Letterhead of Cushing Asset Management, LP]
[Letterhead of ▇▇▇▇▇▇▇ Asset Management, LP]
September 25, 2018
Board of Trustees
▇▇▇▇▇▇▇ ETF Trust
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇
Dallas, Texas 75225
To the Board of Trustees:
In order to provide ▇▇▇▇▇▇▇ ETF Trust (the “Trust”) with initial capital so as to enable the public offering of shares of the Trust, ▇▇▇▇▇▇▇ Asset Management, LP (the “Investment Adviser”) hereby subscribes to purchase from the Trust 1,000 Shares of ▇▇▇▇▇▇▇® Energy & MLP ETF, 1,000 Shares of ▇▇▇▇▇▇▇® Utility & MLP ETF, 1,000 Shares of ▇▇▇▇▇▇▇® Transportation & MLP ETF and 1,000 Shares of ▇▇▇▇▇▇▇® Energy Supply Chain & MLP ETF (the “Shares”) at net asset value of $25.00 per Share for a total of $100,000.
The Investment Adviser represents and warrants that such purchase of Shares is being made for investment purposes and not with a view towards the distribution thereof; and without any present intention of selling such Shares.
Very truly yours,
▇▇▇▇▇▇▇ ASSET MANAGEMENT, LP
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇
▇▇▇▇▇ ▇. ▇▇▇▇▇
Managing Partner
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Accepted:
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▇▇▇▇▇▇▇ ETF TRUST
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By:
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/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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Secretary
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September 25, 2018
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