From what I can find, it appears that the leaves can go above the water level, but the roots/rhizomes must be fully submerged. One source said that when leaves are above water, there needs to be adequate environmental moisture/humidity to keep the leaves from becoming too dry.
If you are going to plant it in your pond, please let us know how it does!
It will grow emersed in an extremely humid environment. Tie it to a piece of lava rock and place it in a calmer area of your water fall for example, behind a rock. Make sure the leaves are wet all of the time either from flowing water or constant spray. It will stick its leaves up mid-summer when the humidity kicks in. Here is an image of it growing on the waterfall of a small, garden pond. Two larger leaves are growing emersed and many new leaves are springing up out of the water too. Note the long roots trailing in the water flow. Sort of a lousy image but it makes the point.
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