Listed on NYSE Arca, Inc. PROSPECTUS. December 3, 2018

Transcription

1 XLEY Cushing Energy & MLP ETF XLUY Cushing Utility & MLP ETF XLTY Cushing Transprtatin & MLP ETF XLSY Cushing Energy Supply Chain & MLP ETF Listed n NYSE Arca, Inc. PROSPECTUS December 3, 2018 The Securities and Exchange Cmmissin ( SEC ) has nt apprved r disapprved f the Fund s shares r determined whether this Prspectus is accurate r cmplete. Any representatin t the cntrary is a criminal ffense.

2 TABLE OF CONTENTS CUSHING ENERGY & MLP ETF FUND SUMMARY... 1 Investment Objective... 1 Fees and Expenses f the Fund... 1 Expense Example... 1 Prtfli Turnver... 1 Principal Investment Strategies... 1 Principal Investment Risks... 3 Perfrmance... 5 Prtfli Management... 6 Purchase and Sale f Shares... 6 Tax Infrmatin... 6 Financial Intermediary Cmpensatin... 6 CUSHING UTILITY & MLP ETF FUND SUMMARY... 7 Investment Objective... 7 Fees and Expenses f the Fund... 7 Expense Example... 7 Prtfli Turnver... 7 Principal Investment Strategies... 7 Principal Investment Risks... 9 Perfrmance Prtfli Management Purchase and Sale f Shares Tax Infrmatin Financial Intermediary Cmpensatin CUSHING TRANSPORTATION & MLP ETF FUND SUMMARY Investment Objective Fees and Expenses f the Fund Expense Example Prtfli Turnver Principal Investment Strategies Principal Investment Risks Perfrmance Prtfli Management Purchase and Sale f Shares Tax Infrmatin Financial Intermediary Cmpensatin CUSHING ENERGY SUPPLY CHAIN & MLP ETF FUND SUMMARY Investment Objective Fees and Expenses f the Fund Expense Example Prtfli Turnver Principal Investment Strategies Principal Investment Risks Perfrmance Prtfli Management Purchase and Sale f Shares Tax Infrmatin Financial Intermediary Cmpensatin Additinal Infrmatin Abut the Indices Additinal Infrmatin Abut the Funds Investment Objective Principal Investment Risks Page

3 Nn-Principal Investment Risks Prtfli Hldings Infrmatin Management f the Fund Adviser Sub-Adviser Manager f Managers Structure Prtfli Managers Hw t Buy and Sell Shares Bk Entry Share Trading Prices n the Exchange Frequent Purchases and Redemptins f Shares Determinatin f Net Asset Value Fair Value Pricing Delivery f Sharehlder Dcuments Husehlding Investments by Registered Investment Cmpanies Dividends, Distributins and Taxes Dividends and Distributins Dividend Reinvestment Service Taxes Distributin Premium/Discunt Infrmatin Additinal Ntices Financial Highlights... 38

4 Cushing Energy & MLP ETF Investment Objective Cushing Energy & MLP ETF (the Fund ) seeks t track the investment results, befre fees and expenses, f the Cushing Energy Index (the Index ). Fees and Expenses f the Fund This table describes the fees and expenses that yu may pay if yu buy and hld shares f the Fund ( Shares ). This table and the Example belw d nt include the brkerage cmmissins that investrs may pay n their purchases and sales f Shares. Sharehlder Fees (fees paid directly frm yur investment Nne Annual Fund Operating Expenses (expenses that yu pay each year as a percentage f the value f yur investment) Management Fees % Distributin (12b-1) and/r Service Fees % Other Expenses * 0.00% Ttal Annual Fund Operating Expenses % * Estimated fr the current fiscal year. Expense Example This example is intended t help yu cmpare the cst f investing in the Fund with the cst f investing in ther funds. The Example assumes that yu invest $10,000 in the Fund fr the time perids indicated and then redeem all f yur Shares at the end f thse perids. The Example als assumes that yur investment has a 5% return each year and that the Fund s perating expenses remain the same. Althugh yur actual csts may be higher r lwer, based n these assumptins yur csts wuld be: Prtfli Turnver Year 1 Year 3 $66 $208 The Fund pays transactin csts, such as cmmissins, when it buys and sells securities (r turns ver its prtfli). A higher prtfli turnver rate may indicate higher transactin csts and may result in higher taxes when Shares are held in a taxable accunt. These csts, which are nt reflected in annual fund perating expenses r in the example, affect the Fund s perfrmance. Because the Fund is newly rganized, prtfli turnver infrmatin is nt yet available. Principal Investment Strategies The Fund emplys an indexing investment apprach designed t track the perfrmance, befre fees and expenses, f the Index. Cushing Energy Index The Index was develped in 2017 by Cushing Asset Management, LP, the Fund s investment adviser and index prvider (the Adviser ). The Index tracks the perfrmance f cmpanies drawn frm the S&P 500 Energy Index and the Cushing 30 MLP Index (each a Sub-Index ). The Index is cmprised f large cap energy cmpanies (that is, cmpanies with a market cap f $4.6 billin r greater engaged in explratin and prductin, refining and marketing, r strage and transprtatin f il, natural gas, cal and cnsumable fuels, as well il and natural gas equipment and services cmpanies) and publicly traded master limited partnerships ( MLPs ) hlding midstream 1 Fund Summary Cushing Energy & MLP ETF

5 energy infrastructure assets. Index cnstituents are selected and weighted based n current yield. Fr purpses f the selectin and weighting f index cnstitutins, current yield is calculated as the mst recent annunced regular dividend r distributin, as applicable, annualized, divided by the mst recent share r unit clsing price, as applicable. Individual cnstituent weighting is capped at 6% with a minimum cnstituent weight f 1%. Members f each Sub-Index with a nn-zer current yield value are ranked separately within each index, with the highest current yield members receiving the highest rank. With respect t the Index cmpnents drawn frm the S&P 500 Energy Index, each cmpnent f the Sub-Index is assigned an initial weight based n its current yield relative t the current yields f all lwer-ranked Sub-Index cmpnents, but in n event mre than 6.00%. If the weight f any Sub-Index cmpnent is belw 1.00% the lwest-weighted such cmpnent is remved and the weights f the remaining cmpnents are recalculated. This prcess is repeated until the weight f each remaining cmpnent in the ranked list is equal t r greater than 1.00%. All Sub-Index cmpnents excluded frm the ranked list (including thse with a current yield value f zer) receive a weight f 0.00%. With respect t the Index cmpnents drawn frm the Cushing 30 MLP Index, the Sub-Index cmpnents are ranked n the basis f current yield and the sixth thrugh seventeenth highest-ranking cmpnents (twelve ttal) receive a weighting f 2.00%, and all thers (including thse with a current yield value f zer) receive a weighting f 0.00%. If the abve prcess results in a ptential Index cnstituent being assigned a weight as a f cmpnent f each Sub-Index, it will be remved frm the S&P 500 Energy Index ranking and such ranking will be recalculated. As a result, at each rebalancing, Index cnstituents selected frm the Cushing 30 MLP Index will make up 24% f the Index and Index cnstituents selected frm the S&P 500 Energy Index will make up 76% f the Index. The Index is rebalanced n the last trading day f each calendar quarter. As f August 30, 2018, there were 35 Index cnstituents. The Fund s Investment Strategy The Fund attempts t invest all, r substantially all, f its assets in the cmpnent securities that make up the Index. Under nrmal circumstances, at least 80% f the Fund s ttal assets (exclusive f any cllateral held frm securities lending) will be invested in the cmpnent securities f the Index. The Fund expects that, ver time, the crrelatin between the Fund s perfrmance and that f the Index, befre fees and expenses, will be 95% r better. The Fund will generally use a replicatin strategy t achieve its investment bjective, meaning the Fund will generally invest in all f the cmpnent securities f the Index in the same apprximate prprtins as in the Index. Hwever, the Fund may use a representative sampling strategy, meaning it may invest in a sample f the securities in the Index whse risk, return, and ther characteristics clsely resemble the risk, return, and ther characteristics f the Index as a whle, when the Fund s sub-adviser believes it is in the best interests f the Fund (e.g., when replicating the Index invlves practical difficulties r substantial csts, an Index cnstituent becmes temprarily illiquid, unavailable, r less liquid, r as a result f legal restrictins r limitatins that apply t the Fund but nt t the Index). The Fund generally may invest up t 20% f its ttal assets (exclusive f any cllateral held frm securities lending) in securities r ther investments nt included in the Index, but which the Fund s sub-adviser believes will help the Fund track the Index. Fr example, the Fund may invest in securities that are nt cmpnents f the Index t reflect varius crprate actins and ther changes t the Index (such as recnstitutins, additins, and deletins). T the extent the Index cncentrates (i.e., hlds mre than 25% f its ttal assets) in the securities f a particular industry r grup f related industries, the Fund will cncentrate its investments t apprximately the same extent as the Index. As f June 29, 2018, the Index was cncentrated in the grup f industries that make up the Energy Sectr. The Fund has adpted the fllwing plicy t cmply with Rule 35d-1 under the Investment Cmpany Act f Such plicy has been adpted as a nn-fundamental investment plicy and may be changed withut sharehlder apprval upn 60 days written ntice t sharehlders. Under nrmal circumstances, the Fund will invest at least 80% f its net assets, plus brrwings fr investment purpses, in master- limited partnerships (MLPs) and energy cmpanies. Energy cmpanies include cmpanies that (i) have at least 50% f their assets, incme, sales r prfits cmmitted t, r derived frm, prductin, explratin, develpment, mining, extractin, transprtatin (including marine transprtatin), refining, prcessing, strage, distributin, management, marketing and/r trading f il, natural gas, natural gas liquids, refined petrleum prducts, cal, bifuels, r ther natural resurces used t prduce energy, r ethanl; generatin, transmissin, distributin, marketing, sale and/r trading f all frms f electrical 2 Fund Summary Cushing Energy & MLP ETF

6 pwer (including thrugh clean and renewable resurces, such as slar energy, wind energy, gethermal energy r hydrpwer) r gas; manufacturing, marketing, management, sale and/r trading f equipment, prducts r ther supplies predminantly used by entities engaged in such businesses and; prvisin f services t entities engaged in such businesses, r (ii) have been given a third-party industry r sectr classificatin r inclusin in a third party index cnsistent with the energy designatin. Fr purpses f this plicy, the Fund cnsiders all cmpnents f the S&P 500 Energy Index t be energy cmpanies. Principal Investment Risks Yu can lse mney n yur investment in the Fund. The Fund is subject t the risks described belw. Sme r all f these risks may adversely affect the Fund s net asset value per share ( NAV ), trading price, yield, ttal return and/r ability t meet its bjectives. Fr mre infrmatin abut the risks f investing in the Fund, see the sectin in the Fund s Prspectus titled Additinal Infrmatin Abut the Fund Principal Investment Risks. Market Risk. The trading prices f equity securities and ther instruments fluctuate in respnse t a variety f factrs. The Fund s NAV and market price may fluctuate significantly in respnse t these and ther factrs. As a result, an investr culd lse mney ver shrt r lng perids f time. Equity Market Risk. The equity securities held in the Fund s prtfli may experience sudden, unpredictable drps in value r lng perids f decline in value. This may ccur because f factrs that affect securities markets generally r factrs affecting specific issuers, industries, r sectrs in which the Fund invests. Cmmn stcks are generally expsed t greater risk than ther types f securities, such as preferred stcks and debt bligatins, because cmmn stckhlders generally have inferir rights t receive payment frm issuers. Sectr Risk. T the extent the Fund invests mre heavily in particular sectrs f the ecnmy, its perfrmance will be especially sensitive t develpments that significantly affect thse sectrs. Energy Sectr Risk. The Fund s assets will be cncentrated in the energy sectr, which means the Fund will be mre affected by the perfrmance f the energy sectr than a fund that is mre diversified. Issuers in energy-related industries can be significantly affected by fluctuatins in energy prices and supply and demand f energy fuels. Markets fr varius energy-related cmmdities can have significant vlatility, and are subject t cntrl r manipulatin by large prducers r purchasers. Cmpanies in the energy sectr may need t make substantial expenditures, and t incur significant amunts f debt, in rder t maintain r expand their reserves. Oil and gas explratin and prductin can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, gvernment regulatin, wrld events and ecnmic cnditins. These cmpanies may be at risk fr envirnmental damage claims. MLP Risk. Hlders f MLP units are subject t certain risks inherent in the structure f MLPs, including (i) tax risks; (ii) the limited ability t elect r remve management r the general partner r managing member; (iii) limited vting rights, and (iv) cnflicts f interest between the general partner r managing member and its affiliates, n the ne hand, and the limited partners r members, n the ther hand. MLPs generally d nt pay U.S. federal incme tax at the partnership level. Rather, each partner is allcated a share f the partnership s incme, gains, lsses, credits, deductins and expenses, regardless f whether the MLP makes any distributins. A change in current tax law, r a change in the underlying business mix f a given MLP, culd result in an MLP being treated as a crpratin fr U.S. federal incme tax purpses, which wuld result in such MLP being required t pay U.S. federal incme tax n its taxable incme. The prtin, if any, f a distributin received by the Fund as the hlder f an MLP equity security that is ffset by the MLP s tax deductins r lsses generally will be treated as a return f capital t the extent f the Fund s tax basis in the MLP equity security, which will cause incme r gain t be higher, r lsses t be lwer, upn the sale f the MLP security by the Fund. Nn-Diversificatin Risk. The Fund is deemed nn-diversified and may invest mre f its assets in the securities f a single issuer r a smaller number f issuers than if it were a diversified fund. As a result, the Fund may be mre expsed t the risks assciated with and develpments affecting an individual issuer r 3 Fund Summary Cushing Energy & MLP ETF

7 a smaller number f issuers than a fund that invests mre widely. This may increase the Fund s vlatility and cause the perfrmance f a relatively smaller number f issuers t have a greater impact n the Fund s perfrmance. ETF Risks. The Fund is an ETF, and, as a result f an ETF s structure, it is expsed t the fllwing risks: Authrized Participants, Market Makers, and Liquidity Prviders Cncentratin Risk. The Fund has a limited number f financial institutins that may act as Authrized Participants ( APs ). In additin, there may be a limited number f market makers and/r liquidity prviders in the marketplace. T the extent either f the fllwing events ccur, Shares may trade at a material discunt t NAV and pssibly face delisting: (i) APs exit the business r therwise becme unable t prcess creatin and/r redemptin rders and n ther APs step frward t perfrm these services, r (ii) market makers and/r liquidity prviders exit the business r significantly reduce their business activities and n ther entities step frward t perfrm their functins. Csts f Buying r Selling Shares. Due t the csts f buying r selling Shares, including brkerage cmmissins impsed by brkers and bid/ask spreads, frequent trading f Shares may significantly reduce investment results and an investment in Shares may nt be advisable fr investrs wh anticipate regularly making small investments. Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bught and sld in the secndary market at market prices. Althugh it is expected that the market price f Shares will apprximate the Fund s NAV, there may be times when the market price f Shares is mre than the NAV intra-day (premium) r less than the NAV intra-day (discunt) due t supply and demand f Shares r during perids f market vlatility. This risk is heightened in times f market vlatility, perids f steep market declines, and perids when there is limited trading activity fr Shares in the secndary market, in which case such premiums r discunts may be significant. Trading. Althugh Shares are listed fr trading n the NYSE Arca, Inc. (the Exchange ) and may be traded n U.S. exchanges ther than the Exchange, there can be n assurance that Shares will trade with any vlume, r at all, n any stck exchange. In stressed market cnditins, the liquidity f Shares may begin t mirrr the liquidity f the Fund s underlying prtfli hldings, which can be significantly less liquid than Shares. Limitatins f Intraday Indicative Value (IIV) Risk. The Exchange intends t disseminate the apprximate per share value f the Fund s published basket f prtfli securities every 15 secnds (the intraday indicative value r IIV ). The IIV shuld nt be viewed as a real-time update f the NAV per share f the Fund because (i) the IIV may nt be calculated in the same manner as the NAV, which is cmputed nce a day, generally at the end f the business day, (ii) the calculatin f NAV may be subject t fair valuatin at different prices than thse used in the calculatins f the IIV, (iii) unlike the calculatin f NAV, the IIV des nt take int accunt Fund expenses, and (iv) the IIV is based n the published basket f prtfli securities and nt n the Fund s actual hldings. The IIV calculatins are based n lcal market prices and may nt reflect events that ccur subsequent t the lcal market s clse, which culd affect premiums and discunts between the IIV and the market price f the Fund s shares. Fr example, if the Fund fair values prtfli securities, the Fund s NAV may deviate frm the apprximate per share value f the Fund s published basket f prtfli securities (i.e., the IIV), which culd result in the market prices fr Fund shares deviating frm NAV. The Fund, the Adviser, the Sub-Adviser and their affiliates are nt invlved in, r respnsible fr, any aspect f the calculatin r disseminatin f the Fund s IIV, and the Fund, the Adviser, the Sub-Adviser and their affiliates d nt make any warranty as t the accuracy f these calculatins. Market Capitalizatin Risk. Large-Cap Cmpanies. The securities f large-capitalizatin cmpanies may be relatively mature cmpared t smaller cmpanies and therefre subject t slwer grwth during times f ecnmic 4 Fund Summary Cushing Energy & MLP ETF

8 expansin. Large-capitalizatin cmpanies may als be unable t respnd quickly t new cmpetitive challenges. Mid-Cap Cmpanies. The securities f mid-capitalizatin cmpanies may be mre vulnerable t adverse issuer, market, plitical, r ecnmic develpments than securities f large-capitalizatin cmpanies. The securities f mid-capitalizatin cmpanies generally trade in lwer vlumes and are subject t greater and mre unpredictable price changes than large capitalizatin stcks r the stck market as a whle. Small-Cap Cmpanies. The securities f small-capitalizatin cmpanies may be mre vulnerable t adverse issuer, market, plitical, r ecnmic develpments than securities f large- r midcapitalizatin cmpanies. The securities f small-capitalizatin cmpanies generally trade in lwer vlumes and are subject t greater and mre unpredictable price changes than large- r midcapitalizatin stcks r the stck market as a whle. There is typically less publicly available infrmatin cncerning smaller-capitalizatin cmpanies than fr larger, mre established cmpanies. New Fund Risk. The Fund is a recently rganized, nn-diversified management investment cmpany with n perating histry. As a result, prspective investrs have n track recrd r histry n which t base their investment decisin. As a new fund, the Fund may be mre subject t tracking errr risk, may trade at wider bid/ask spreads and with less liquidity and may be mre likely t trade at a greater discunt t net asset value than larger funds with mre established track recrds. In the event that the Fund fails t achieve a sustainable size, the Fund may be liquidated. The Fund may be liquidated by the Bard f Trustees withut a sharehlder vte. In a liquidatin, sharehlders f the Fund will receive an amunt equal t the Fund s net asset value, after deducting the csts f liquidatin, including the csts f dispsing f the Fund s prtfli investments. Initially, shares f the Fund may be held by a limited number f investrs, and dispsitins by ne r mre large sharehlders may have an adverse impact n the Fund and the market fr the Fund s shares. Passive Investment Risk. The Fund is managed with an indexing investment strategy, attempting t track the perfrmance f an unmanaged index f securities, regardless f the current r prjected perfrmance f the Index r f the actual securities cmprising the Index. This differs frm an actively-managed fund, which typically seeks t utperfrm a benchmark index. As a result, the Fund s perfrmance may be less favrable than that f a prtfli managed using an active investment strategy. The structure and cmpsitin f the Index will affect the perfrmance, vlatility, and risk f the Index and, cnsequently, the perfrmance, vlatility, and risk f the Fund. The Fund s sub-adviser wuld nt sell shares f an equity security due t current r prjected underperfrmance f a security, industry, r sectr, unless that security is remved frm the Index r the selling f shares f that security is therwise required upn a recnstitutin f the Index in accrdance with the Index methdlgy. Management Risk. As the Fund may nt fully replicate the Index, it is subject t the risk that the subadviser s investment strategy may nt prduce the intended results. Tracking Errr Risk. As with all index funds, the perfrmance f the Fund and its Index may differ frm each ther fr a variety f reasns. When there are changes made t the cmpnent securities f the Index and the Fund in turn makes similar changes t its prtfli, any transactin csts and market expsure arising frm such prtfli changes will be brne directly by the Fund and its sharehlders. The Fund may recgnize gains as a result f rebalancing r recnstituting its securities hldings t reflect changes in the securities included in the Index. The Fund als may be required t distribute any such gains t its sharehlders t avid adverse U.S. federal incme tax cnsequences. The Fund incurs a number f perating expenses nt applicable t the Index. In additin, the Fund may nt be fully invested at times, generally as a result f cash flws int r ut f the Fund r reserves f cash held by the Fund t meet redemptins. Perfrmance 5 Fund Summary Cushing Energy & MLP ETF

9 Perfrmance infrmatin fr the Fund is nt included because the Fund did nt have a full calendar year f perfrmance prir t the date f this Prspectus. In the future, perfrmance infrmatin fr the Fund will be presented in this sectin. Updated perfrmance infrmatin is available n the Fund s website at Prtfli Management Adviser: Sub-Adviser: Prtfli Managers: Cushing Asset Management, LP Penserra Capital Management LLC ( Penserra r the Sub-Adviser ) Dustin Lewellyn, CFA, Managing Directr f Penserra, has been a prtfli manager f the Fund since its inceptin in Ernest Tng, CFA, Managing Directr f Penserra, has been a prtfli manager f the Fund since its inceptin in Anand Desai, Vice President f Penserra, has been a prtfli manager f the Fund since its inceptin in Purchase and Sale f Shares Shares are listed n the Exchange and mst investrs will buy and sell Shares thrugh brkers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) r less than NAV (discunt). The Fund issues and redeems Shares at NAV nly in large blcks knwn as Creatin Units, which nly APs (typically, brker-dealers) may purchase r redeem. Creatin Units generally cnsist f 10,000 Shares, thugh this may change frm time t time. The Fund generally issues and redeems Creatin Units in exchange fr a prtfli f securities clsely apprximating the hldings f the Fund (the Depsit Securities ) and/r a designated amunt f U.S. cash. Except when aggregated in Creatin Units, Shares are nt redeemable securities. Individual Shares f the Fund may be purchased and sld nly in secndary market transactins thrugh brkers. Tax Infrmatin Fund distributins are generally taxable as rdinary incme, qualified dividend incme, r capital gains (r a cmbinatin), unless yur investment is in an individual retirement accunt ( IRA ) r ther tax-advantaged accunt. Distributins n investments made thrugh tax-deferred arrangements may be taxed later upn withdrawal f assets frm thse accunts. A prtin f the Fund s distributins may be treated as a return f capital fr U.S. federal incme tax purpses. Distributins in excess f the Fund s earnings and prfits fr U.S. federal incme tax purpses will generally be treated as a return f capital t the extent f yur tax basis in yur shares (reducing that basis accrdingly) and thereafter as capital gain. Financial Intermediary Cmpensatin If yu purchase Shares thrugh a brker-dealer r ther financial intermediary (such as a bank) (an Intermediary ), the Fund s investment adviser, sub-adviser r their affiliates may pay the Intermediary fr certain activities related t the Fund, including participatin in activities that are designed t make Intermediaries mre knwledgeable abut exchange traded prducts, including the Fund, r fr ther activities, such as marketing, educatinal training r ther initiatives related t the sale r prmtin f Shares. These payments may create a cnflict f interest by influencing the Intermediary and yur salespersn t recmmend the Fund ver anther investment. Any such arrangements d nt result in increased Fund expenses. Ask yur salespersn r visit the Intermediary s website fr mre infrmatin. 6 Fund Summary Cushing Energy & MLP ETF

10 Cushing Utility & MLP ETF Investment Objective Cushing Utility & MLP ETF (the Fund ) seeks t track the investment results, befre fees and expenses, f the Cushing Utility Index (the Index ). Fees and Expenses f the Fund This table describes the fees and expenses that yu may pay if yu buy and hld shares f the Fund ( Shares ). This table and the Example belw d nt include the brkerage cmmissins that investrs may pay n their purchases and sales f Shares. Sharehlder Fees (fees paid directly frm yur investment Nne Annual Fund Operating Expenses (expenses that yu pay each year as a percentage f the value f yur investment) Management Fees % Distributin (12b-1) and/r Service Fees % Other Expenses * 0.00% Ttal Annual Fund Operating Expenses % * Estimated fr the current fiscal year. Expense Example This example is intended t help yu cmpare the cst f investing in the Fund with the cst f investing in ther funds. The Example assumes that yu invest $10,000 in the Fund fr the time perids indicated and then redeem all f yur Shares at the end f thse perids. The Example als assumes that yur investment has a 5% return each year and that the Fund s perating expenses remain the same. Althugh yur actual csts may be higher r lwer, based n these assumptins yur csts wuld be: Prtfli Turnver Year 1 Year 3 $66 $208 The Fund pays transactin csts, such as cmmissins, when it buys and sells securities (r turns ver its prtfli). A higher prtfli turnver rate may indicate higher transactin csts and may result in higher taxes when Shares are held in a taxable accunt. These csts, which are nt reflected in annual fund perating expenses r in the example, affect the Fund s perfrmance. Because the Fund is newly rganized, prtfli turnver infrmatin is nt yet available. Principal Investment Strategies The Fund emplys an indexing investment apprach designed t track the perfrmance, befre fees and expenses, f the Index. Cushing Utility Index The Index was develped in 2017 by Cushing Asset Management, LP, the Fund s investment adviser and index prvider (the Adviser ). The Index tracks the perfrmance f cmpanies drawn frm the S&P 500 Utilities Index and the Cushing 30 MLP Index (each a Sub-Index ). The Index is cmprised f large cap utlity cmpanies (that is, cmpanies with a market cap f $4.6 billin r greater engaged in electric, gas and water utility services) and publicly traded master limited partnerships ( MLPs ) hlding midstream energy infrastructure assets. Index cnstituents are selected and weighted based n current yield. Fr purpses f the selectin and weighting f index cnstitutins, current yield is calculated as the mst recent annunced regular dividend r distributin, as applicable, 7 Fund Summary Cushing Utility & MLP ETF

11 annualized, divided by the mst recent share r unit clsing price, as applicable. Individual cnstituent weighting is capped at 6% with a minimum cnstituent weight f 1%. Members f each Sub-Index with a nn-zer current yield value are ranked separately within each index, with the highest current yield members receiving the highest rank. With respect t the Index cmpnents drawn frm the S&P 500 Utilities Index, each cmpnent f the Sub-Index is assigned an initial weight based n its current yield relative t the current yields f all lwer-ranked Sub-Index cmpnents, but in n event mre than 6.00%. If the weight f any Sub-Index cmpnent is belw 1.00% the lwest-weighted such cmpnent is remved and the weights f the remaining cmpnents are recalculated. This prcess is repeated until the weight f each remaining cmpnent in the ranked list is equal t r greater than 1.00%. All Sub-Index cmpnents excluded frm the ranked list (including thse with a current yield value f zer) receive a weight f 0.00%. With respect t the Index cmpnents drawn frm the Cushing 30 MLP Index, the Sub-Index cmpnents are ranked n the basis f current yield and the sixth thrugh seventeenth highest-ranking cmpnents (twelve ttal) receive a weighting f 2.00%, and all thers (including thse with a current yield value f zer) receive a weighting f 0.00%. If the abve prcess results in a ptential Index cnstituent being assigned a weight as a f cmpnent f each Sub-Index, it will be remved frm the S&P 500 Utilities Index ranking and such ranking will be recalculated. As a result, at each rebalancing, Index cnstituents selected frm the Cushing 30 MLP Index will make up 24% f the Index and Index cnstituents selected frm the S&P 500 Utilities Index will make up 76% f the Index. The Index is rebalanced n the last trading day f each calendar quarter. As f August 30, 2018, there were 39 Index cnstituents. The Fund s Investment Strategy The Fund attempts t invest all, r substantially all, f its assets in the cmpnent securities that make up the Index. Under nrmal circumstances, at least 80% f the Fund s ttal assets (exclusive f any cllateral held frm securities lending) will be invested in the cmpnent securities f the Index. The Fund expects that, ver time, the crrelatin between the Fund s perfrmance and that f the Index, befre fees and expenses, will be 95% r better. The Fund will generally use a replicatin strategy t achieve its investment bjective, meaning the Fund will generally invest in all f the cmpnent securities f the Index in the same apprximate prprtins as in the Index. Hwever, the Fund may use a representative sampling strategy, meaning it may invest in a sample f the securities in the Index whse risk, return, and ther characteristics clsely resemble the risk, return, and ther characteristics f the Index as a whle, when the Fund s sub-adviser believes it is in the best interests f the Fund (e.g., when replicating the Index invlves practical difficulties r substantial csts, an Index cnstituent becmes temprarily illiquid, unavailable, r less liquid, r as a result f legal restrictins r limitatins that apply t the Fund but nt t the Index). The Fund generally may invest up t 20% f its ttal assets (exclusive f any cllateral held frm securities lending) in securities r ther investments nt included in the Index, but which the Fund s sub-adviser believes will help the Fund track the Index. Fr example, the Fund may invest in securities that are nt cmpnents f the Index t reflect varius crprate actins and ther changes t the Index (such as recnstitutins, additins, and deletins). T the extent the Index cncentrates (i.e., hlds mre than 25% f its ttal assets) in the securities f a particular industry r grup f related industries, the Fund will cncentrate its investments t apprximately the same extent as the Index. As f June 29, 2018, the Index was cncentrated in the grup f industries that make up the Utilities Sectr. The Fund has adpted the fllwing plicy t cmply with Rule 35d-1 under the Investment Cmpany Act f Such plicy has been adpted as a nn-fundamental investment plicy and may be changed withut sharehlder apprval upn 60 days written ntice t sharehlders. Under nrmal circumstances, the Fund will invest at least 80% f its net assets, plus brrwings fr investment purpses, in master- limited partnerships (MLPs) and utility cmpanies. Utility cmpanies include cmpanies that (i) have at least 50% f their assets, incme, sales r prfits cmmitted t, r derived frm, the wnership r peratin f facilities used t prvide electricity, natural gas, telecmmunicatins services, cable televisin, water r sanitatin services and prvisin f services t entities engaged in such businesses, r (ii) have been given a third-party industry r sectr classificatin r inclusin in a third party index cnsistent with the utility designatin. Fr purpses f this plicy, the Fund cnsiders all cmpnents f the S&P 500 Utility Index t be utility cmpanies. 8 Fund Summary Cushing Utility & MLP ETF

12 Principal Investment Risks Yu can lse mney n yur investment in the Fund. The Fund is subject t the risks described belw. Sme r all f these risks may adversely affect the Fund s net asset value per share ( NAV ), trading price, yield, ttal return and/r ability t meet its bjectives. Fr mre infrmatin abut the risks f investing in the Fund, see the sectin in the Fund s Prspectus titled Additinal Infrmatin Abut the Fund Principal Investment Risks. Market Risk. The trading prices f equity securities and ther instruments fluctuate in respnse t a variety f factrs. The Fund s NAV and market price may fluctuate significantly in respnse t these and ther factrs. As a result, an investr culd lse mney ver shrt r lng perids f time. Equity Market Risk. The equity securities held in the Fund s prtfli may experience sudden, unpredictable drps in value r lng perids f decline in value. This may ccur because f factrs that affect securities markets generally r factrs affecting specific issuers, industries, r sectrs in which the Fund invests. Cmmn stcks are generally expsed t greater risk than ther types f securities, such as preferred stcks and debt bligatins, because cmmn stckhlders generally have inferir rights t receive payment frm issuers. Sectr Risk. T the extent the Fund invests mre heavily in particular sectrs f the ecnmy, its perfrmance will be especially sensitive t develpments that significantly affect thse sectrs. Utilities Sectr Risk. The Fund s assets will be cncentrated in the utilities sectr, which means the Fund will be mre affected by the perfrmance f the utilities sectr than a fund that is mre diversified. Utility cmpanies are affected by supply and demand, perating csts, gvernment regulatin, envirnmental factrs, liabilities fr envirnmental damage and general civil liabilities, and rate caps r rate changes. Althugh rate changes f a regulated utility usually fluctuate in apprximate crrelatin with financing csts, due t plitical and regulatry factrs rate changes rdinarily ccur nly fllwing a delay after the changes in financing csts. This factr will tend t favrably affect a regulated utility cmpany s earnings and dividends in times f decreasing csts, but cnversely, will tend t adversely affect earnings and dividends when csts are rising. The value f regulated utility equity securities may tend t have an inverse relatinship t the mvement f interest rates. Certain utility cmpanies have experienced full r partial deregulatin in recent years. These utility cmpanies are frequently mre similar t industrial cmpanies in that they are subject t greater cmpetitin and have been permitted by regulatrs t diversify utside f their riginal gegraphic regins and their traditinal lines f business. These pprtunities may permit certain utility cmpanies t earn mre than their traditinal regulated rates f return. Sme cmpanies, hwever, may be frced t defend their cre business and may be less prfitable. In additin, natural disasters, terrrist attacks, gvernment interventin r ther factrs may render a utility cmpany s equipment unusable r bslete and negatively impact prfitability. Energy Sectr Risk. As a result f the Fund s investments in energy MLPs, the Fund will be mre affected by the perfrmance f the energy sectr. Issuers in energy-related industries can be significantly affected by fluctuatins in energy prices and supply and demand f energy fuels. Markets fr varius energy-related cmmdities can have significant vlatility, and are subject t cntrl r manipulatin by large prducers r purchasers. Cmpanies in the energy sectr may need t make substantial expenditures, and t incur significant amunts f debt, in rder t maintain r expand their reserves. Oil and gas explratin and prductin can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, gvernment regulatin, wrld events and ecnmic cnditins. These cmpanies may be at risk fr envirnmental damage claims. MLP Risk. Hlders f MLP units are subject t certain risks inherent in the structure f MLPs, including (i) tax risks; (ii) the limited ability t elect r remve management r the general partner r managing member; (iii) limited vting rights, and (iv) cnflicts f interest between the general partner r managing member and its affiliates, n the ne hand, and the limited partners r members, n the ther hand. MLPs generally d nt pay U.S. federal incme tax at the partnership level. Rather, each partner is allcated a 9 Fund Summary Cushing Utility & MLP ETF

13 share f the partnership s incme, gains, lsses, credits, deductins and expenses, regardless f whether the MLP makes any distributins. A change in current tax law, r a change in the underlying business mix f a given MLP, culd result in an MLP being treated as a crpratin fr U.S. federal incme tax purpses, which wuld result in such MLP being required t pay U.S. federal incme tax n its taxable incme. The prtin, if any, f a distributin received by the Fund as the hlder f an MLP equity security that is ffset by the MLP s tax deductins r lsses generally will be treated as a return f capital t the extent f the Fund s tax basis in the MLP equity security, which will cause incme r gain t be higher, r lsses t be lwer, upn the sale f the MLP security by the Fund. Nn-Diversificatin Risk. The Fund is deemed nn-diversified and may invest mre f its assets in the securities f a single issuer r a smaller number f issuers than if it were a diversified fund. As a result, the Fund may be mre expsed t the risks assciated with and develpments affecting an individual issuer r a smaller number f issuers than a fund that invests mre widely. This may increase the Fund s vlatility and cause the perfrmance f a relatively smaller number f issuers t have a greater impact n the Fund s perfrmance. ETF Risks. The Fund is an ETF, and, as a result f an ETF s structure, it is expsed t the fllwing risks: Authrized Participants, Market Makers, and Liquidity Prviders Cncentratin Risk. The Fund has a limited number f financial institutins that may act as Authrized Participants ( APs ). In additin, there may be a limited number f market makers and/r liquidity prviders in the marketplace. T the extent either f the fllwing events ccur, Shares may trade at a material discunt t NAV and pssibly face delisting: (i) APs exit the business r therwise becme unable t prcess creatin and/r redemptin rders and n ther APs step frward t perfrm these services, r (ii) market makers and/r liquidity prviders exit the business r significantly reduce their business activities and n ther entities step frward t perfrm their functins. Csts f Buying r Selling Shares. Due t the csts f buying r selling Shares, including brkerage cmmissins impsed by brkers and bid/ask spreads, frequent trading f Shares may significantly reduce investment results and an investment in Shares may nt be advisable fr investrs wh anticipate regularly making small investments. Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bught and sld in the secndary market at market prices. Althugh it is expected that the market price f Shares will apprximate the Fund s NAV, there may be times when the market price f Shares is mre than the NAV intra-day (premium) r less than the NAV intra-day (discunt) due t supply and demand f Shares r during perids f market vlatility. This risk is heightened in times f market vlatility, perids f steep market declines, and perids when there is limited trading activity fr Shares in the secndary market, in which case such premiums r discunts may be significant. Trading. Althugh Shares are listed fr trading n the NYSE Arca, Inc. (the Exchange ) and may be traded n U.S. exchanges ther than the Exchange, there can be n assurance that Shares will trade with any vlume, r at all, n any stck exchange. In stressed market cnditins, the liquidity f Shares may begin t mirrr the liquidity f the Fund s underlying prtfli hldings, which can be significantly less liquid than Shares. Limitatins f Intraday Indicative Value (IIV) Risk. The Exchange intends t disseminate the apprximate per share value f the Fund s published basket f prtfli securities every 15 secnds (the intraday indicative value r IIV ). The IIV shuld nt be viewed as a real-time update f the NAV per share f the Fund because (i) the IIV may nt be calculated in the same manner as the NAV, which is cmputed nce a day, generally at the end f the business day, (ii) the calculatin f NAV may be subject t fair valuatin at different prices than thse used in the calculatins f the IIV, (iii) unlike the calculatin f NAV, the IIV des nt take int accunt Fund expenses, and (iv) the IIV is based n the published basket f prtfli securities and nt n the Fund s actual hldings. The IIV calculatins are based n lcal market prices and may nt reflect events that ccur subsequent t the lcal market s clse, which culd affect premiums and 10 Fund Summary Cushing Utility & MLP ETF

14 discunts between the IIV and the market price f the Fund s shares. Fr example, if the Fund fair values prtfli securities, the Fund s NAV may deviate frm the apprximate per share value f the Fund s published basket f prtfli securities (i.e., the IIV), which culd result in the market prices fr Fund shares deviating frm NAV. The Fund, the Adviser, the Sub-Adviser and their affiliates are nt invlved in, r respnsible fr, any aspect f the calculatin r disseminatin f the Fund s IIV, and the Fund, the Adviser, the Sub-Adviser and their affiliates d nt make any warranty as t the accuracy f these calculatins. Market Capitalizatin Risk. Large-Cap Cmpanies. The securities f large-capitalizatin cmpanies may be relatively mature cmpared t smaller cmpanies and therefre subject t slwer grwth during times f ecnmic expansin. Large-capitalizatin cmpanies may als be unable t respnd quickly t new cmpetitive challenges. Mid-Cap Cmpanies. The securities f mid-capitalizatin cmpanies may be mre vulnerable t adverse issuer, market, plitical, r ecnmic develpments than securities f large-capitalizatin cmpanies. The securities f mid-capitalizatin cmpanies generally trade in lwer vlumes and are subject t greater and mre unpredictable price changes than large capitalizatin stcks r the stck market as a whle. Small-Cap Cmpanies. The securities f small-capitalizatin cmpanies may be mre vulnerable t adverse issuer, market, plitical, r ecnmic develpments than securities f large- r midcapitalizatin cmpanies. The securities f small-capitalizatin cmpanies generally trade in lwer vlumes and are subject t greater and mre unpredictable price changes than large- r midcapitalizatin stcks r the stck market as a whle. There is typically less publicly available infrmatin cncerning smaller-capitalizatin cmpanies than fr larger, mre established cmpanies. New Fund Risk. The Fund is a recently rganized, nn-diversified management investment cmpany with n perating histry. As a result, prspective investrs have n track recrd r histry n which t base their investment decisin. As a new fund, the Fund may be mre subject t tracking errr risk, may trade at wider bid/ask spreads and with less liquidity and may be mre likely t trade at a greater discunt t net asset value than larger funds with mre established track recrds. In the event that the Fund fails t achieve a sustainable size, the Fund may be liquidated. The Fund may be liquidated by the Bard f Trustees withut a sharehlder vte. In a liquidatin, sharehlders f the Fund will receive an amunt equal t the Fund s net asset value, after deducting the csts f liquidatin, including the csts f dispsing f the Fund s prtfli investments. Initially, shares f the Fund may be held by a limited number f investrs, and dispsitins by ne r mre large sharehlders may have an adverse impact n the Fund and the market fr the Fund s shares. Passive Investment Risk. The Fund is managed with an indexing investment strategy, attempting t track the perfrmance f an unmanaged index f securities, regardless f the current r prjected perfrmance f the Index r f the actual securities cmprising the Index. This differs frm an actively-managed fund, which typically seeks t utperfrm a benchmark index. As a result, the Fund s perfrmance may be less favrable than that f a prtfli managed using an active investment strategy. The structure and cmpsitin f the Index will affect the perfrmance, vlatility, and risk f the Index and, cnsequently, the perfrmance, vlatility, and risk f the Fund. The Fund s sub-adviser wuld nt sell shares f an equity security due t current r prjected underperfrmance f a security, industry, r sectr, unless that security is remved frm the Index r the selling f shares f that security is therwise required upn a recnstitutin f the Index in accrdance with the Index methdlgy. Management Risk. As the Fund may nt fully replicate the Index, it is subject t the risk that the subadviser s investment strategy may nt prduce the intended results. 11 Fund Summary Cushing Utility & MLP ETF

15 Tracking Errr Risk. As with all index funds, the perfrmance f the Fund and its Index may differ frm each ther fr a variety f reasns. When there are changes made t the cmpnent securities f the Index and the Fund in turn makes similar changes t its prtfli, any transactin csts and market expsure arising frm such prtfli changes will be brne directly by the Fund and its sharehlders. The Fund may recgnize gains as a result f rebalancing r recnstituting its securities hldings t reflect changes in the securities included in the Index. The Fund als may be required t distribute any such gains t its sharehlders t avid adverse U.S. federal incme tax cnsequences. The Fund incurs a number f perating expenses nt applicable t the Index. In additin, the Fund may nt be fully invested at times, generally as a result f cash flws int r ut f the Fund r reserves f cash held by the Fund t meet redemptins. Perfrmance Perfrmance infrmatin fr the Fund is nt included because the Fund did nt have a full calendar year f perfrmance prir t the date f this Prspectus. In the future, perfrmance infrmatin fr the Fund will be presented in this sectin. Updated perfrmance infrmatin is available n the Fund s website at Prtfli Management Adviser: Sub-Adviser: Prtfli Managers: Cushing Asset Management, LP Penserra Capital Management LLC ( Penserra r the Sub-Adviser ) Dustin Lewellyn, CFA, Managing Directr f Penserra, has been a prtfli manager f the Fund since its inceptin in Ernest Tng, CFA, Managing Directr f Penserra, has been a prtfli manager f the Fund since its inceptin in Anand Desai, Vice President f Penserra, has been a prtfli manager f the Fund since its inceptin in Purchase and Sale f Shares Shares are listed n the Exchange and mst investrs will buy and sell Shares thrugh brkers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) r less than NAV (discunt). The Fund issues and redeems Shares at NAV nly in large blcks knwn as Creatin Units, which nly APs (typically, brker-dealers) may purchase r redeem. Creatin Units generally cnsist f 10,000 Shares, thugh this may change frm time t time. The Fund generally issues and redeems Creatin Units in exchange fr a prtfli f securities clsely apprximating the hldings f the Fund (the Depsit Securities ) and/r a designated amunt f U.S. cash. Except when aggregated in Creatin Units, Shares are nt redeemable securities. Individual Shares f the Fund may be purchased and sld nly in secndary market transactins thrugh brkers. Tax Infrmatin Fund distributins are generally taxable as rdinary incme, qualified dividend incme, r capital gains (r a cmbinatin), unless yur investment is in an individual retirement accunt ( IRA ) r ther tax-advantaged accunt. Distributins n investments made thrugh tax-deferred arrangements may be taxed later upn withdrawal f assets frm thse accunts. A prtin f the Fund s distributins may be treated as a return f capital fr U.S. federal incme tax purpses. Distributins in excess f the Fund s earnings and prfits fr U.S. federal incme tax purpses will generally be treated as a return f capital t the extent f yur tax basis in yur shares (reducing that basis accrdingly) and thereafter as capital gain. 12 Fund Summary Cushing Utility & MLP ETF