40-17G

INVESTMENT COMPANY BOND

GREAT AMERICAN INSURANCE COMPANY

(A Stock Insurance Company, Herein Called the Underwriter)

DECLARATIONS Bond No.  314-79-63 - 01
Item 1.	Name of Insured (herein called Insured):   FQF Trust
	Principal Address: 230 Congress Street, 5th Floor
	Boston, MA 02110
Item 2.	Bond Period from 12:01 a.m. 09/06/2012 to 12:01 a.m.
09/06/2013  the effective date of the termination or cancellation
of this bond, standard time at the Principal Address as to each of said dates.
Item 3.	Limit of Liability - Subject to Sections 9, 10 and 12 hereof,

Amount applicable to
Limit of Liability    Deductible
Insuring Agreement (A)-FIDELITY	$400,000	$0
Insuring Agreement (B)-ON PREMISES	$400,000	$5,000
Insuring Agreement (C)-IN TRANSIT	$400,000	$5,000
Insuring Agreement (D)-FORGERY OR ALTERATION	$400,000	$5,000
Insuring Agreement (E)-SECURITIES	$400,000	$5,000
Insuring Agreement (F)-COUNTERFEIT CURRENCY	$400,000	$5,000
Insuring Agreement (G)-STOP PAYMENT	$100,000	$5,000
Insuring Agreement (H)-UNCOLLECTIBLE ITEMS OF DEPOSIT	$100,000  $5,000
Insuring Agreement (I)-AUDIT EXPENSE	$100,000	$5,000
Insuring Agreement (J)-TELEFACSIMILE TRANSMISSIONS	$400,000  $5,000
Insuring Agreement (K)-UNAUTHORIZED SIGNATURES	$100,000	$5,000

Optional Insuring Agreements and Coverages

Insuring Agreement (L)-COMPUTER SYSTEMS	$400,000	$5,000
Insuring Agreement (M)-AUTOMATED PHONE SYSTEMS	Not Covered	N/A

If "Not Covered" is inserted above opposite any specified Insuring Agreement
or Coverage, such Insuring Agreement or Coverage and any other reference
thereto in this bond shall be deemed to be deleted therefrom.
Item 4.	Offices or Premises Covered-Offices acquired or established subsequent
to the effective date of thisbond are covered according to the terms of
General Agreement A.  All the Insured's offices or premises in existence
at the time this bond becomes effective are covered under this bond except the
offices or premises located as follows:  N/A

Item 5.	The liability of the Underwriter is subject to the terms of the
following riders attached hereto:  Riders No.  1, 2 and 3
Item 6.	The Insured by the acceptance of this bond gives to the Underwriter
terminating or cancelling prior bond(s) or policy(ies) No.(s)  314-79-63 - 00
such termination or cancellation to be effective as of the time this bond
becomes effective.


INVESTMENT COMPANY BOND

The Underwriter, in consideration of an agreed premium, and subject to the
Declarations made a part hereof, the General Agreements, Conditions and
Limitations and other terms of this bond, agrees with the Insured, in
accordance with Insuring Agreements hereof to which an amount of insurance
is applicable as set forth in Item 3 of the Declarations and with respect
to loss sustained by the Insured at any time but discovered during the
Bond period, to indemnify
and hold harmless the Insured for:

INSURING AGREEMENTS


(A)	FIDELITY

Loss resulting from any dishonest or fraudulent act(s), including Larceny or
Embezzlement committed by an Employee, committed anywhere and whether committed
alone or in collusion with others, including loss of Property resulting from
such acts of an Employee, which Property is held by the Insured for any purpose
or in any capacity and whether so held gratuitously or not and whether or not
the Insured is liable therefor.
Dishonest or fraudulent act(s) as used in this Insuring Agreement shall mean
only dishonest or fraudulent act(s) committed by such Employee with the
manifest intent:
(a)to cause the Insured to sustain such loss; and
(b)to obtain financial benefit for the Employee, or for any other person
or organization intended by the Employee to receive such benefit, other than
salaries, commissions, fees, bonuses, promotions, awards, profit sharing,
pensions or other employee benefits earned in the normal course of employment.


(B)  ON PREMISES

Loss of Property (occurring with or without negligence or violence) through
robbery, burglary, Larceny, theft, holdup, or other fraudulent means,
misplacement, mysterious unexplainable disappearance, damage thereto or
destruction thereof, abstraction or removal from the possession, custody or
control of the Insured, and loss of subscription, conversion, redemption or
deposit privileges through the misplacement or loss of Property, while the
Property is (or is supposed or believed by the Insured to be) lodged or
deposited within any offices or premises located anywhere, except in an office
listed in Item 4 of the Declarations or amendment thereof or in the mail or
with a carrier for hire other than an armored motor vehicle company, for the
purpose of transportation.


Offices and Equipment

(1) Loss of or damage to furnishings, fixtures, stationary, supplies or
equipment, within any of the Insured's offices covered under this bond
caused by Larceny or theft in, or by burglary, robbery or hold-up of
such office, or attempt thereat, or by vandalism or malicious mischief;
or (2) loss through damage to any such office by Larceny or theft in,
or by burglary, robbery or hold-up of such office or attempt thereat.

(C)  IN TRANSIT

Loss of Property (occurring with or without negligence or violence) through
robbery, Larceny, theft, hold-up, misplacement, mysterious unexplainable
disappearance, being lost or otherwise made away with, damage thereto or
destruction thereof, and loss of subscription, conversion, redemption or
deposit privileges through the misplacement or loss of Property, while the
Property is in transit anywhere in the custody of any person or persons acting
as messenger, except while in the mail or with a carrier for  hire, other than
an armored motor vehicle company, for the purpose of transportation, such
transit to begin immediately upon receipt of such Property by the transporting
person or persons, and to end immediately upon delivery thereof at destination.

(D) FORGERY OR ALTERATION

Loss through FORGERY or ALTERATION of, on or in any bills of exchange,
checks, drafts, acceptances, certificates of deposit, promissory notes,
or other written promises, orders or directions to pay sums certain in
money due bills, money orders, warrants, orders upon public treasuries,
letters of credit, written instructions, advices or applications directed
to the Insured, authorizing or acknowledging the transfer, payment, delivery
or receipt of funds or Property, which instructions or advices or applications
purport to have been signed or endorsed by any customer of the Insured,
shareholder or subscriber to shares, whether certificated or uncertificated,
of any Investment Company or by any financial or banking institution or
stock-broker but which instructions, advices or applications either bear the
forged signature or endorsement or have been altered without the knowledge
and consent of such customer, shareholder or subscriber to shares, whether
certificated or uncertificated, of an Investment Company, financial or banking
institution or stockbroker, withdrawal orders or receipts for the withdrawal of
funds or Property, or receipts or certificates of deposit for Property and
bearing the name of the Insured as issuer, or of another Investment Company
for which the Insured acts as agent, excluding, however, any loss covered
under Insuring Agreement (F) hereof whether or not coverage for Insuring
Agreement (F) is provided for in the Declarations of this bond.
Any check or draft (a) made payable to a fictitious payee and endorsed in
the name of such fictitious payee or (b) procured in a transaction with the
maker or drawer thereof or

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with one acting as an agent of such maker or drawer or anyone impersonating
another and made or drawn payable to the one so impersonated and endorsed by
anyone other than the one impersonated, shall be deemed to be forged as to
such endorsement.
Mechanically reproduced facsimile signatures are treated the same as
handwritten signatures.

(E)  SECURITIES

Loss sustained by the Insured, including loss sustained by reason of a
violation of the constitution, by-laws, rules or regulations of any Self
Regulatory Organization of which the Insured is a member or which would have
been imposed upon the Insured by the constitution, by-laws, rules or
regulations of any Self Regulatory Organization if the Insured had been a
member thereof,

(1) through the Insured's having, in good faith and in the course of business,
whether for its own account or for the account of others, in any representative,
fiduciary, agency or any other capacity, either gratuitously or otherwise,
purchased or otherwise acquired, accepted or received, or sold or delivered, or
given any value, extended any credit or assumed any liability, on the faith of,
or otherwise acted upon, any securities, documents or other written instruments
which prove to have been
(a) counterfeited, or
(b) forged as to the signature of any maker, drawer, issuer, endorser,
assignor, lessee, transfer agent or registrar, acceptor, surety or guarantor
or as to the signature of any person signing in any other capacity, or
(c) raised or otherwise altered, or lost, or stolen, or

(2) through the Insured's having, in good faith and in the course of business,
guaranteed in writing or witnessed any signatures whether for valuable
consideration or not and whether or not such guaranteeing or witnessing is
ultra vires the Insured, upon any transfers, assignments, bills of sale,
powers of attorney, guarantees, endorsements or other obligations upon or
in connection with any securities,	documents or other written instruments
and which pass or purport to pass title to such securities, documents or
other written instruments; EXCLUDING, losses caused by FORGERY or ALTERATION of,
on or in those instruments covered under Insuring Agreement (D) hereof.

Securities, documents or other written instruments shall be deemed to mean
original (including original counterparts) negotiable or non-negotiable
agreements which in and of themselves represent an equitable interest,
ownership, or debt, including an assignment thereof which instruments are
in the ordinary course of business, transferable by delivery of such
agreements with any necessary endorsement or assignment.
The word "counterfeited" as used in this Insuring Agreement shall be deemed to
mean any security, document or other written instrument which is intended to
deceive and to be taken for an original.
Mechanically reproduced facsimile signatures are treated the same as
handwritten signatures.

(F) COUNTERFEIT CURRENCY

Loss through the receipt by the Insured, in good faith, of any counterfeited
money orders or altered paper currencies or coin of the United States of
America or Canada issued or purporting to have been issued by the United
States of America or Canada or issued pursuant to a United States of
America or Canadian statute for use as currency.

(G) STOP PAYMENT

Loss against any and all sums which the Insured shall become obligated to
pay by reason of the Liability imposed upon the Insured by law for damages:

For having either complied with or failed to comply with any written
notice of any customer, shareholder or subscriber of the Insured or any
Authorized Representative of such customer, shareholder or subscriber to
stop payment of any check or draft made or drawn by such customer,
shareholder or subscriber or any Authorized Representative of such
customer, shareholder or subscriber, or

For having refused to pay any check or draft made or drawn by any customer,
shareholder or subscriber of the Insured, or any Authorized Representative
of such customer, shareholder or subscriber.

(H) UNCOLLECTIBLE ITEMS OF DEPOSIT

Loss resulting from payments of dividends or fund shares, or withdrawals
permitted from any customer's, shareholder's or subscriber's account based
upon Uncollectible items of Deposit of a customer, shareholder or subscriber
credited by the Insured or the Insured's agent to such customer's,
shareholder's or subscriber's Mutual Fund Account: or
loss resulting from any item of Deposit processed through an Automated
Clearing House which is reversed by the customer, shareholder or subscriber
and deemed uncollectible by the Insured.
Loss includes dividends and interest accrued not to exceed 15% of the
Uncollectible items which are deposited.
This Insuring Agreement applies to all Mutual Funds with "exchange privileges"
if all Fund(s) in the exchange program are insured by a Great American
Insurance Company of Cincinnati, OH for Uncollectible Items of Deposit.
Regardless of the number of transactions between Fund(s) the minimum
number of days of deposit within the Fund(s) before withdrawal as declared in
the Fund(s) prospectus shall begin from the date a deposit was first credited
to any Insured Fund(s).


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(I) AUDIT EXPENSE

Expense incurred by the Insured for that part of the costs of audits or
examinations required by any governmental regulatory authority to be
conducted either by such authority or by an independent accountant by
reason of the discovery of loss sustained by the Insured through any
dishonest or fraudulent act(s), including Larceny or Embezzlement of
any of the Employees.  The total liability of the Underwriter for such
expense by reason of such acts of any Employee or in which such Employee
is concerned or implicated or with respect to any one audit or examination
 is limited to the amount stated opposite Audit Expense in Item 3 of the
Declarations; it being understood, however, that suchexpense shall be
deemed to be a loss sustained by the Insured through any dishonest or
fraudulent act(s), including Larceny or Embezzlement of one or more
of the Employees and the liability under this paragraph shall be in
addition to the Limit of Liability stated in Insuring Agreement (A)
in Item 3 of the Declarations.

(J) TELEFACSIMILE TRANSMISSIONS

Loss resulting by reason of the Insured having transferred, paid or
delivered any funds or Property, established any credit, debited any
account, or given any value relying on any fraudulent instructions
sent by a customer or financial institution by Telefacsimile
Transmission directed to the Insured, authorizing
or acknowledging the transfer, payment, or delivery of funds or property,
the establishment of a credit, debiting of any account, or the giving of
 value by the Insured, but only if such telefacsimile instructions:
(i)bear a valid test key exchanged between the Insured and a customer or
another financial institution with authority to use such test key for
Telefacsimile instructions in the ordinary course of business, but which
test key has been wrongfully obtained by a person who was not authorized
 to initiate, make, validate or authenticate a test key arrangement; and
(ii)fraudulently purport to have been sent by such customer or financial
institution, but which telefacsimile instructions are transmitted without
the knowledge or consent of such customer or financial institution by a
 person other than such customer or financial institution and which bear
 a forged signature."Telefacsimile" means a system of transmitting written
 documents by electronic signals over telephone lines to equipment
maintained by the Insured within its communication room for the purposes
 of reproducing a copy of said document.  It does not mean electronic
communication sent by Telex, TWC, or electronic mail, or Automated
Clearing House.

(K) UNAUTHORIZED SIGNATURES

Loss resulting directly from the Insured having accepted, paid or cashed any
check or withdrawal order, draft, made or drawn on a customer's account which
bears the signature or endorsement of one other than a person whose name and
signature is on the application on file with the Insured as a signatory on
such account.

It shall be a condition precedent to the Insured's right to recovery under
this Insuring Agreement that the Insured shall have on file signatures of
all persons who are authorized signatories on such account.



GENERAL AGREEMENTS


(A)ADDITIONAL OFFICES OR EMPLOYEES-CONSOLIDATION OR MERGER-NOTICE

(1)If the Insured shall, while this bond is in force, establish any additional
office or offices, such office or offices shall be automatically covered
hereunder from the dates of their establishment, respectively. No notice to the
Underwriter of an increase during any premium period in the number of offices
or in the number of Employees at any of the offices covered hereunder
need be given and no additional premium need be paid for the remainder of
such premium period.

(2)If an Investment Company, named as Insured herein, shall, while this bond
is in force, merge or consolidate with, or purchase the assets of another
institution, coverage for such acquisition shall apply 	automatically from
 the date of acquisition.  The Insured shall notify the Underwriter of such
acquisition within 60 days of said date, and an additional premium shall be
computed only if such acquisition involves additional offices or employees.

(B)	WARRANTY

No statement made by or on behalf of the Insured, whether contained in the
application or otherwise, shall be deemed to be a warranty of anything
except that it is true to the best of the knowledge and belief of the
person making the statement.

(C)	COURT COSTS AND ATTORNEYS' FEES (Applicable to all Insuring Agreements
or Coverages now or hereafter forming part of this bond)

The Underwriter will Indemnify the Insured against court costs and reasonable
attorneys' fees incurred and paid by the Insured in defense, whether or not
successful, whether or not fully litigated on the merits and whether or not
settled of any suit or legal proceeding brought against the Insured to enforce
the Insured's liability or alleged liability on account of any loss,


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claim or damage which, if established against the Insured, would constitute
a loss sustained by the Insured covered under the terms of this bond provided,
however, that with respect to Insuring Agreement (A) this indemnity shall
apply only in the event that

(1)an Employee admits to being guilty of any dishonest or fraudulent act(s),
including Larceny or Embezzlement; or
(2)an Employee is adjudicated to be guilty of any dishonest or fraudulent
act(s), including Larceny or Embezzlement;
(3)in the absence of (1) or (2) above an arbitration panel agrees, after
a review of an agreed statement of facts,that an Employee would be found
 guilty of dishonesty if such Employee were prosecuted.

The Insured shall promptly give notice to the Underwriter of any such suit
 or legal proceeding and at the request of the Underwriter shall furnish
it with copies of all pleadings and other papers therein.  At the
Underwriter's election the Insured shall permit the Underwriter to conduct
 the defense of such suit or legal proceeding, in the Insured's name,
through attorneys of the Underwriter's selection.  In such event, the
Insured shall give all reasonable information and assistance which the
Underwriter shall deem necessary to the proper defense of such suit or
legal proceeding.
If the Insured's liability or alleged liability is greater than the amount
recoverable under this bond, or if a Deductible Amount is applicable,
the liability of the Underwriter under this General Agreement is limited
 to that percentage of litigation expense determined by pro ration of  the
 bond limit of liability to the amount claimed, after the application of
any deductible. This litigation expense will be in addition to the Limit
of Liability for the applicable Insuring Agreement.


(D)FORMER EMPLOYEE

Acts of Employee, as defined in this bond, are covered under Insuring
Agreement (A) only while the Employee is in the Insured's employ.  Should
 loss involving a former Employee of the Insured be discovered subsequent
 to the termination of employment, coverage would still apply under
Insuring Agreement (A) if the direct proximate cause of the loss occurred
 while the former Employee performed duties within the scope of his/her
employment.




THE FOREGOING INSURING AGREEMENTS AND
GENERAL AGREEMENTS ARE SUBJECT TO
THE FOLLOWING CONDITIONS AND
LIMITATIONS:



SECTION 1.DEFINITIONS

The following terms, as used in this bond, shall have the respective
meanings stated in this Section:

(a)"Employee" means:
(1)any of the Insured's officers, partners, or employees, and
(2)any of the officers or employees of any predecessor of the Insured
whose principal assets are acquired by the Insured by consolidation or
 merger with, or purchase of assets of capital stock of such predecessor,
 and(3)attorneys retained by the Insured to perform legal services for
the Insured and the employees of such attorneys while such attorneys or
 the employees of such attorneys are performing such services for the
Insured, and(4)guest students pursuing their studies or duties in any
of the Insured's offices, and
(5)directors or trustees of the Insured, the investment advisor, underwriter
(distributor), transfer agent, or shareholder accounting record keeper, or
administrator authorized by written agreement to keep financial and/or other
 required coming within the scope of the usual duties of an officer or
employee or while acting as a member of any committee duly elected or
appointed to examine or audit or have custody of or access to the Property
 of the Insured, and
(6)any individual or individuals assigned to perform
the usual duties of an employee within the premises of the Insured by
contract, or by any agency furnishing temporary personnel on a
contingent or part-time basis, and
(7)each natural person, partnership
or corporation authorized by written agreement with the Insured to perform
 services as electronic data processor of checks or other accounting
records of the Insured, but excluding any such processor who acts as
transfer agent or in any other agency
capacity in issuing checks, drafts or securities for the Insured, unless
included under Sub-section (9) hereof, and
(8)those persons so designated in section 15, Central Handling of
Securities, and
(9)any officer, partner or Employee of
a)an investment advisor,
b)an underwriter (distributor),

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c)a transfer agent or shareholder accounting
record-keeper, or
d)an administrator authorized by written agreement to keep financial
and/or other required records,for an Investment Company, named as Insured
 while performing acts coming within the scope of the usual duties of an
officer or Employee of any Investment Company named as Insured herein, or
 while acting as a member of any committee duly elected or appointed to
examine or audit or have custody of or access to the Property of any such
 Investment Company, provided that only Employees or partners of a
transfer agent, shareholder accounting record-keeper or administrator which is
an affiliated person as defined in the Investment Company Act of 1940, of an
Investment Company named as Insured or is an affiliated person of the adviser,
underwriter or administrator of such Investment Company, and which is not
a bank,shall be included within the definition of Employee.

Each employer of temporary personnel or processors as set forth in Sub-Sections
(6) and (7) of Section 1 (a) and their partners, officers and employees shall
collectively be deemed to be one person for all the purposes of this bond,
excepting, however, the last paragraph of Section 13.
Brokers, or other agents under contract or representatives of the same general
character shall not be considered Employees.
(b)"Property" means money (i.e. currency, coin, bank notes, Federal Reserve
notes), postage and revenue stamps, U.S. Savings Stamps, bullion, precious
 metals of all kinds and in any form and articles made therefrom, jewelry,
 watches, necklaces, bracelets, gems, precious and semi-precious stones,
bonds,securities, evidences of debts, debentures, scrip, certificates,
interim receipts, warrants, rights, puts, calls, straddles, spreads,
transfers, coupons, drafts, bills of exchange, acceptances, notes, checks,
 withdrawal orders, money orders, warehouse receipts, bills of lading,
conditional sales contracts, abstracts of title, insurance policies, deeds,
 mortgages under real estate and/or chattels and upon interests therein,
and assignments of such policies, mortgages and instruments, and other
valuable papers, including books of account and other records used
by the Insured in the conduct of its business, and all other instruments
similar to or in the nature of the foregoing including Electronic
Representations of such Instruments enumerated above (but excluding all
 data processing records) in which the Insured has an interest or in
which the Insured acquired or should have acquired an interest by reason
 of a predecessor's declared financial condition at the time of the
Insured's consolidation or merge with, or purchase of the principal
assets of, such predecessor or which are held by the Insured for any
purpose or in any capacity and whether so held by the Insured for any
purpose or in any capacity and whether so held gratuitously or not
and whether or not the Insured is liable therefor.
(c)"Forgery" means the signing of the name of another with the intent
 to deceive; it does not include the signing of one's own name with
or without authority,in any capacity, or for any purpose.
(d)"Larceny and Embezzlement" as it applies to any named Insured means
 those acts as set forth in Section 37 of the Investment Company Act
of 1940.
(e)"Items of Deposit" means any one or more checks and drafts.


SECTION 2. EXCLUSIONS

THIS BOND DOES NOT COVER:

(a)loss effected directly or indirectly by means of forgery or alteration
of, on or in any instrument, except when covered by Insuring Agreement (A),
(D), (E) or (F).
(b)loss due to riot or civil commotion outside the United States of
America and Canada; or loss due to military, naval or usurped power, war
or insurrection unless such loss occurs in transit in the circumstances
recited in Insuring Agreement (D), and unless, when such transit was
initiated, there was no knowledge of such riot, civil commotion,
military, naval or usurped power, war or insurrection on the part
of any person acting for the Insured in initiating such transit.
(c)loss, in time of peace or war, directly or indirectly caused by or
resulting from the effects of nuclear fission or fusion or radioactivity;
provided, however, that this paragraph shall not apply to loss resulting
from industrial uses of nuclear energy.
(d)loss resulting from any wrongful act or acts of any person who is
a member of the Board of Directors of the Insured or a member of any
equivalent body by whatsoever name known unless such person is also
an Employee or an elected official, partial owner or partner of the
Insured in some other capacity, nor, in any event, loss resulting from
 the act or acts of any person while acting in the capacity of a member
 of such Board or equivalent body.
(e)loss resulting from the complete or partial nonpayment of, or default
 upon, any loan or transaction in the nature of, or amounting to, a loan
made by or obtained from the Insured or any of its partners, directors
or Employees, whether authorized

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or unauthorized and whether procured in good faith or through trick,
artifice, fraud or false pretenses, unless such loss is covered under
Insuring Agreement (A), (E) or (F).
(f)loss resulting from any violation by the Insured or by any Employee
(1)of law regulating (a) the issuance, purchase or sale of securities, (b)
securities transactions upon Security Exchanges or over the counter market,
(c) Investment Companies, or (d) Investment Advisors, or
(2)of any rule or regulation made pursuant to any such law.
unless such loss, in the absence of such laws, rules or regulations, would
be covered under Insuring Agreements (A) or (E).
(g)loss of Property or loss of privileges through the misplacement or
loss of Property as set forth in Insuring Agreement (C) or (D) while the
Property is in the custody of any armored motor vehicle company, unless such
loss shall be in excess of the 	amount recovered or received by the Insured
under (a) the Insured's contract with said armored motor vehicle company, (b)
insurance carried by said armored motor vehicle company for the benefit of
users of its service, and (c) all other insurance and indemnity in force in
whatsoever form carried by or for the benefit of users of said armored motor
vehicle company's service, and then this bond shall cover only such excess.
(h)potential income, including but not limited to interest and dividends, not
realized by the Insured because of a loss covered under this bond, except as
included under Insuring Agreement (I).
(i)all damages of any type for which the Insured is legally liable, except
direct compensatory damages arising from a loss covered under this bond.
(j)loss through the surrender of Property away from an office of the Insured
as a result of a threat
(1)to do bodily harm to any person, except loss of Property in transit in the
custody of any person acting as messenger provided that when such transit was
initiated there was no knowledge by the Insured of any such threat, or
(2)to do damage to the premises or Property of the Insured, except when
covered under Insuring Agreement (A).
(k)all costs, fees and other expenses incurred by the Insured in establishing
the existence of or amount of loss covered under this bond unless such
indemnity is provided for under Insuring Agreement (I).
(l)loss resulting from payments made or withdrawals from the account of a
customer of the Insured, shareholder or subscriber to shares involving funds
erroneously credited to such account, unless such payments are made to or
withdrawn by such depositor or representative of such person, who is
within the premises of the drawee bank of the Insured or within the office of
the Insured at the time of such payment or withdrawal or unless such payment is
covered under Insuring Agreement (A).
(m)any loss resulting from Uncollectible Items of Deposit which are drawn from
a financial institution outside the fifty states of the United States of
America, District of Columbia, and territories and possessions of the United
States of America, and Canada.


SECTION 3. ASSIGNMENT OF RIGHTS

This bond does not afford coverage in favor of any Employers of temporary
personnel or of processors as set forth in sub-sections (6) and (7) of Section
1(a) of this bond, as aforesaid, and upon payment to the insured by the
Underwriter on account of any loss through dishonest or fraudulent act(s)
including Larceny or Embezzlement committed by any of the partners, officers
or employees of such Employers, whether acting alone or in collusion with
others, an assignment of such of the Insured's rights and causes of action
as it may have against such Employers by reason of such acts so committed
shall, to the extent of such payment, be given by the Insured to the
Underwriter, and the Insured shall execute all papers necessary to secure
to the Underwriter the rights herein provided for.


SECTION 4. LOSS-NOTICE-PROOF-LEGAL PROCEEDINGS

This bond is for the use and benefit only of the Insured named in the
Declarations and the Underwriter shall not be liable hereunder for loss
sustained by anyone other than the Insured unless the Insured, in its
sole discretion and at its option, shall include such loss in the Insured's
proof of loss.  At the earliest practicable moment after discovery of
any loss hereunder the Insured shall give the Underwriter written notice
thereof and shall also within six months after such discovery furnish
to the Underwriter affirmative proof of loss with full
particulars.  If claim is made under this bond for loss of securities
or shares, the Underwriter shall not be liable unless each of such
securities or shares is identified in such proof of loss by a certificate
or bond number or, where such securities or shares are uncertificated,
by such identification means as agreed to by the Underwriter.  The Underwriter
shall have thirty days after notice and proof of loss within which to
investigate the claim, and this shall apply notwithstanding the loss is
made up wholly or in part of securities of which duplicates may be obtained.
Legal proceedings for recovery of any loss hereunder shall not be brought
prior to the expiration of sixty days after such proof of loss is filed
with the Underwriter nor after the expiration of twenty-four months from
the discovery of such loss, except that any action or proceeding to
recover hereunder


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on account of any judgment against the Insured in any suit mentioned in
General Agreement C or to recover attorneys' fees paid in any such suit,
shall be begun within twenty-four months from the date upon which the
judgment in such suit shall become final.  If any limitation embodied
in this bond is prohibited by any law controlling the construction hereof,
such limitation shall be deemed to be amended so as to be equal to the
minimum period of limitation permitted by such law.
Discovery occurs when the Insured
(a)becomes aware of facts, or
(b)receives written notice of an actual or potential claim by a third
party which alleges that the Insured is liable under circumstance
which would cause a reasonable person to assume that a loss covered by
the bond has been or will be incurred even though the exact amount or
details of loss may not be then known.


SECTION 5.  VALUATION OF PROPERTY

The value of any Property, except books of accounts or other records
used by the Insured in the conduct of its business, for the loss of which
a claim shall be made hereunder, shall be determined by the average market
value of such Property on the business day next preceding the discovery of
such loss; provided, however, that the value of any Property replaced by
the Insured prior to the payment of claim therefor shall be the actual
market value at the time of replacement; and further provided that in case
of a loss or misplacement of interim certificates, warrants, rights, or
other securities, the production which is necessary to the exercise of
subscription, conversion, redemption or deposit privileges, the value
thereof shall be the market value of such privileges immediately preceding
the expiration thereof if said loss or misplacement is not discovered
until after their expiration.  If no market price is quoted for such
Property or for such privileges, the value shall be fixed by agreement
between the parties or by arbitration.
In case of any loss or damage to Property consisting of books of accounts
or other records used by the Insured in the conduct of its business, the
Underwriter shall be liable under this bond only if such books or records
are actually reproduced and then for not more than the cost of blank books,
blank pages or other materials plus the cost of labor for the actual
transcription or copying of data which shall have been furnished by the
Insured in order to reproduce such books and other records.


SECTION 6.  VALUATION OF PREMISES AND  FURNISHINGS

In case of damage to any office of the Insured, or loss of or damage to
the furnishings, fixtures, stationary, supplies, equipment, safes or vaults
therein, the Underwriter shall not be liable for more than the actual
cash value thereof, or for more than the actual cost of their replacement
or repair.  The Underwriter may, at its election, pay such actual cash value
or make such replacement or repair.  If the Underwriter and the Insured cannot
agree upon such cash value or such cost or replacement or repair, such shall
be determined by arbitration.


SECTION 7.  LOST SECURITIES

If the Insured shall sustain a loss of securities the total value of which
is in excess of the limit stated in Item 3 of the Declarations of this bond,
the liability of the Underwriter shall be limited to payment for, or
duplication of, securities having value equal to the limit stated in Item 3
of the Declarations of this bond.
If the Underwriter shall make payment to the Insured for any loss of
securities, the Insured shall thereupon assign to the Underwriter all of
the Insured's rights, title and interests in and to said securities.
With respect to securities the value of which do not exceed the Deductible
Amount (at the time of the discovery of the loss) and for which the Underwriter
may at its sole discretion and option and at the request of the Insured issue
a Lost Instrument Bond or Bonds to effect replacement thereof, the Insured
will pay the usual premium charged therefor and will indemnify the Underwriter
against all loss or expense that the Underwriter may sustain because of the
issuance of such Lost Instrument Bond or Bonds.
With respect to securities the value of which exceeds the Deductible Amount
(at the time of discovery of the loss) and for which the Underwriter may issue
or arrange for the issuance of a Lost Instrument Bond or Bonds to effect
replacement thereof, the Insured agrees that it will pay as premium therefor
a proportion of the usual premium charged therefor, said proportion being
equal to the percentage that the Deductible Amount bears to the value of the
securities upon discovery of the loss, and that it will indemnify the issuer
of said Lost Instrument Bond or Bonds against all loss and expense that is
not recoverable from the Underwriter under the terms and conditions of this
INVESTMENT COMPANY BOND subject to the Limit of Liability hereunder.


SECTION 8. SALVAGE

In case of recovery, whether made by the Insured or by the Underwriter, on
account of any loss in excess of the Limit of Liability hereunder plus the
Deductible Amount applicable to such loss from any source other than
suretyship, insurance, reinsurance, security or indemnity taken by or for
the benefit of the Underwriter, the net amount of such recovery, less the
actual costs and expenses of making same, shall be applied to reimburse the
Insured in full for the excess portion of such loss, and the remainder, if
any, shall be paid first in reimbursement of the Underwriter and thereafter
in reimbursement of the Insured for that part of such loss within the
Deductible Amount.  The Insured shall execute all necessary papers to
secure to the Underwriter the rights provided for herein.



Page 7 of 10

SECTION 9.  NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND
TOTAL LIABILITY

At all times prior to termination hereof this bond shall continue in
force for the limit stated in the applicable sections of Item 3 of the
Declarations of this bond notwithstanding any previous loss for which
the Underwriter may have paid or be liable to pay hereunder; PROVIDED,
however, that regardless of the number of years this bond shall continue
in force and the number of premiums which shall be payable or paid, the
liability of the Underwriter under this bond with respect to all loss
resulting form
(a)any one act of burglary, robbery or hold-up, or attempt thereat, in
which no Partner or Employee is 	concerned or implicated shall be
deemed to be one loss, or
(b)any one unintentional or negligent act on the part of any one person
resulting in damage to or destruction or misplacement of Property,
shall be deemed to be one loss, or
(c)all wrongful acts, other than those specified in (a) above, of any
one person shall be deemed to be one loss, or
(d)all wrongful acts, other than those specified in (a) above, of one
or more persons (which dishonest act(s) or act(s) of Larceny or Embezzlement
include, but are not limited to, the failure of an Employee to report
such acts of others) whose dishonest act or acts intentionally or
unintentionally, knowingly or unknowingly, directly or indirectly, aid or
aids in any way, or permits the continuation of, the dishonest act
or acts of any other person or persons shall be deemed to be one loss
with the act or acts of the persons aided, or
(e)any one casualty or event other than those specified in (a), (b),
(c) or (d) preceding, shall be deemed to be one loss, and
shall be limited to the applicable Limit of Liability stated in Item
3 of the Declarations of this bond irrespective of the total amount
of such loss or losses and shall not be cumulative in amounts from year
to year or from period to period.
Sub-section (c) is not applicable to any situation to which the language
of sub-section (d) applies.


SECTION 10. LIMIT OF LIABILITY

With respect to any loss set forth in the PROVIDED clause of Section 9
of this bond which is recoverable or recovered in whole or in part under
any other bonds or policies issued by the Underwriter to the Insured or
to any predecessor in interest of the Insured and terminated or cancelled
or allowed to expire and in which the period for discovery has not
expired at the time any such loss thereunder is discovered, the total
liability of the Underwriter under this bond and under other bonds or
policies shall not exceed, in the aggregate, the amount carried hereunder

on such loss or the amount available to the Insured under such other bonds,
or policies, as limited by the terms and conditions thereof, for any such
loss if the latter amount be the larger.


SECTION 11.  OTHER INSURANCE

If the Insured shall hold, as indemnity against any loss covered hereunder,
any valid and enforceable insurance or suretyship, the Underwriter shall be
liable hereunder only for such amount of such loss which is in excess of
the amount of such other insurance or suretyship, not exceeding, however,
the Limit of Liability of this bond applicable to such loss.


SECTION 12.  DEDUCTIBLE

The Underwriter shall not be liable under any of the Insuring Agreements
of this bond on account of loss as specified, respectively, in
sub-sections (a), (b), (c), (d) and (e) of Section 9, NON-REDUCTION AND
NONACCUMULATION OF LIABILITY AND TOTAL LIABILITY, unless the amount of such
loss, after deducting the net amount of all reimbursement and/or recovery
obtained or made by the insured, other than from any bond or policy of
insurance issued by an insurance company and covering such loss, or by the
Underwriter on account thereof prior to payment by the Underwriter of
such loss, shall exceed the Deductible Amount set forth in Item 3 of the
Declarations hereof (herein called Deductible Amount) and then for such
excess only, but in no event for more than the applicable Limit of
Liability stated in Item 3 of the Declarations.
The Insured will bear, in addition to the Deductible Amount, premiums
on Lost Instrument Bonds as set forth in Section 7.
There shall be no deductible applicable to any loss under Insuring
Agreement A sustained by any Investment Company named as Insured herein.


SECTION 13.  TERMINATION

The Underwriter may terminate this bond as an entirety by furnishing written
notice specifying the termination date which cannot be prior to 90 days after
the receipt of such written notice by each Investment Company named as Insured
and the Securities and Exchange Commission, Washington, D.C.  The Insured may
terminate this bond as an entirety by furnishing written notice to the
Underwriter.  When the Insured cancels, the Insured shall furnish written
notice to the Securities and Exchange Commission, Washington, D.C. prior to
90 days before the effective date of the termination.  The Underwriter shall
notify all other Investment Companies named as Insured of the receipt of such
termination notice and the termination cannot be effective prior to 90 days
after receipt of written notice by all other Investment Companies.  Premiums
are earned until the termination date as set forth herein.


Page 8 of 10


This Bond will terminate as to any one Insured, (other than a registered
management investment company), immediately upon taking over of such Insured
by a receiver or other liquidator or by State or Federal officials, or
immediately upon the filing of a petition under any State or Federal statute
relative to bankruptcy or reorganization of the Insured, or assignment for
the benefit of creditors of the Insured, or immediately upon such Insured
ceasing to exist, whether through merger into another entity, or by
disposition of all of its assets.
This Bond will terminate as to any registered management investment company
upon the expiration of 90 days after written notice has been given to the
Securities and Exchange Commission, Washington, D.C.
The Underwriter shall refund the unearned premium computed as short rates in
accordance with the standard short rate cancellation tables if terminated by
the Insured or pro rata if terminated for any other reason.
This Bond shall terminate
(a)as to any Employee as soon as any partner, officer or supervisory Employee
of the Insured, who is not in collusion with such Employee, shall learn of
any dishonest or fraudulent act(s), including Larceny or Embezzlement on the
part of such Employee without prejudice to the loss of any Property then
in transit in the custody of such Employee and upon the expiration
of ninety (90) days after written notice has been given to the
Securities and Exchange Commission, Washington, D.C. (See Section 16[d]) and
to the Insured Investment Company, or
(b)as to any Employee 90 days after receipt by each Insured and by the
Securities and Exchange 	Commission of a written notice from the
Underwriter of its desire to terminate this bond as to such Employee, or
(c)as to any person, who is a partner, officer or employee of any Electronic
Data Processor covered under this bond, from and after the time that the
Insured or any partner or officer thereof not in collusion with such person
 shall have knowledge of information that such person has committed any
dishonest or fraudulent act(s), including Larceny or Embezzlement in the
 service of the Insured or otherwise, whether such act be committed
before or after the time this bond is effective.

SECTION 14.  RIGHTS AFTER TERMINATIOon OR CANCELLATION

At any time prior to the termination or cancellation of this bond as an
entirety, whether by the Insured or the Underwriter, the Insured may give
to the Underwriter notice that if desires under this bond an additional
period of 12 months within which to discover loss sustained by the Insured
prior to the effective date of such termination or cancellation and shall
pay an additional premium therefor.
Upon receipt of such notice from the Insured, the Underwriter shall give its
written consent thereto:  provided, however, that such additional period of
time shall terminate immediately;
(a)on the effective date of any other insurance obtained by the Insured, its
successor in business or any other party, replacing in whole or in part the
insurance afforded by this bond, whether or not such other insurance provides
coverage for loss sustained prior to its effective date, or
(b)upon takeover of the Insured's business by any State or Federal official
or agency, or by any receiver or liquidator, acting or appointed for this
purpose
without the necessity of the Underwriter giving notice of such termination.
In the event that such additional period of time is terminated, as provided
above, the Underwriter shall refund any unearned premium.
The right to purchase such additional period for the discovery of loss may
not be exercised by any State or Federal official or agency, or by any
receiver or liquidator, acting or appointed to take over the Insured's
business for the operation or for the liquidation thereof or for any other
purpose.


SECTION 15.  CENTRAL HANDLING OF SECURITIES

Securities included in the systems for the central handling of securities
established and maintained by Depository Trust Company, Midwest Depository
Trust Company, Pacific Securities Depository Trust Company, and
Philadelphia Depository Trust Company, hereinafter called Corporations, to
the extent of the Insured's interest therein as effective by the making of
appropriate entries on the books and records of such Corporations shall be
deemed to be Property.
The words "Employee" and "Employees" shall be deemed to include the officers,
partners, clerks and other employees of the New York Stock Exchange,
Boston Stock Exchange, Midwest Stock Exchange, Pacific Stock Exchange and
Philadelphia Stock Exchange, hereinafter called Exchanges, and of the above
named Corporations, and of any nominee in whose name is registered any
security included within the systems for the central handling of securities
established and maintained by such Corporations, and any employee of any
recognized service company, while such officers, partners, clerks and other
employees and employees of service companies perform services for such
Corporations in the operation of such systems.  For the purpose of the above
definition a recognized service company shall be any company providing clerks
or other personnel to said Exchanges or Corporation on a contract basis.
The Underwriter shall not be liable on account of any loss(es) in connection
with the central handling of securities within the systems established and
maintained by such Corporations, unless such loss(es) shall be in excess
 of the amount(s) recoverable or recovered under any bond or policy if
insurance indemnifying such Corporations, against such loss(es), and
then the Underwriter shall be liable hereunder only


Page 9 of 10



for the Insured's share of such excess loss(es), but in no event for more
than the Limit of Liability applicable hereunder.
For the purpose of determining the Insured's share of excess loss(es) it
shall be deemed that the Insured has an interest in any certificate
representing any security included within such systems equivalent to the
interest the Insured then has in all certificates representing the same
security included within such systems and that such Corporation shall use
their best judgment in apportioning the amount(s) recoverable or
recovered under any bond or policy of insurance indemnifying such
Corporations against such loss(es) in connection with the central
handling of securities within such systems among all those having an
interest as recorded by appropriate entries in the books and records
of such Corporations in Property involved in such loss(es) on the basis
 that each such interest shall share in the amount(s) so recoverable or
recovered in the ratio that the value of each such interest bears to
the total value of all such interests and that the Insured's share of
such excess loss(es) shall be the amount of the Insured's interest in
such Property in excess of the amount(s) so
apportioned to the Insured by such Corporations.
This bond does not afford coverage in favor of such Corporations or
Exchanges or any nominee in whose name is registered any security included
within the systems for the central handling of securities established and
maintained by such Corporations, and upon payment to the Insured by the
Underwriter on account of any loss(Es) within the systems, an assignment of
such of the Insured's rights and causes of action as it may have against
such Corporations or Exchanges shall to the extent of such payment, be given
by the Insured to the Underwriter, and the Insured shall execute all papers
necessary to secure to the Underwriter the rights provided for herein.


SECTION 16.  ADDITIONAL COMPANIES INCLUDED AS INSURED

If more than one corporation, co-partnership or person or any combination
of them be included as the Insured herein:
(a)the total liability of the Underwriter hereunder for loss or losses
sustained by any one or more or all of them shall not exceed the limit for
which the Underwriter would be liable hereunder if all such loss were
sustained by any one of them.
(b)the one first named herein shall be deemed authorized to make, adjust
and receive and enforce payment of all claims hereunder and shall be deemed
to be the agent of the others for such purposes and for the giving or
receiving of any notice required or permitted to be given by the terms
hereof, provided that the Underwriter shall furnish each named Investment
Company with a copy of the bond and with any amendment thereto, together
with a copy of each formal filing of the settlement of each such claim
prior to the execution of such settlement,
(c)the Underwriter shall not be responsible for the proper application
of any payment made hereunder to said first named Insured,

(d)knowledge possessed or discovery made by any partner, officer or
supervisory Employee of any Insured shall for the purpose of Section
4 and Section 	13 of this bond constitute knowledge or discovery by
all the Insured, and
(e)if the first named Insured ceases for any reason to be covered under
this bond, then the Insured next named 	shall thereafter be considered
as the first named Insured for the purposes of this bond.


SECTION 17.  NOTICE AND CHANGE OF CONTROL

Upon the Insured's obtaining knowledge of a transfer of its outstanding
voting securities which results in a change in control (as set forth
in Section 2(a) (9) of the Investment Company Act of 1940) of the Insured,
the Insured shall within thirty (30) days of such knowledge give written
notice to the Underwriter setting forth:
(a)the names of the transferors and transferees (or the names of the
beneficial owners if the voting securities are requested in another name),
and
(b)the total number of voting securities owned by the transferors and the
transferees (or the beneficial owners), both immediately before and
after the transfer, and
(c)the total number of outstanding voting securities.
As used in this section, control means the power to exercise a
controlling influence over the management or policies of the Insured.
Failure to give the required notice shall result in termination of
coverage of this bond, effective upon the date of stock transfer for
any loss in which any transferee is concerned or implicated.
Such notice is not required to be given in the case of an Insured which
is an Investment Company.


SECTION 18.  CHANGE OR MODIFICATION

This bond or any instrument amending or effecting same may not be
changed or modified orally.  No changes in or modification thereof
shall be effective unless made by written endorsement issued to
form a part hereof over the signature of the Underwriter's Authorized
Representative.  When a bond covers only one Investment Company no
change or modification which would adversely affect the rights of
the Investment Company shall be effective prior to 60 days after
written notification has been furnished to the Securities and Exchange
Commission, Washington, D. C. by the Insured or by the Underwriter.
If more than one Investment Company is named as the Insured herein,
the Underwriter shall give written notice to each Investment Company
and to the Securities and Exchange Commission, Washington, D.C. not
less than 60 days prior to the effective date of any change or
modification which would adversely affect the rights of such Investment
Company.

IN WITNESS WHEREOF, the Underwriter has caused this bond to be
executed on the Declarations Page.


Page 10 of 10


RIDER NO. 1

JOINT INSURED LIST

To be attached to and form part of Bond No. 314-79-63 - 01

In favor of	FQF Trust

It is agreed that:


1.  At the request of the Insured, the Underwriter adds to the
list of Insured under the attached
     bond the following:


	QuantShares U.S. Market Neutral Momentum Fund
      QuantShares U.S. Market Neutral Value Fund
      QuantShares U.S. Market Neutral High Beta Fund
      QuantShares U.S. Market Neutral Size Fund
      QuantShares U.S. Market Neutral Quality Fund
      QuantShares U.S. Market Neutral Anti-Momentum Fund
      QuantShares U.S. Market Neutral Anti-Beta Fund



2. This rider shall become effective as of 12:01 a.m. on
09/06/2012 standard time.


RIDER NO. 2

INSURING AGREEMENT L


To be attached to and form part of Bond No.  314-79-63 - 01

in favor of       FQF Trust

It is agreed that:

1.	The attached bond is amended by adding an additional
Insuring Agreement as follows:

COMPUTER SYSTEMS

Loss resulting directly from a fraudulent

(1)entry of data into, or
(2)change of data elements or programs within

a Computer System; provided that fraudulent entry or change causes

(a)Property to be transferred paid or delivered,
(b)an account of the Insured, or of its customer, to be added,
deleted, debited or credited, or
(c)an unauthorized account or a fictitious account to be debited
or credited;

(3)voice instruction or advices having been transmitted to the
Insured or its agent(s) by telephone;

and provided further, the fraudulent entry or change is made or
caused by an individual acting with the manifest intent to:

(i)cause the Insured or its agent(s) to sustain a loss, and
(ii)obtain financial benefit for that individual or for other
persons intended by that 	individual to receive a
financial benefit,
(iii)and further provided such voice instructions or advices:
(a)were made by a person who purported to represent an individual
authorized to make such voice instructions or advices; and
(b)were electronically recorded by the Insured or its agent(s).

(4) It shall be a condition to recovery under the Computer
Systems Rider that the Insured or its agent(s) shall to the best
of their ability electronically record all voice instructions or
advices received over the telephone.  The Insured or its agent(s)
warrant that they shall make their best efforts to maintain the
electronic recording system on a continuous basis.  Nothing,
however, in this Rider shall bar the Insured from recovery
where no recording is available because of


Page 1 of 3



mechanical failure of the device used in making such recording,
or because of failure of the media used to record a conversation
from any cause, or error or omission of any Employee(s) or
agent(s) of the Insured.

SCHEDULE OF SYSTEMS

Any System Utilized by the Insured

2.As used in this Rider, Computer System  means:

(a)  computers with related peripheral components, including
storage components, wherever located,
(b)	systems and applications software,
(c)	terminal devices,
(d)	related communication networks or customer communication
systems, and
(e)	related Electronic Funds Transfer Systems,

by which data are electronically collected, transmitted,
processed, stored, and retrieved.

3.In addition to the exclusion in the attached bond, the following
exclusions are applicable to this Insuring Agreement:

(a) loss resulting directly or indirectly from the theft of
confidential information, material or data:  and
(b) loss resulting directly or indirectly from entries or changes
made by an individual authorized to have access to a Computer
System who acts in good faith on instructions, unless such
instructions are given to that individual by a software contractor
(or by a partner, officer or employee thereof) authorized by the
Insured to design, develop, prepare, supply service, write or
implement programs for the Insured's Computer System.

4.	The following portions of the attached bond are not
applicable to this Rider:

(a) the initial paragraph of the bond preceding the Insuring
Agreements which reads "...at
any time but discovered during the Bond Period."
(b) Section 9-NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY
AND TOTAL LIABILITY
(c) Section 10-LIMIT OF LIABILITY

5.The coverage afforded by this rider applies only to loss
discovered by the Insured during the period this Rider is in force.

6.All loss or series of losses involving the fraudulent activity
of one individual, or involving fraudulent activity in which one
individual is implicated, whether or not that individual is
specifically identified, shall be treated as one loss.  A series
of losses involving unidentified individuals but arising from
the same method of operation may be deemed by the Underwriter
to involve the same individual and in that event shall be treated
as one loss.

7.The Limit of Liability for the coverage provided by this Rider
shall be $400,000.


Page 2 of 3





8.The Underwriter shall be liable hereunder for the amount by which
one loss shall be in excess of $5,000 (herein called the Deductible
Amount) but not in excess of the Limit of Liability stated above.

9.If any loss is covered under this Insuring Agreement and any other
Insuring Agreement or Coverage, the maximum amount payable for such
loss shall not exceed the largest amount available under any one
Insuring Agreement or Coverage.

10.Coverage under this Rider shall terminate upon termination or
cancellation of the bond to which this Rider is attached.  Coverage
under this rider may also be terminated or cancelled without
canceling the bond as an entirety:

(a)90 days after receipt by the Insured of written notice from the
Underwriter of its desire to terminate or cancel coverage under this
 Rider, or
(b)immediately upon receipt by the Underwriter of a written request
from the Insured to terminate or cancel coverage under this Rider.

The Underwriter shall refund to the Insured the unearned premium for
this coverage under this Rider.  The refund shall be computed at
short rates if this Rider is terminated or cancelled or reduces by
notice from, or at the insistence of the Insured.

11.Section 4-LOSS-NOTICE-PROOF-LEGAL PROCEEDING of the Conditions
and Limitations of this bond is amended by adding the following
sentence:

"Proof of Loss resulting from Voice Instructions or advices covered
under this bond shall include Electronic Recording of such Voice
Instructions of advices."

12. Notwithstanding the foregoing, however, coverage afforded by this
Rider is not designed to provide protection against loss covered
under a separate Electronic and Computer Crime Policy by whatever
title assigned or by whatever Underwriter written.  Any loss which
is covered under such separate Policy is excluded from coverage under
this bond; and the Insured agrees to make claim for such loss under
its separate Policy.

13.This rider shall become effective as of 12:01 a.m. on 09/06/2012
standard time.





Page 3 of 3



RIDER NO. 3


To be attached to and form part of Investment Company Bond,

Bond No.	314-79-63 - 01

In favor of	FQF Trust

It is agreed that:

1. If the Insured shall, while this Bond is in force, establish
any new funds other than by consolidation or merger with, purchase
or acquisition of assets or liabilities of another institution,
such funds shall automatically be covered, hereunder from the date
of such establishment without the payment of additional premium for
the remainder of the Bond Period.

2. Notice of any newly established funds during the Bond Period
are to be made to the Underwriter at the earliest practicable
moment and prior to the expiration date of the attached Bond.

3. If the Insured shall, while this Bond is in force, require an
increase in the Limit of Liability of Insuring Agreement (A)
Fidelity in order to comply with the Securities and Exchange
Commission Rule 17g-1 of the Investment Company Act of 1940 (17 Code
of Federal Regulations  270.17g-1) due to an increase in asset
size of the currently named funds or via the addition of newly
established funds by the Insured under the Bond , such increase
in the Limit of Liability for Insuring Agreement (A)  Fidelity
(as required) shall automatically be increased up to the minimum
required and mandated by S.E.C. Rule 17g-1, but shall not exceed
an each and every loss Limit of Liability of $2,500,000 hereunder
from the date of such increase without the payment of additional
premium for the remainder of the Bond Period.

4. Nothing herein contained shall be held to vary, alter, waive
or extend any of the terms, limitations, conditions or agreements
of the attached bond other than as above stated.

5. This rider shall become effective as of 12:01 a.m. on 09/06/2012
standard time.

EX-1

             FQF Trust
   230 Congress Street, 5th Floor
      Boston, Massachusetts 02110





September 28, 2012

VIA EDGAR

U.S. Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549

Re: FQF Trust ("Trust"); File Nos. 811-22540
    and 333-173167


Ladies and Gentlemen:

On behalf of the Trust, please find enclosed the
following documents for filing pursuant to Rule
17g-1 (the "Rule") of the Investment Company Act
of 1940, as amended (the "1940 Act"):

1.  A copy of Investment Company Blanket Bond No.
314-79-63-01, a single insured bond in the amount
of $400,000 (the "Bond"); and

2.  Resolutions adopted by the Board of Trustees
of the Trust (collectively, the "Board" and each
individually, a "Trustee"), including by a
majority of the Trustees who are not "interested
persons" of the Trust, as defined by Section 2(a)
(19) of the 1940 Act, at a meeting of the Board
held on August 14, 2012, approving the form and
amount of the Bond.

A premium of $1,607 was paid for the Bond for the
period commencing September 6, 2012 and ending
September 6, 2013.



FQF TRUST

/s/ Ronald C. Martin
_______________________

Ronald C. Martin, Jr.
Vice President

	- 2 -

DC-1319905v4

EX-2

           FQF TRUST

      OFFICER'S CERTIFICATE

The undersigned hereby certifies that he is the Vice
President of FQF Trust (the "Trust"); that the
following is a true and correct copy of the
resolutions approving the form of the fidelity bond
adopted by vote of a majority of the members of the
Board of Trustees of the Trust, including a majority
of the Trustees who are not interested persons of
the Trust ("Independent Trustees"), within the
meaning of Section 2(a)(19) of the Investment
Company Act of 1940 Act, as amended ("1940 Act"),
on the 14th day of August, 2012; and that said
resolutions are in full force and effect:

RESOLVED, that the Board, including a majority of
the Independent Trustees, hereby authorizes the Trust
to obtain and maintain a fidelity bond, in the form
of a joint bond or an investment company blanket bond,
against larceny and embezzlement, covering each
officer and employee of the Trust; and it is further

RESOLVED, that the Board, including a majority of
the Independent Trustees, giving due consideration,
as required by rule 17g-1(d) under the 1940 Act,
to all relevant factors, including but not limited
to, the aggregate assets of the Trust at the end of
its first fiscal year of operations, the type and
terms of custody of such assets and the nature of
the securities in the portfolios of the Trust's
series, authorizes a fidelity bond upon the terms
as discussed at this Meeting; and it is further

RESOLVED, that the officers of the Trust be, and
each of them hereby is, authorized to increase
the amount of the fidelity bond from time to time
to ensure adequate coverage based upon all relevant
factors, including the value of the Trust's assets,
to enable the Trust to remain in compliance with
the 1940 Act, including rule 17g-1(d) thereunder;
and it is further

RESOLVED, that, for purposes of rule 17g-1(h) under
the 1940 Act, the Chief Executive Officer, President
and Vice President, of the Trust be, and each of
them hereby is, authorized to make all necessary
filings with the SEC and give all notices and
information with respect to such fidelity bond as
required under rule 17g-1(g) under the 1940 Act; and
it is further

RESOLVED, that the officers of the Trust be, and each
of them hereby is, authorized to make any payments,
take any actions and execute any instruments that may
be necessary or advisable to carry out the foregoing
resolutions and the purpose and intent thereof;

In witness whereof, the undersigned has executed this
Certificate this 28th day of September, 2012.


			/s/ Ronald C. Martin, Jr.
			________________________
			Ronald C. Martin, Jr.
			Vice President