Cushing ETF Trust N-CSRS Certified semi-annual shareholder report (management investment company)

As filed with the U.S. Securities and Exchange Commission on August 8, 2019

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-23367

Cushing ETF Trust

(Exact name of registrant as specified in charter)

300 Crescent Court, Suite 1700

Dallas, TX 75201

(Address of principal executive offices) (Zip code)

Jerry V. Swank

300 Crescent Court, Suite 1700

Dallas, TX 75201

(Name and address of agent for service)

214-692-6334

Registrant’s telephone number, including area code

Date of fiscal year end: November 30

Date of reporting period: May 31, 2019

Item 1. Reports to Stockholders.

Table of Contents

Schedule of Investments	1
Statement of Assets and Liabilities	9
Statement of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	16
Additional Information (Unaudited)	24
Board Approval of Investment Management Agreement	26

Cushing Energy & MLP ETF

Schedule of Investments (Unaudited) May 31, 2019

Common Stock — 81.0%	Shares		Fair Value
Energy Equipment & Services — 17.1%
Netherlands Antilles — 4.7%
Schlumberger Ltd		3,120	$	108,233
United Kingdom — 2.0%
TechnipFMC plc		2,250		46,800
United States — 10.4%
Baker Hughes, a GE company		3,090		66,157
Halliburton Company		2,760		58,760
Helmerich & Payne, Inc.		2,340		114,449
				394,399
Oil, Gas & Consumable Fuels — 58.0%
United States — 58.0%
Anadarko Petroleum Corporation		520		36,592
Apache Corporation		2,720		70,910
Cabot Oil & Gas Corporation		1,150		28,773
Chevron Corporation		750		85,388
Cimarex Energy Company		400		22,876
Conoco Phillips		710		41,862
Devon Energy Corporation		980		24,657
EOG Resources Inc.		310		25,383
Exxon Mobil Corporation		1,410		99,786
Hess Corporation		570		31,840
HollyFrontier Corporation		1,640		62,287
Kinder Morgan, Inc.		5,560		110,922
Marathon Oil Corporation		1,980		26,037
Marathon Petroleum Corporation		1,820		83,702
Noble Energy, Inc.		2,050		43,870
Occidental Petroleum Corporation		2,510		124,923
ONEOK, Inc.		1,780		113,243
Phillips 66		1,140		92,112
Valero Energy Corporation		1,310		92,224
Williams Companies, Inc.		4,640		122,403
				1,339,790
Midstream — 5.9%
United States — 5.9%
Antero Midstream Corporation		3,750		45,825
EnLink Midstream, LLC		4,360		45,257
Targa Resources Corporation		1,200		46,152
				137,234
Total Common Stock (Cost $2,039,233)			$	1,871,423
MLP Investments and Related Companies — 18.2%	Units
Midstream — 18.2%
United States — 18.2%
BP Midstream Partners L.P.		3,180	$	46,364
CNX Midstream Partners, L.P.		3,290		48,231
DCP Midstream Partners, L.P.		1,500		45,630
Enable Midstream Partners, L.P.		3,550		46,115
EQM Midstream Partners, L.P.		1,080		46,548
Genesis Energy, L.P.		2,090		45,604
NGL Energy Partners L.P.		3,220		47,785
Suburban Propane Partners, L.P.		2,030		46,487

See Accompanying Notes to the Financial Statements.

1

Cushing Energy & MLP ETF

Schedule of Investments (Unaudited) May 31, 2019 — (Continued)

MLP Investments and Related Companies — (Continued)	Units		Fair Value
Midstream — (Continued)
United States — (Continued)
Tallgrass Energy, L.P.		1,980	$	47,104
				419,868
Total MLP Investments and Related Companies (Cost $417,466)			$	419,868
Short-Term Investments — Investment Companies — 0.6%	Shares
United States — 0.6%
First American Government Obligations Fund — Class Z, 2.32%(1)		6,300	$	6,300
First American Treasury Obligations Fund — Class Z, 2.31%(1)		6,300		6,300
Total Short-Term Investments — Investment Companies (Cost $12,600)			$	12,600
Total Investments — 99.8% (Cost $2,469,299)			$	2,303,891
Other Assets in Excess of Liabilities — 0.2%				5,006
Net Assets Applicable to Common Stockholders — 100.0%			$	2,308,897

⁽¹⁾  Rate reported is the current yield as of May 31, 2019.

See Accompanying Notes to the Financial Statements.

2

Cushing Energy Supply Chain & MLP ETF

Schedule of Investments (Unaudited) May 31, 2019

Common Stock — 81.1%	Shares		Fair Value
Chemicals — 22.1%
Ireland — 1.2%
Linde plc		80	$	14,444
Netherlands — 3.2%
LyondellBasell Industries N.V.		505		37,496
United States — 17.7%
Air Products and Chemicals, Inc.		90		18,323
Albamerle Corporation		255		16,141
Celanese Corporation		195		18,511
CF Industries Holdings, Inc.		565		22,736
Dow Inc.		910		42,552
DowDuPont Inc.		450		13,734
Eastman Chemical Company		405		26,293
FMC Corp		240		17,628
International Flavors & Fragrances, Inc.		125		16,928
PPG Industries, Inc.		130		13,604
				258,390
Containers & Packaging — 11.2%
United States — 11.2%
Avery Dennison Corporation		175		18,210
International Paper Company		840		34,835
Packaging Corporation of America		295		26,279
Sealed Air Corporation		290		12,151
WestRock Company		1,185		38,631
				130,106
Energy Equipment Services — 9.6%
Netherlands Antilles — 2.6%
Schlumberger Ltd		880		30,527
United Kingdom — 1.2%
TechnipFMC plc		640		13,312
United States — 5.8%
Baker Hughes, a GE company		875		18,734
Halliburton Company		780		16,606
Helmerich & Payne, Inc.		665		32,525
				111,704
Oil, Gas & Consumable Fuels — 27.8%
United States — 27.8%
Apache Corporation		765		19,944
Chevron Corporation		215		24,478
Conoco Phillips		200		11,792
Exxon Mobil Corporation		400		28,308
HollyFrontier Corporation		465		17,661
Kinder Morgan, Inc.		1,575		31,421
Marathon Petroleum Corporation		520		23,915
Noble Energy, Inc.		585		12,519
Occidental Petroleum Corporation		710		35,337
ONEOK, Inc.		505		32,128
Phillips 66		325		26,260
Valero Energy Corporation		370		26,048

See Accompanying Notes to the Financial Statements.

3

Cushing Energy Supply Chain & MLP ETF

Schedule of Investments (Unaudited) May 31, 2019 — (Continued)

Common Stock — (Continued)	Shares		Fair Value
Oil, Gas & Consumable Fuels — (Continued)
United States — (Continued)
Williams Companies, Inc.		1,315	$	34,690
				324,501
Metals & Mining — 4.5%
United States — 4.5%
Freeport-McMoRan, Inc		1,530		14,856
Newmont Goldcorp Corporation		450		14,890
Nucor Corporation		465		22,320
				52,066
Midstream — 5.9%
United States — 5.9%
Antero Midstream Corporation		1,880		22,974
EnLink Midstream, LLC		2,185		22,680
Targa Resources Corporation		600		23,076
				68,730
Total Common Stock (Cost $1,047,937)			$	945,497
MLP Investments and Related Companies — 18.0%	Units
Midstream — 18.0%
United States — 18.0%
BP Midstream Partners L.P.		1,590	$	23,182
CNX Midstream Partners, L.P.		1,650		24,189
DCP Midstream Partners, L.P.		750		22,815
Enable Midstream Partners, L.P.		1,775		23,057
EQM Midstream Partners, L.P.		545		23,490
Genesis Energy, L.P.		1,045		22,802
Suburban Propane Partners, L.P.		1,015		23,244
NGL Energy Partners L.P.		1,610		23,892
Tallgrass Energy, L.P.		990		23,552
				210,223
Total MLP Investments and Related Companies (Cost $210,115)			$	210,223
Short-Term Investments — Investment Companies — 0.4%	Shares
United States — 0.4%
First American Government Obligations Fund — Class Z, 2.32%(1)		2,543	$	2,543
First American Treasury Obligations Fund — Class Z, 2.31%(1)		2,543		2,543
Total Short-Term Investments — Investment Companies (Cost $5,086)			$	5,086
Total Investments — 99.5% (Cost $1,263,138)			$	1,160,806
Other Assets in Excess of Liabilities — 0.5%				5,502
Net Assets Applicable to Common Stockholders — 100.0%			$	1,166,308

⁽¹⁾  Rate reported is the current yield as of May 31, 2019.

See Accompanying Notes to the Financial Statements.

4

Cushing Transportation & MLP ETF

Schedule of Investments (Unaudited) May 31, 2019

Common Stock — 81.4%	Shares		Fair Value
Air Freight & Logistics — 20.9%
United States — 20.9%
C.H. Robinson Worldwide, Inc.		1,820	$	144,927
Expeditors International of Washington, Inc.		1,380		96,034
FedEx Corp.		700		107,996
United Parcel Service, Inc.		1,530		142,168
				491,125
Airlines — 19.5%
United States — 19.5%
Alaska Air Group, Inc.		2,400		139,680
American Airlines Group, Inc.		3,210		87,408
Delta Air Lines, Inc.		2,670		137,505
Southwest Airlines Co.		1,940		92,344
				456,937
Marine — 5.9%
United States — 5.9%
Matson, Inc.		4,050		138,591
Midstream — 5.9%
United States — 5.9%
Antero Midstream Corporation		3,800		46,436
EnLink Midstream, LLC		4,420		45,880
Targa Resources Corporation		1,220		46,921
				139,237
Road & Rail — 29.2%
United States — 29.2%
CSX Corporation		1,190		88,619
J.B. Hunt Transport Services, Inc.		920		78,329
Kansas City Southern		700		79,296
Landstar Systems, Inc.		450		43,313
Norfolk Southern Corporation		610		119,035
Ryder Systems, Inc.		2,710		136,855
Union Pacific Corporation		850		141,763
				687,210
Total Common Stock (Cost $2,043,165)			$	1,913,100
MLP Investments and Related Companies — 18.2%	Units
Midstream — 18.2%
United States — 18.2%
BP Midstream Partners L.P.		3,230	$	47,093
CNX Midstream Partners, L.P.		3,340		48,964
DCP Midstream Partners, L.P.		1,530		46,543
Enable Midstream Partners, L.P.		3,600		46,764
EQM Midstream Partners, L.P.		1,090		46,979
Genesis Energy, L.P.		2,120		46,258
NGL Energy Partners L.P.		3,270		48,527
Suburban Propane Partners, L.P.		2,060		47,174
Tallgrass Energy, L.P.		2,010		47,818
				426,120
Total MLP Investments and Related Companies (Cost $422,798)			$	426,120

See Accompanying Notes to the Financial Statements.

5

Cushing Transportation & MLP ETF

Schedule of Investments (Unaudited) May 31, 2019 — (Continued)

Short-Term Investments — Investment Companies — 0.3%	Shares		Fair Value
United States — 0.3%
First American Government Obligations Fund — Class Z, 2.32%(1)		3,848	$	3,848
First American Treasury Obligations Fund — Class Z, 2.31%(1)		3,847		3,847
Total Short-Term Investments — Investment Companies (Cost $7,695)			$	7,695
Total Investments — 99.9% (Cost $2,473,658)			$	2,346,915
Other Assets in Excess of Liabilities — 0.1%				2,886
Net Assets Applicable to Common Stockholders — 100.0%			$	2,349,801

⁽¹⁾  Rate reported is the current yield as of May 31, 2019.

See Accompanying Notes to the Financial Statements.

6

Cushing Utility & MLP ETF

Schedule of Investments (Unaudited) May 31, 2019

Common Stock — 81.7%	Shares		Fair Value
Electric Utilities — 42.2%
United States — 42.2%
Alliant Energy Corporation		1,380	$	65,495
American Electric Power Co., Inc.		790		68,035
Duke Energy Corporation		1,090		93,315
Edison International		1,530		90,836
Entergy Corporation		860		83,480
Evergy, Inc.		1,230		71,512
Eversource Energy		870		64,241
Exelon Corporation		1,350		64,908
FirstEnergy Corp		1,920		79,181
NextEra Energy, Inc.		280		55,499
Pinnacle West Capital Corporation		710		66,676
The PPL Corporation		3,980		118,445
The Southern Company		1,900		101,650
Xcel Energy, Inc.		1,070		61,354
				1,084,627
Gas Utilities — 1.8%
United States — 1.8%
Atmos Energy Corporation		450		45,810
Independent Power and Renewable — 2.8%
United States — 2.8%
The AES Corporation		4,540		71,732
Midstream — 5.9%
United States — 5.9%
Antero Midstream Corporation		4,110		50,224
EnLink Midstream, LLC		4,750		49,305
Targa Resources Corporation		1,320		50,767
				150,296
Multi-Utilities — 27.5%
United States — 27.5%
Ameren Corporation		760		55,738
CenterPoint Energy, Inc.		3,000		85,320
CMS Energy Corporation		1,080		60,599
Consolidated Edison, Inc.		880		75,944
Dominion Energy, Inc.		1,400		105,252
DTE Energy		520		65,244
NiSource Inc.		2,260		62,941
The Public Service Enterprise Group, Inc.		1,150		67,574
Sempra Energy		490		64,410
WEC Energy Group, Inc.		800		64,440
				707,462
Water Utilities — 1.5%
United States — 1.5%
American Water Works Company, Inc.		350		39,557
Total Common Stock (Cost $2,019,279)			$	2,099,484
MLP Investments and Related Companies — 17.9%	Units
Midstream — 5.9%
United States — 5.9%
BP Midstream Partners L.P.		3,500	$	51,030
CNX Midstream Partners, L.P.		3,590		52,630

See Accompanying Notes to the Financial Statements.

7

Cushing Utility & MLP ETF

Schedule of Investments (Unaudited) May 31, 2019 — (Continued)

MLP Investments and Related Companies — (Continued)	Units		Fair Value
Midstream — (Continued)
United States — (Continued)
DCP Midstream Partners, L.P.		1,640	$	49,889
Enable Midstream Partners, L.P.		3,880		50,401
EQM Midstream Partners, L.P.		1,190		51,289
Genesis Energy, L.P.		2,290		49,968
NGL Energy Partners L.P.		3,530		52,385
Suburban Propane Partners, L.P.		2,220		50,838
Tallgrass Energy, L.P.		2,160		51,386
				459,816
Total MLP Investments and Related Companies (Cost $453,961)			$	459,816
Short-Term Investments — Investment Companies — 0.3%	Shares
United States — 0.3%
First American Government Obligations Fund — Class Z, 2.32%(1)		4,727	$	4,727
First American Treasury Obligations Fund — Class Z, 2.31%(1)		4,728		4,728
Total Short-Term Investments — Investment Companies (Cost $9,455)			$	9,455
Total Investments — 99.9% (Cost $2,482,695)			$	2,568,755
Other Assets in Excess of Liabilities — 0.1%				1,843
Net Assets Applicable to Common Stockholders — 100.0%			$	2,570,598

⁽¹⁾  Rate reported is the current yield as of May 31, 2019.

See Accompanying Notes to the Financial Statements.

8

Cushing ETF Trust

Statements of Assets & Liabilities (Unaudited)

May 31, 2019

	Cushing Energy & MLP ETF			Cushing Energy Supply Chain & MLP ETF			Cushing Transportation & MLP ETF			Cushing Utility & MLP ETF
Assets
Investments, at fair value	$	2,303,891		$	1,160,806		$	2,346,915		$	2,568,755
Receivable for investments sold		317,502			169,115			272,226			233,790
Distributions and dividends receivable		7,725			4,994			6,740			9,214
Interest receivable		28			23			16			24
Other assets		—			19			—			—
Total assets		2,629,146			1,334,957			2,625,897			2,811,783
Liabilities
Payable to Adviser		1,369			1,154			1,384			1,436
Payable for investments purchased		318,880			167,495			274,712			239,749
Total liabilities		320,249			168,649			276,096			241,185
Components of Net Assets
Paid-in capital	$	2,466,207		$	1,236,758		$	2,466,394		$	2,466,692
Total distributable earnings/(accumulated loss)		(157,310	)		(70,450	)		(116,593	)		103,906
Net assets applicable to common stockholders	$	2,308,897		$	1,166,308		$	2,349,801		$	2,570,598
Net Asset Value
Net assets applicable to common stockholders	$	2,308,897		$	1,166,308		$	2,349,801		$	2,570,598
Shares outstanding		100,000			50,000			100,000			100,000
Net asset value, offering, and redemption price per share	$	23.09		$	23.33		$	23.50		$	25.71
Cost of investments	$	2,469,299		$	1,263,138		$	2,473,658		$	2,482,695

See Accompanying Notes to the Financial Statements.

9

Cushing ETF Trust

Statements of Operations (Unaudited)

Period from December 6, 2018⁽¹⁾ through May 31, 2019

	Cushing Energy & MLP ETF			Cushing Energy Supply Chain & MLP ETF			Cushing Transportation & MLP ETF			Cushing Utility & MLP ETF
Investment Income
Distributions and dividends received	$	62,050		$	60,606		$	46,695		$	62,649
Less: return of capital on distributions		(25,927	)		(26,299	)		(25,960	)		(26,633	)
Distribution and dividend income		36,123			34,307			20,735			36,016
Interest income		170			162			143			144
Total Investment Income		36,293			34,469			20,878			36,160
Expenses
Adviser fees		7,766			7,571			7,674			7,908
Total Expenses		7,766			7,571			7,674			7,908
Net Investment Income		28,527			26,898			13,204			28,252
Realized and Unrealized Gain (Loss) on Investments
Net realized gain on investments		8,098			31,882			10,150			17,846
Net change in unrealized appreciation (depreciation) of investments		(165,408	)		(102,332	)		(126,743	)		86,060
Net Realized and Unrealized Gain (Loss) on Investments		(157,310	)		(70,450	)		(116,593	)		103,906
Net Increase (Decrease) in Net Assets Applicable to Common Stockholders Resulting from Operations	$	(128,783	)	$	(43,552	)	$	(103,389	)	$	132,158

⁽¹⁾  Commencement of operations.

See Accompanying Notes to the Financial Statements.

10

Cushing ETF Trust

Statements of Changes in Net Assets (Unaudited)

Period from December 6, 2018⁽¹⁾ through May 31, 2019

	Cushing Energy & MLP ETF			Cushing Energy Supply Chain & MLP ETF			Cushing Transportation & MLP ETF			Cushing Utility & MLP ETF
Operations
Net investment income (loss)	$	28,527		$	26,898		$	13,204		$	28,252
Net realized gain on investments		8,098			31,882			10,150			17,846
Net change in unrealized appreciation (depreciation) of investments		(165,408	)		(102,332	)		(126,743	)		86,060
Net increase (decrease) in net assets applicable to common stockholders resulting from operations		(128,783	)		(43,552	)		(103,389	)		132,158
Distributions and Dividends to Common Stockholders
Distributable earnings		(28,527	)		(26,898	)		(13,204	)		(28,252	)
Return of capital		(33,793	)		(33,382	)		(33,606	)		(33,308	)
Total distributions to shareholders		(62,320	)		(60,280	)		(46,810	)		(61,560	)
Capital Share Transactions
Proceeds from shares sold		2,500,000			2,500,000			2,500,000			2,500,000
Payments for shares redeemed		—			(1,229,860	)		—			—
Net increase in net assets applicable to common stockholders from capital share transactions		2,500,000			1,270,140			2,500,000			2,500,000
Total decrease in net assets applicable to common stockholders		2,308,897			1,166,308			2,349,801			2,570,598
Net Assets
Beginning of period		—			—			—			—
End of period	$	2,308,897		$	1,166,308		$	2,349,801		$	2,570,598

⁽¹⁾  Commencement of operations.

⁽²⁾  Summary of capital share transactions is as follows:

	Shares		Shares			Shares		Shares
Subscriptions		100,000		100,000			100,000		100,000
Redemptions		—		(50,000	)		—		—
Net increase		100,000		50,000			100,000		100,000

See Accompanying Notes to the Financial Statements.

11

Cushing ETF Trust

Cushing Energy & MLP ETF

Financial Highlights (Unaudited)

	Period From December 6, 2018(1) through May 31, 2019
Per Common Share Data(2)
Net Asset Value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income(3)		0.28
Net realized and unrealized loss on investments		(1.57	)
Total decrease from investment operations		(1.29	)
Less Distributions to Common Stockholders:
Net investment income		(0.28	)
Return of capital		(0.34	)
Total distributions to common stockholders		(0.62	)
Net Asset Value, end of period	$	23.09
Total Investment Return		(5.25	)%(4)
Supplemental Data and Ratios
Net assets applicable to common stockholders, end of period (000’s)	$	2,309
Ratio of expenses to average net assets		0.65	%
Ratio of net investment income (loss) to average net assets		2.39	%
Portfolio turnover rate		42.68	%(4)

⁽¹⁾  Commencement of operations.

⁽²⁾  Information presented relates to a share of common stock outstanding for the entire period.

⁽³⁾  Calculated using average shares outstanding method.

⁽⁴⁾  Not annualized.

See Accompanying Notes to the Financial Statements.

12

Cushing ETF Trust

Cushing Energy Supply Chain & MLP ETF

Financial Highlights (Unaudited)

	Period From December 6, 2018(1) through May 31, 2019
Per Common Share Data(2)
Net Asset Value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income(3)		0.27
Net realized and unrealized loss on investments		(1.34	)
Total decrease from investment operations		(1.07	)
Less Distributions to Common Stockholders:
Net investment income		(0.27	)
Return of capital		(0.33	)
Total distributions to common stockholders		(0.60	)
Net Asset Value, end of period	$	23.33
Total Investment Return		(4.37	)%(4)
Supplemental Data and Ratios
Net assets applicable to common stockholders, end of period (000’s)	$	1,166
Ratio of expenses to average net assets		0.65	%
Ratio of net investment income (loss) to average net assets		2.31	%
Portfolio turnover rate		97.73	%(4)

⁽¹⁾  Commencement of operations.

⁽²⁾  Information presented relates to a share of common stock outstanding for the entire period.

⁽³⁾  Calculated using average shares outstanding method.

⁽⁴⁾  Not annualized.

See Accompanying Notes to the Financial Statements.

13

Cushing ETF Trust

Cushing Transportation & MLP ETF

Financial Highlights (Unaudited)

	Period From December 6, 2018(1) through May 31, 2019
Per Common Share Data(2)
Net Asset Value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income(3)		0.13
Net realized and unrealized loss on investments		(1.16	)
Total decrease from investment operations		(1.03	)
Less Distributions to Common Stockholders:
Net investment income		(0.13	)
Return of capital		(0.34	)
Total distributions to common stockholders		(0.47	)
Net Asset Value, end of period	$	23.50
Total Investment Return		(4.07	)%(4)
Supplemental Data and Ratios
Net assets applicable to common stockholders, end of period (000’s)	$	2,350
Ratio of expenses to average net assets		0.65	%
Ratio of net investment income (loss) to average net assets		1.12	%
Portfolio turnover rate		34.21	%(4)

⁽¹⁾  Commencement of operations.

⁽²⁾  Information presented relates to a share of common stock outstanding for the entire period.

⁽³⁾  Calculated using average shares outstanding method.

⁽⁴⁾  Not annualized.

See Accompanying Notes to the Financial Statements.

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Cushing ETF Trust

Cushing Utility & MLP ETF

Financial Highlights (Unaudited)

	Period From December 6, 2018(1) through May 31, 2019
Per Common Share Data(2)
Net Asset Value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income(3)		0.28
Net realized and unrealized loss on investments		1.05
Total decrease from investment operations		1.33
Less Distributions to Common Stockholders:
Net investment income		(0.28	)
Return of capital		(0.34	)
Total distributions to common stockholders		(0.62	)
Net Asset Value, end of period	$	25.71
Total Investment Return		5.48	%(4)
Supplemental Data and Ratios
Net assets applicable to common stockholders, end of period (000’s)	$	2,571
Ratio of expenses to average net assets		0.65	%
Ratio of net investment income (loss) to average net assets		2.32	%
Portfolio turnover rate		33.54	%(4)

⁽¹⁾  Commencement of operations.

⁽²⁾  Information presented relates to a share of common stock outstanding for the entire period.

⁽³⁾  Calculated using average shares outstanding method.

⁽⁴⁾  Not annualized.

See Accompanying Notes to the Financial Statements.

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Cushing^® ETF Trust

Cushing^® Energy & MLP ETF, Cushing^® Energy Supply Chain & MLP ETF, Cushing^® Transportation & MLP ETF, and Cushing^® Utility & MLP ETF

Notes to Financial Statements (Unaudited)

May 31, 2019

1.    Organization

Cushing^® ETF Trust (the “Trust”), a Delaware statutory trust organized on June 1, 2018, is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open end management Investment Company and is currently comprised of four separate Series (collectively referred to as the “Funds and each individually referred to as a “Fund”). These financial statements and notes relate to the Cushing^® Energy & MLP ETF (“XLEY”), Cushing^® Energy Supply Chain & MLP ETF (“XLSY”), Cushing^® Transportation & MLP ETF (“XLTY”), and Cushing^® Utility & MLP ETF (“XLUY”), each anon-diversified fund. The investment objective of each Fund is to provide investment results that, before fees and expenses, correspond generally to the total return performance of a specified market index. Each Fund commenced operations on December 6, 2018.

Each Fund lists and principally trades with shares on the New York Stock Exchange (“NYSE” or “Exchange”). Shares of a Fund trade on the Exchange at market prices that may be below, at, or above the Fund’s net asset value (“NAV”). The Funds will issue and redeem shares on a continuous basis at NAV only in large blocks of shares, typically 10,000 shares, called “Creation Units.” Creation Units will be issued and redeemed principallyin-kind for securities included in a specified universe. Once created, shares generally will trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Quasar Distributors, LLC (“the Distributor”). Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

Each Fund currently offers one class of shares that has nofront-end sales load, no deferred sales charge and no redemption fee. The standard fixed transaction fee for each Fund is $200, payable to the custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. There were no variable fees received during the period. Each Fund may issue an unlimited number of shares (“Shares”) of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

2.    Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

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A.  Use of Estimates

The following is a summary of significant accounting policies, consistently followed by the Funds in preparation of the financial statements. Each Funds is considered an investment company and accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standard Codification Topic 946,Financial Services — Investment Companies, which is part of U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, recognition of distribution income and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

B.  Investment Valuation

The Funds use the following valuation methods to determine fair value as either fair value for investments for which market quotations are available, or if not available, the fair value, as determined in good faith pursuant to such policies and procedures as may be approved by the Funds’ Board of Trustees (“Board of Trustees”) from time to time. The valuation of the portfolio securities of the Funds currently includes the following processes:

(i)  The market value of each security listed or traded on any recognized securities exchange or automated quotation system will be the last reported sale price at the relevant valuation date on the composite tape or on the principal exchange on which such security is traded except those listed on the NASDAQ Global Market^®, NASDAQ Global Select Market^® and the NASDAQ Capital Market^® exchanges (collectively, “NASDAQ”). Securities traded on NASDAQ will be valued at the NASDAQ official closing price. If no sale is reported on that date, the closing price from the prior day may be used.

(ii)  Each Fund’snon-marketable investments will generally be valued in such manner as the Adviser determines in good faith to reflect their fair values under procedures established by, and under the general supervision and responsibility of, the Board of Trustees. The pricing of all assets that are fair valued in this manner will be subsequently reported to and ratified by the Board of Trustees.

(iii)  An equity security of a publicly traded company acquired in a private placement transaction without registration under the Securities Act of 1933, as amended (the “1933 Act”), is subject to restrictions on resale that can affect the security’s liquidity and fair value. If such a security is convertible into publicly traded common shares, the security generally will be valued at the common share market price adjusted by a percentage discount due to the restrictions and categorized as Level 2 in the fair value hierarchy.

To the extent that such securities are convertible or otherwise become freely tradable within a time frame that may be reasonably determined, an amortization schedule may be used to determine the discount. If the security has characteristics that are dissimilar to the class of security that trades on the open market, the security will generally be valued and categorized as Level 3.

C.  Security Transactions, Investment Income and Expenses

Security transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains and losses are reported on a specific identified cost basis. Interest income is recognized on an accrual basis, including amortization of premiums and accretion of discounts. Distributions are recorded on theex-dividend date. Distributions received from the Funds’ investments in master limited partnerships (“MLPs”) generally are comprised of ordinary income, capital gains and return of capital from the MLPs. Each Fund records investment income on theex-date of the Distributions. For financial statement

17

purposes, each Fund uses return of capital and income estimates to allocate the Distribution income received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded, as the actual character of these Distributions is not known until after the fiscal year end of the Funds.

Each Fund estimates the allocation of investment income and return of capital for the Distributions received from its portfolio investments within the Statement of Operations. For the period ended May 31, 2019, XLEY, XLSY, XLTY, and XLUY, have estimated approximately 42%, 43%, 56%, and 43%, respectively, of the Distributions received from its portfolio investments to be return of capital.

Expenses are recorded on an accrual basis.

D.  Distributions to Stockholders

Distributions to common stockholders are recorded on theex-dividend date. Dividends from net investment income, if any, will be declared and paid at least annually by the Funds. The Funds distribute their net realized capital gains, if any, to shareholders annually.

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investments and foreign currency for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed (accumulated) net investment income (loss), accumulated net realized gain (loss) on investments orpaid-in capital, as appropriate, in the period that the differences arise.

E.  Federal Income Taxation

Each Fund intends to qualify each year for special tax treatment afforded to a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“IRC”). In order to qualify as a RIC, each Fund must, among other things, satisfy income, asset diversification and distribution requirements. As long as it so qualifies, each Fund will not be subject to U.S. federal income tax to the extent that is distributes annually its investment company taxable income (which includes ordinary income and the excess of net short-term capital gain over net long-term capital loss) and its “net capital gain” (i.e., the excess of net long-term capital gain over net short-term capital loss). Each Fund intends to distribute at least annually substantially all of such income and gain. If a Fund retains any investment company taxable income or net capital gain, it will be subject to U.S. federal income tax on the retained amount at regular corporate tax rates. In addition, if a Fund fails to qualify as a RIC for any taxable year, it will be subject to U.S. federal income tax on all its income and gains at regular corporate tax rates. Each Fund recognizes in the financial statements the impact of a tax position, if that position is morelikely-than-not to be sustained on examination by the taxing authorities, based on the technical merits of the position. Tax benefits resulting from such a position are measured as the amount that has a greater than fifty percent likelihood on a cumulative basis to be sustained on examination.

F.  Cash and Cash Equivalents

Each Fund considers all highly liquid investments purchased with initial maturity equal to or less than three months to be cash equivalents.

G.  Organizational and Offering Costs

All organizational and offering costs for the Trust and the Funds are borne by the Adviser. The Trust and the Funds do not have an obligation to reimburse the Advisor for organization and offering costs paid on their behalf.

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H.  Cash Flow Information

Each Fund makes Distributions from investments, which include the amount received as cash distributions from MLPs, common stock dividends and interest payments. These activities are reported in the Statement of Changes in Net Assets.

I.  Indemnification

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust and the Funds may enter into contracts that provide general indemnification to other parties. The Trust and Funds’ maximum exposure under such indemnification arrangements is unknown, as this would involve future claims that may be made against the Trust and/or Funds that have not yet occurred and may not occur. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

J.  Recent Accounting Pronouncements

In August 2018, the FASB issued Accounting Standards Update2018-13,Fair Value Measurement (Topic 820) — Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement(“ASU2018-13”) which introduces new fair value disclosure requirements as well aseliminates and modifies certain existing fair value disclosure requirements. ASU2018-13 would beeffective for fiscal years beginning after December 15, 2019, and interim periods within those fiscalyears; however, management has elected to early adopt ASU2018-13 effective with the current reportingperiod. The impact of the Funds’ adoption was limited to changes in the Funds’ financial statementdisclosures regarding fair value, primarily those disclosures related to transfers between levels of thefair value hierarchy.

3.    Concentrations of Risk

Each Fund, under normal market conditions, invests at least 80% of its assets (exclusive of any collateral held from securities lending) in the securities of its respective Index. Therefore, the Fund may be subject to more risks than if they were more broadly diversified over numerous industries which they invest may adversely affect the Fund, and the performance of such sectors may lag behind the broader market as a whole.

The Funds are also subject to MLP structure risk. Holders of MLP units are subject to certain risks inherent in the structure of MLPs, including (i) tax risks, (ii) the limited ability to elect or remove management or the general partner or managing member, (iii) limited voting rights, except with respect to extraordinary transactions, and (iv) conflicts of interest between the general partner or managing member and its affiliates, on the one hand, and the limited partners or members, on the other hand, including those arising from incentive distribution payments or corporate opportunities.

4.    Investment Advisory Agreement and Other Agreements

Pursuant to an Investment Advisory Agreement (“Advisory Agreement”) between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees theday-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser is also responsible for arranging, in consultation with Penserra Capital Management, LLC, (the“Sub-Adviser”), custody, fund administration, transfer agency, and accounting, and othernon-distribution related services necessary for the Funds to operate. The Adviser administers the Funds’ business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. The Adviser bears the costs of all advisory andnon-advisory services required to operate the Funds, in exchange for a single unitary management fee.

19

For services provided to the Funds, each Fund pays the Adviser 0.65% at an annual rate based on each Fund’s average daily net assets.

U.S. Bank National Association acts as the Funds’ custodian. U.S. Bank Global Fund Services, an affiliate of U.S. Bank National Association, serves as the Funds’ fund accounting agent, transfer agent and fund administrator.

5.    Income Taxes

The character of Distributions to common stockholders made during the year may differ from their ultimate characterization for federal income tax purposes. For the period ended May 31, 2019, the Funds’ Distributions were expected to be:

	Ordinary Income	Return of Capital
Cushing® Energy & MLP ETF	$28,527	$33,793
	45.8%	54.2%
Cushing® Energy Supply Chain & MLP ETF	$26,898	$33,382
	44.6%	55.4%
Cushing® Transportation & MLP ETF	$13,204	$33,606
	28.2%	71.8%
Cushing® Utility & MLP ETF	$28,252	$33,308
	45.9%	54.1%

The final character of Distributions paid for the fiscal year ended November 30, 2019 will be determined in early 2020.

6.    Fair Value Measurements

Various inputs that are used in determining the fair value of the Funds’ investments are summarized in the three broad levels listed below:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. These inputs are summarized in the three levels listed below.

Cushing Energy & MLP ETF

			Fair Value Measurements at Reporting Date Using
Description	Fair Value at May 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Equity Securities
Common Stock(a)	$	1,871,423	$	1,871,423	$	—	$	—
Master Limited Partnerships and Related Companies(a)		419,868		419,868		—		—
Total Equity Securities		2,291,291		2,291,291		—		—
Other
Short Term Investments(a)		12,600		12,600		—		—
Total Other		12,600		12,600		—		—
Total Assets	$	2,303,891	$	2,303,891	$	—	$	—

^(a)  All other industry classifications are identified in the Schedule of Investments. The Fund did not hold Level 3 investments at any time during the period ended May 31, 2019.

Cushing Energy Supply Chain & MLP ETF

			Fair Value Measurements at Reporting Date Using
Description	Fair Value at May 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Equity Securities
Common Stock(a)	$	945,497	$	945,497	$	—	$	—
Master Limited Partnerships and Related Companies(a)		210,223		210,223		—		—
Total Equity Securities		1,155,720		1,155,720		—		—
Other
Short Term Investments(a)		5,086		5,086		—		—
Total Other		5,086		5,086		—		—
Total Assets	$	1,160,806	$	1,160,806	$	—	$	—

^(a)  All other industry classifications are identified in the Schedule of Investments. The Fund did not hold Level 3 investments at any time during the period ended May 31, 2019.

21

Cushing Transportation & MLP ETF

			Fair Value Measurements at Reporting Date Using
Description	Fair Value at May 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Equity Securities
Common Stock(a)	$	1,913,100	$	1,913,100	$	—	$	—
Master Limited Partnerships and Related Companies(a)		426,120		426,120		—		—
Total Equity Securities		2,339,220		2,339,220		—		—
Other
Short Term Investments(a)		7,695		7,695		—		—
Total Other		7,695		7,695		—		—
Total Assets	$	2,346,915	$	2,346,915	$	—	$	—

^(a)  All other industry classifications are identified in the Schedule of Investments. The Fund did not hold Level 3 investments at any time during the period ended May 31, 2019.

Cushing Utility & MLP ETF

			Fair Value Measurements at Reporting Date Using
Description	Fair Value at May 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Equity Securities
Common Stock(a)	$	2,099,484	$	2,099,484	$	—	$	—
Master Limited Partnerships and Related Companies(a)		459,816		459,816		—		—
Total Equity Securities		2,599,300		2,599,300		—		—
Other
Short Term Investments(a)		9,455		9,455		—		—
Total Other		9,455		9,455		—		—
Total Assets	$	2,568,755	$	2,568,755	$	—	$	—

^(a)  All other industry classifications are identified in the Schedule of Investments. The Fund did not hold Level 3 investments at any time during the period ended May 31, 2019.

7.    Investment Transactions

For the period December 6, 2018 through May 31, 2019, the purchases and sales of investments in securities, excludingin-kind transactions and short-term securities were:

	Purchases		Sales
Cushing® Energy & MLP ETF	$	1,140,086	$	1,038,549
Cushing® Energy Supply Chain & MLP ETF	$	1,093,126	$	1,380,792
Cushing® Transportation & MLP ETF	$	946,262	$	828,479
Cushing® Utility & MLP ETF	$	869,430	$	844,904

22

For the period December 6, 2018 through May 31, 2019,in-kind transactions associated with creations and redemptions were:

	Purchases		Sales
Cushing® Energy & MLP ETF	$	2,372,992	$	—
Cushing® Energy Supply Chain & MLP ETF	$	2,365,425	$	1,221,290
Cushing® Transportation & MLP ETF	$	2,363,991	$	—
Cushing® Utility & MLP ETF	$	2,457,501	$	—

8.    Subsequent Events

Management has evaluated subsequent events through the date the financial statements were available for issuance. Based on this evaluation, no adjustments to the financial statements were required.

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Cushing ETF Trust

Cushing Energy & MLP ETF, Cushing Energy Supply Chain & MLP ETF, Cushing Transportation & MLP ETF, and Cushing Utility & MLP ETF

Additional Information (Unaudited)

May 31, 2019

Trustee and Executive Officer Compensation

The Fund does not currently compensate any of its trustees who are interested persons or any of its officers. For the period ended
May 31, 2019, the aggregate compensation paid by the Adviser to the independent trustees was $72,000. The Fund did not pay any special compensation to any of its trustees or officers. The Fund continuously monitors standard industry practices and this policy is subject to change.

Cautionary Note Regarding Forward-Looking Statements

This report contains “forward-looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objective will be attained.

Proxy Voting Policies

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities owned by the Fund and information regarding how the Fund voted proxies relating to the portfolio of securities during the 12-month period ended June 30 are available to shareholders without charge, upon request by calling the Fund toll-free at(800)236-4424 and on the Fund’s website at www.cushingetfs.com. Information regarding how the Fund voted proxies are also available to shareholders without charge on the SEC’s website at www.sec.gov.

FormN-Q

The Fund will file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the SEC on FormN-Q. The Fund’s FormN-Q and statement of additional information are available without charge by visiting the SEC’s website at www.sec.gov. In addition, you may review and copy the Fund’s FormN-Q at the SEC’s Public Reference Room in Washington D.C. You may obtain information on the operation of the Public Reference Room by calling(800) SEC-0330.

Portfolio Turnover

The portfolio turnover rates for the period ended May 31, 2019 were 42.68%, 97.73%, 34.21%, and 33.54% for Cushing Energy & MLP ETF, Cushing Energy Supply Chain & MLP ETF, Cushing Transportation & MLP ETF, and Cushing Utility & MLP ETF, respectively. Portfolio turnover may vary

24

greatly from period to period. A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund.

Certifications

The Fund’s Chief Executive Officer has submitted to the New York Stock Exchange the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Fund Manual.

The Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Privacy Policy

In order to conduct its business, the Fund collects and maintains certain nonpublic personal information about its shareholders of record with respect to their transactions in shares of the Fund’s securities. This information includes the shareholder’s address, tax identification or Social Security number, share balances, and dividend elections. We do not collect or maintain personal information about shareholders whose share balances of our securities are held in “street name” by a financial institution such as a bank or broker.

We do not disclose any nonpublic personal information about you, the Fund’s other shareholders or the Fund’s former shareholders to third parties unless necessary to process a transaction, service an account, or as otherwise permitted by law.

To protect your personal information internally, we restrict access to nonpublic personal information about the Fund’s shareholders to those employees who need to know that information to provide services to our shareholders. We also maintain certain other safeguards to protect your nonpublic personal information.

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The Cushing^® ETF Trust

Board Approval of Investment Management Agreement (Unaudited)

May 31, 2019

Cushing ETFs (Advisory Agreement Approval)

On May 30, 2019, the Board of Trustees of the Funds (members of which are referred to collectively as the “Trustees”) met in person to discuss, among other things, the approval of the Investment Management Agreement (the “Advisory Agreement”) between Cushing ETF Trust (the “Trust”), on behalf of each Fund, and Cushing Asset Management, LP (the “Adviser”).

Activities and Composition of the Board

The Board of Trustees is comprised of four Trustees, three of whom are not “interested persons,” as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”), of the Fund (the “Independent Trustees”). The Trustees are responsible for oversight of the operations of the Funds and performs the various duties imposed by the 1940 Act on the trustees of investment companies. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. Prior to its consideration of the Advisory Agreement, the Trustees received and reviewed information provided by the Adviser. The Trustees also received and reviewed information responsive to requests from independent counsel to assist it in its consideration of the Advisory Agreement. Before the Trustees voted on the approval of the Advisory Agreement, the Independent Trustees met with independent legal counsel during executive session and discussed the Advisory Agreement and related information.

Consideration of Nature, Extent and Quality of the Services

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the Advisory Agreement, including the Adviser’s Form ADV and other background materials supplied by the Adviser.

The Trustees reviewed and considered the Adviser’s investment advisory personnel, its history, and the amount of assets currently under management by the Adviser. The Trustees also reviewed the research and decision-making processes used by the Adviser, including the methods adopted to seek to achieve compliance with the investment objectives, strategies, policies, and restrictions of each Fund.

The Trustees considered the background and experience of the Adviser’s management in connection with each Fund, including reviewing the qualifications, backgrounds and responsibilities of the management team members primarily responsible for theday-to-day portfolio management of each Fund and the extent of the resources devoted to research and analysis of each Fund’s actual and potential investments.

The Trustees also reviewed the Adviser’s conflict of interest policies, insider trading policy and procedures, and the Adviser’s Code of Ethics.

The Trustees determined that the nature, extent and quality of services rendered by the Adviser under the Advisory Agreement were adequate.

Consideration of Advisory Fees and the Cost of the Services

The Trustees reviewed and considered the contractual annual advisory fee paid by each Fund to the Adviser in light of the extent, nature and quality of the advisory services provided by the Adviser to the Fund.

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The Trustees considered the information they received comparing each Fund’s contractual annual advisory fee and overall expenses, to the extent available, with a peer group and universe of competitoropen-end funds determined by FUSE Research Network LLC (“FUSE”). The Trustees discussed the limited number of funds contained in many of the peer groups and universes and the general methodology used by FUSE in preparing its report.

With respect to XLEY and XLUY, the Trustees determined that each Fund’s total net expense ratios of 0.65% and contractual advisory fees of 0.65% were in the fourth quartile with respect to each Fund’s respective peer groups and universes.

With respect to XLSY, the Trustees determined that the Fund’s total net expense ratio of 0.65% was in the third quartile with respect to its peer group and in the fourth quartile with respect to its universe. The Trustees also determined that the Fund’s contractual advisory fee of 0.65% was in the third quartile with respect to its peer group and fourth quartile with respect to its peer universe.

With respect to XLTY, the Trustees determined that the Fund’s peer group and universe were very small, each consisting of only five funds (including the Fund), and that the Fund’s total next expense ratio of 0.65% was ranked fourth out of five funds with respect to its peer group and universe, and that the Fund’s contractual advisory fee of 0.65% also ranked fourth out of five funds in its peer group and universe.

Consideration of Investment Performance

The Trustees noted that they regularly review the performance of the Funds throughout the year. The Trustees reviewed performance information provided by FUSE comparing the performance of the Funds against its universe over several time horizons, and using different performance metrics, including but not limited to the comparative performance of each Fund in terms of net asset value (“NAV”) and market price.

The Trustees noted the relatively short period of time since the inception of each Fund on December 4, 2018. Because each Fund seeks to replicate the performance of an underlying index, the Trustees reviewed the degree to which each Fund’s performance tracked its respective underlying index. The Trustees also reviewed each Fund’s performance since inception with respect to its universe.

Consideration of Comparable Accounts

The Trustees reviewed the other accounts and investment vehicles managed by the Adviser and discussed the similarities and differences between these accounts and the Funds.

The Trustees determined that, bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to the Adviser’s other clients employing a comparable strategy to any Fund was not indicative of any unreasonableness with respect to the advisory fees payable by that Fund.

Consideration of Profitability

The Trustees received and considered a profitability analysis prepared by the Adviser, using a template developed in consultation with counsel to the Independent Trustees, that set forth the fees payable by each Fund under the Advisory Agreement and the expenses incurred by the Adviser in connection with the operation of each Fund. The Trustees used this analysis to evaluate the fairness of the profits realized and anticipated to be realized by the Adviser with respect to each Fund.

The Trustees separately considered the profitability of the Adviser with respect to each Fund. The Trustees considered the relatively short period of time since each Fund’s inception. It was noted that

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the Funds were not profitable to the Adviser, both before and after distribution expenses, largely because of their relatively small size.

Consideration of Economies of Scale

The Trustees considered whether economies of scale in the provision of services to a Fund had been or would be passed along to the shareholders/unitholders under the Advisory Agreement. The Trustees determined there were no material economies of scale accruing to the Adviser in connection with its relationship with any Fund.

Consideration of Other Benefits

The Trustees reviewed and considered any other incidental benefits derived or to be derived by the Adviser from its relationship with each Fund, including but not limited to soft dollar arrangements. The Trustees determined there were no material incidental benefits accruing to the Adviser in connection with its relationship with any Fund.

Conclusion

The Trustees and, voting separately, the Independent Trustees, approved the Advisory Agreement. In approving the Advisory Agreement and the fees charged under the Advisory Agreement, the Trustees concluded that no single factor reviewed by the Trustees was identified by the Trustees to be determinative as the principal factor in whether to approve the Advisory Agreement. The summary set out above describes the most important factors, but not all matters, considered by the Trustees in coming to its decision regarding the Advisory Agreement. On the basis of such information as the Trustees considered necessary to the exercise of its reasonable business judgment and its evaluation of all of the factors described above, and after much discussion, the Trustees concluded that each factor they considered, in the context of all of the other factors they considered, favored approval of the Advisory Agreement. It was noted that it was the judgment of the Trustees that approval of the Advisory Agreement was consistent with the best interests of each Fund and its shareholders.

Cushing ETFs(Sub-Advisory Agreement Approval)

On May 30, 2019, the Board of Trustees of the Funds (members of which are referred to collectively as the “Trustees”) met in person to discuss, among other things, the approval of the Investment Management Agreement (the“Sub-Advisory Agreement”) between Cushing ETF Trust (the “Trust”), on behalf of each Fund, and Cushing Asset Management, LP (the “Adviser”).

Activities and Composition of the Board

The Board of Trustees is comprised of four Trustees, three of whom are not “interested persons,” as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”), of the Funds (the “Independent Trustees”). The Trustees are responsible for oversight of the operations of the Funds and performs the various duties imposed by the 1940 Act on the trustees of investment companies. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. Prior to its consideration of theSub-Advisory Agreement, the Trustees received and reviewed information provided by theSub-Adviser. The Trustees also received and reviewed information responsive to requests from independent counsel to assist it in its consideration of theSub-Advisory Agreement. Before the Trustees voted on the approval of theSub-Advisory Agreement, the Independent Trustees met with independent legal counsel during executive session and discussed theSub-Advisory Agreement and related information.

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Consideration of Nature, Extent and Quality of the Services

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under theSub-Advisory Agreement, including theSub-Adviser’s Form ADV and other background materials supplied by theSub-Adviser.

The Trustees reviewed and considered theSub-Adviser’s investment advisory personnel, its history, and the amount of assets currently under management by theSub-Adviser.

The Trustees considered the background and experience of theSub-Adviser’s management in connection with each Fund, including reviewing the qualifications, backgrounds and responsibilities of the management team and portfolio managers.

The Trustees also reviewed theSub-Adviser’s conflict of interest policies, insider trading policy and procedures, and theSub-Adviser’s Code of Ethics.

The Trustees determined that the nature, extent and quality of services rendered by theSub-Adviser under theSub-Advisory Agreement were adequate.

Consideration ofSub-Advisory Fees and the Cost of the Services

The Trustees reviewed and considered the contractualsub-advisory fee paid by the Adviser theSub-Adviser with respect to each Fund in light of the extent, nature and quality of thesub-advisory services to be provided by theSub-Adviser.

The Trustees considered the information they previously received and reviewed in connection with the renewal of the Advisory Agreement regarding the unitary fee payable to the Adviser and the costs of the services. The Trustees also considered that theSub-Adviser charges each Fund a fee, computed daily at an annual rate based on the greater of (i) the minimum annual fee of $17,500 per Fund; or (ii) the daily aggregate net assets of the Funds in accordance with the following fee schedule: 5 basis points on the first $500 million in aggregate next assets; 4 basis points on the next $500 million in aggregate net assets and 3 basis points on aggregate net assets over $1 billion.

Consideration of Investment Performance

The Trustees noted the relatively short period of time since the inception of each Fund on December 4, 2018. Because each Fund seeks to replicate the performance of an underlying index, the Trustees reviewed the degree to which each Fund’s performance tracked its respective underlying index. The Trustees also reviewed each Fund’s performance since inception with respect to its universe.

The Trustees also considered theSub-Adviser’s performance and investment techniques, risk management controls and decision-making process.

Consideration of Comparable Accounts

The Trustees then reviewed the fees charged by theSub-Adviser to comparable accounts, noting theSub-Adviser’s statements that because theSub-Adviser provides index-tracking services, the comparable account information from theSub-Adviser’s perspective reflects the fees charged by theSub-Adviser to funds for index-tracking services and is not differentiated by investment strategy.

Consideration of Profitability

The Trustees received and considered a profitability analysis prepared by theSub-Adviser, using a template developed in consultation with counsel to the Independent Trustees, that set forth the fees

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payable by each Fund under eachSub-Advisory Agreement and the expenses incurred by theSub-Adviser in connection with the operation of each Fund. The Trustees used this analysis to evaluate the fairness of the profits anticipated to be realized by theSub-Adviser with respect to each Fund.

The Trustees noted that each Fund was unprofitable for theSub-Adviser, both before and after distribution expenses, largely because of their relatively small size. The Trustees determined that, with respect to each Fund, the profit to theSub-Adviser, if any, was not unreasonable.

Consideration of Economies of Scale

The Trustees considered whether economies of scale in the provision of services to a Fund had been or would be passed along to the shareholders/unitholders under theSub-Advisory Agreement. The Trustees determined there were no material economies of scale accruing to theSub-Adviser in connection with its relationship with any Fund.

Consideration of Other Benefits

The Trustees reviewed and considered any other incidental benefits derived or to be derived by theSub-Adviser from its relationship with each Fund. The Trustees determined there were no material incidental benefits accruing to theSub-Adviser in connection with its relationship with any Fund.

Conclusion

The Trustees and, voting separately, the Independent Trustees, approved theSub-Advisory Agreement. In approving theSub-Advisory Agreement and the fees charged under theSub-Advisory Agreement, the Trustees concluded that no single factor reviewed by the Trustees was identified by the Trustees to be determinative as the principal factor in whether to approve theSub-Advisory Agreement. The summary set out above describes the most important factors, but not all matters, considered by the Trustees in coming to its decision regarding theSub-Advisory Agreement. On the basis of such information as the Trustees considered necessary to the exercise of its reasonable business judgment and its evaluation of all of the factors described above, and after much discussion, the Trustees concluded that each factor they considered, in the context of all of the other factors they considered, favored approval of theSub-Advisory Agreement. It was noted that it was the judgment of the Trustees that approval of theSub-Advisory Agreement was consistent with the best interests of each Fund and its shareholders.

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Cushing ETF Trust

TRUSTEES

Brian R. Bruce

Brenda A. Cline

Ronald P. Trout

Jerry V. Swank

EXECUTIVE OFFICERS

Jerry V. Swank

Chief Executive Officer and President

John H. Alban

Chief Financial Officer and Treasurer

Barry Y. Greenberg

Chief Compliance Officer and Secretary

INVESTMENT ADVISER

Cushing^® Asset Management, LP

300 Crescent Court, Suite 1700

Dallas, TX 75201

ADMINISTRATOR

U.S. Bancorp Fund Services, LLC d/b/a

U.S. Bank Global Fund Services

615 East Michigan Street, 3rd Floor

Milwaukee, WI 53202

CUSTODIAN

U.S. Bank, N.A.

1555 N. River Center Drive, Suite 302

Milwaukee, WI 53212

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC d/b/a

U.S. Bank Global Fund Services

615 East Michigan Street, 3rd Floor

Milwaukee, WI 53202

LEGAL COUNSEL

Skadden, Arps, Slate, Meagher & Flom LLP

Four Times Square

New York, NY 10036

INDEPENDENT

REGISTERED PUBLIC

ACCOUNTING FIRM

Ernst & Young LLP

2323 Victory Avenue, Suite 2000

Dallas, TX 75219

NOT FDIC INSURED   |   NOT BANK GUARANTEED   |   MAY LOSE VALUE

The Cushing ETFs are distributed by Quasar Distributors, LLC

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not Applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable for semi-annual reports.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 11. Controls and Procedures.

(a) The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule30a-3(b) under the Act and Rules 13a-15(b) or15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

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(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies

The registrant did not engage in securities lending activities during the fiscal period reported on this FormN-CSR.

Item 13. Exhibits.

(a) (1)Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.

(2)A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.Filed herewith.

(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.Not Applicable.

(4)Change in the registrant’s independent public accountant.There was no change in the registrant’s independent public accountant for the period covered by this report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Cushing ETF Trust
By (Signature and Title)	/s/ Jerry V. Swank
	Jerry V. Swank, President & Chief Executive Officer
Date  08/08/2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Jerry V. Swank
	Jerry V. Swank, President & Chief Executive Officer
Date  08/08/2019
By (Signature and Title)	/s/ John H. Alban
	John H. Alban, Treasurer & Chief Financial Officer
Date  08/08/2019