The most common and most likely answer to this crossword clue is the 12 letter word SUPERSCRIPTS
I've seen this crossword clue in The Daily Telegraph
S
U
P
E
R
S
C
R
I
P
T
S
Buddy explains!
The straight part
We know that "elevated characters" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case elevated characters = superscripts.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does SUPERSCRIPTS mean?
SUPERSCRIPTS noun- A type of lettering form that appears as a number, figure, or symbol above the normal line of type, located at the right or left of another symbol or text.
- (of a variable) To provide with a superscript.
- (of a text) To convert to a superscript form.