowing NYSE Texas to offer a one-time package of services to large dual-listed companies.

The VictoryShares funds

The alert lists the 25 funds. They span equity, bond and municipal strategies, from the VictoryShares US 500 Volatility Wtd ETF (CFA) to the VictoryShares Core Plus Bond ETF (UBND) and VictoryShares Municipal High Yield ETF (VMHY).

Gabby Vennitti, Nasdaq’s head of ETP listings, said in the announcement: “Execution quality, price discovery, opening and closing auctions, liquidity, and investor access do not change with a dual listing. The ETF shares already trade across Nasdaq’s exchange network, including Nasdaq Texas.” Mannik Dhillon of Victory Capital, which is based in San Antonio, said the move keeps “the trading experience unchanged for our shareholders”.

NYSE Texas Rule 24

The SEC’s order (Release No. 34-106725; SR-NYSETEX-2026-30) is dated 23 October. It grants accelerated approval to the proposal as modified by Amendment No. 1, and was issued by the Division of Trading and Markets under delegated authority. NYSE Texas filed the proposal on 13 August and the amendment on 5 October. The SEC received no comment letters. The order went on Federal Register public inspection on 27 October, for publication on 28 October.

The rule has two parts:

• All listed issuers are entitled to certain complimentary services, including use of the exchange’s headquarters in Dallas, “as described on the Exchange’s website”.
• An “Eligible Dual Listing” is offered “a one-time package of visibility and investor engagement products and services with a commercial value of approximately $50,000”. The package covers an investor meeting at the Dallas headquarters and “a marketing activation” to publicise the dual listing or other corporate news.

To qualify as an Eligible Dual Listing, a company must meet two tests:

• its primary class of equity is listed on another national securities exchange and is being dual-listed on NYSE Texas under Rule 18;
• it has “160 million or more total shares of common stock issued and outstanding in all share classes, including and in addition to treasury shares”. A non-US company needs 160 million or more shares of an equity security issued and outstanding in the US.

Issuers can take some, all or none of the services, and declining has no effect on continued listing. In support, NYSE Texas pointed to Section 907.00 of the NYSE Listed Company Manual, which uses the same 160 million threshold for NYSE’s ongoing complimentary services. It also cited the package Nasdaq Texas adopted in July. That package offers companies listed on Nasdaq Texas by 31 March 2027 one year of one of three services, with stated retail values of between $32,500 and $37,500 a year. Comments on Amendment No. 1 are due 21 days after Federal Register publication, which is scheduled for 28 October; by our count that would be 18 November.

TXSE and Schwab

On TXSE, Schwab’s 1 October release described a “secondary listing” of its common stock from 7 October, with its primary listing staying on the NYSE. Its Form 8-A uses the same term. TXSE’s 26 October ceremony page refers to “the transfer of Charles Schwab’s primary listings”. We set out that discrepancy in our Anthropic S-1 report. Our 8 October piece covers TXSE’s revenue-sharing programme and Nasdaq Texas’s plan to become a primary listing venue.

Why it matters

For market practitioners, the important distinction is between a primary listing and a dual listing. On Nasdaq’s account, a dual listing changes neither the opening and closing auctions nor investor access, and the VictoryShares tickers stay the same. Our 8 October piece set out the extra set-up a primary-listing transfer to TXSE required of members. What the Texas venues are competing on is visibility. The SEC’s order says it views complimentary services “as a discount on the ultimate listing fees”, and finds that NYSE Texas’s package “reflects the current competitive environment for exchange listings”. NYSE Texas’s test is written in terms of shares of common stock, and the SEC’s order does not mention ETFs.

What we are watching

• Further ETF issuers dual-listing on Nasdaq Texas or NYSE Texas.
• The first companies to take the NYSE Texas package.
• The Federal Register citation and comment deadline for SR-NYSETEX-2026-30.