Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-22540

FQF Trust

(Exact name of registrant as specified in charter)

230 Congress Street, Floor 5

Boston, MA 02110

(Address of principal executive offices) (Zip code)

Ronald C. Martin, Trustee

230 Congress Street, Floor 5

Boston, MA 02110

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (617) 292-9801

Date of fiscal year end: June 30

Date of reporting period: September 30, 2012

Item 1. Schedule of Investments.

The Trust’s Schedule of Investments as of the close of the reporting period prepared pursuant to Rule 12-12 Regulation S-X is as follows:

FQF Trust

QuantShares U.S. Market Neutral Momentum Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares		Value
Common Stocks Held Long - 90.0%
Aerospace & Defense - 1.3%
Spirit Aerosystems Holdings, Inc., Class A*		1,024	$	22,743
Textron, Inc.		872		22,820
TransDigm Group, Inc.*(a)		160		22,699
				68,262
Airlines - 0.5%
US Airways Group, Inc.*(a)		2,180		22,803

Beverages - 1.4%
Brown-Forman Corp., Class B		352		22,968
Constellation Brands, Inc., Class A*		708		22,904
Monster Beverage Corp.*(a)		420		22,747
				68,619
Biotechnology - 5.4%
Alexion Pharmaceuticals, Inc.*(a)		200		22,880
Amgen, Inc.(a)		272		22,935
Ariad Pharmaceuticals, Inc.*(a)		944		22,868
Biogen Idec, Inc.*(a)		152		22,683
BioMarin Pharmaceutical, Inc.*		568		22,873
Gilead Sciences, Inc.*		344		22,818
Medivation, Inc.*		404		22,769
Onyx Pharmaceuticals, Inc.*(a)		268		22,646
Pharmacyclics, Inc.*(a)		352		22,704
Regeneron Pharmaceuticals, Inc.*(a)		148		22,594
Seattle Genetics, Inc.*(a)		840		22,638
Theravance, Inc.*		876		22,697
				273,105
Building Products - 1.3%
Lennox International, Inc.		472		22,826
Masco Corp.		1,508		22,695
USG Corp.*(a)		1,040		22,828
				68,349
Capital Markets - 0.5%
Affiliated Managers Group, Inc.*		188		23,124

Chemicals - 4.5%
Airgas, Inc.(a)		280		23,044
Cytec Industries, Inc.		348		22,801
FMC Corp.		412		22,817
LyondellBasell Industries N.V., Class A		444		22,937
NewMarket Corp.(a)		92		22,676
PPG Industries, Inc.(a)		200		22,968
RPM International, Inc.(a)		796		22,718
Sherwin-Williams Co./The(a)		152		22,634
Valspar Corp.		404		22,664
W.R. Grace & Co.*		388		22,923
				228,182
Commercial Banks - 3.1%
BB&T Corp.		688		22,814
Fifth Third Bancorp		1,468		22,769
Regions Financial Corp.		3,164		22,812
Susquehanna Bancshares, Inc.(a)		2,156		22,552
Texas Capital Bancshares, Inc.*		460		22,867
U.S. Bancorp(a)		664		22,775
Wells Fargo & Co.(a)		660		22,790
				159,379
Commercial Services & Supplies - 0.4%
Corrections Corp. of America		680		22,746

Communications Equipment - 0.4%
Brocade Communications Systems, Inc.*		3,808		22,524

Computers & Peripherals - 1.4%
3D Systems Corp.*		688		22,601
Apple, Inc.(a)		36		24,021
Seagate Technology plc(a)		732		22,692
				69,314
Construction & Engineering - 0.5%
Shaw Group, Inc./The*		524		22,857

Construction Materials - 0.5%
Eagle Materials, Inc.		496		22,945

Consumer Finance - 0.4%
Discover Financial Services		572		22,726

Distributors - 0.4%
LKQ Corp.*		1,228		22,718

Diversified Telecommunication Services - 0.4%
tw telecom, inc.*		868		22,629

Electric Utilities - 1.8%
Cleco Corp.		544		22,837
Duke Energy Corp.		352		22,810
NextEra Energy, Inc.(a)		324		22,787
Pinnacle West Capital Corp.(a)		432		22,809
				91,243
Electrical Equipment - 1.4%
EnerSys, Inc.*		644		22,727
Hubbell, Inc., Class B		284		22,930
Roper Industries, Inc.		208		22,857
				68,514
Electronic Equipment, Instruments & Components - 0.9%
FEI Co.		420		22,470
Jabil Circuit, Inc.		1,216		22,763
				45,233
Energy Equipment & Services - 1.3%
Dresser-Rand Group, Inc.*		416		22,926
Ensco plc, Class A		416		22,697
Oceaneering International, Inc.(a)		412		22,763
				68,386
Food & Staples Retailing - 0.9%
Fresh Market, Inc./The*		380		22,792
Whole Foods Market, Inc.		236		22,987
				45,779
Food Products - 0.9%
Dean Foods Co.*		1,408		23,021
Hain Celestial Group, Inc./The*		360		22,680
				45,701
Health Care Equipment & Supplies - 1.3%
Align Technology, Inc.*(a)		616		22,774

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Momentum Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares		Value
Edwards Lifesciences Corp.*		212	$	22,762
Intuitive Surgical, Inc.*(a)		44		21,808
				67,344
Health Care Providers & Services - 0.9%
AMERIGROUP Corp.*		248		22,675
HCA Holdings, Inc.		680		22,610
				45,285
Health Care Technology - 0.4%
athenahealth, Inc.*(a)		248		22,759

Hotels, Restaurants & Leisure - 1.3%
Gaylord Entertainment Co.*		572		22,611
Six Flags Entertainment Corp.(a)		388		22,815
Wyndham Worldwide Corp.(a)		432		22,671
				68,097
Household Durables - 2.7%
D.R. Horton, Inc.		1,108		22,869
Jarden Corp.		432		22,827
Lennar Corp., Class A		656		22,809
Mohawk Industries, Inc.*		288		23,046
PulteGroup, Inc.*(a)		1,472		22,816
Toll Brothers, Inc.*(a)		688		22,862
				137,229
Household Products - 0.5%
Church & Dwight Co., Inc.		424		22,892

Insurance - 4.0%
Allied World Assurance Co. Holdings AG(a)		296		22,866
Allstate Corp./The(a)		576		22,815
American International Group, Inc.*		692		22,691
Arthur J. Gallagher & Co.		636		22,781
Cincinnati Financial Corp.		604		22,886
CNO Financial Group, Inc.		2,340		22,581
Everest Re Group Ltd.(a)		212		22,676
MBIA, Inc.*		2,248		22,772
Protective Life Corp.(a)		868		22,750
				204,818
Internet & Catalog Retail - 0.5%
Expedia, Inc.		396		22,905

Internet Software & Services - 3.6%
Akamai Technologies, Inc.*		596		22,803
AOL, Inc.*		648		22,829
CoStar Group, Inc.*		280		22,831
eBay, Inc.*		472		22,850
Equinix, Inc.*(a)		112		23,078
IAC/InterActiveCorp		440		22,906
Rackspace Hosting, Inc.*		348		22,999
VeriSign, Inc.*(a)		468		22,787
				183,083
IT Services - 3.6%
Alliance Data Systems Corp.*(a)		160		22,712
Convergys Corp.		1,444		22,628
CoreLogic, Inc.*		860		22,816
Lender Processing Services, Inc.		816		22,758
NeuStar, Inc., Class A*(a)		572		22,897
Teradata Corp.*(a)		300		22,623
Visa, Inc., Class A(a)		168		22,559
Wright Express Corp.*(a)		328		22,868
				181,861
Leisure Equipment & Products - 0.9%
Brunswick Corp.		1,004		22,720
Polaris Industries, Inc.(a)		280		22,644
				45,364
Machinery - 2.3%
Chart Industries, Inc.*		308		22,746
Ingersoll-Rand plc		508		22,769
Toro Co./The		580		23,072
Valmont Industries, Inc.		172		22,618
Wabtec Corp.(a)		284		22,802
				114,007
Media - 2.3%
CBS Corp., Class B		632		22,961
Charter Communications, Inc., Class A*		304		22,821
Comcast Corp., Class A		636		22,750
Lamar Advertising Co., Class A*		616		22,829
Madison Square Garden Co./The, Class A*(a)		568		22,873
				114,234
Metals & Mining - 0.4%
Royal Gold, Inc.		228		22,768

Multiline Retail - 1.3%
Dillard's, Inc., Class A		312		22,564
Dollar General Corp.*		440		22,677
Macy's, Inc.		608		22,873
				68,114
Multi-Utilities - 2.3%
CMS Energy Corp.		972		22,891
NiSource, Inc.		896		22,830
SCANA Corp.(a)		472		22,783
Sempra Energy		352		22,701
Wisconsin Energy Corp.(a)		608		22,903
				114,108
Oil, Gas & Consumable Fuels - 5.0%
Cheniere Energy, Inc.*		1,472		22,890
Cobalt International Energy, Inc.*		1,024		22,804
Continental Resources, Inc.*		296		22,762
HollyFrontier Corp.		556		22,946
Kinder Morgan, Inc.		640		22,733
Kodiak Oil & Gas Corp.*		2,440		22,838
Marathon Petroleum Corp.(a)		420		22,928
Plains Exploration & Production Co.*		608		22,782
Tesoro Corp.		544		22,794
Valero Energy Corp.		720		22,810
Williams Cos., Inc./The(a)		652		22,800
				251,087
Paper & Forest Products - 0.4%
Louisiana-Pacific Corp.*		1,808		22,600

Pharmaceuticals - 1.4%
Questcor Pharmaceuticals, Inc.*		1,228		22,718
Salix Pharmaceuticals Ltd.*(a)		540		22,864
Vivus, Inc.*(a)		1,280		22,809
				68,391
Professional Services - 0.9%
Equifax, Inc.		492		22,917

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Momentum Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Verisk Analytics, Inc., Class A*(a)		476		$	22,663
					45,580
Real Estate Investment Trusts (REITs) - 7.7%
American Capital Agency Corp.(a)		660			22,829
American Tower Corp.		320			22,845
CBL & Associates Properties, Inc.		1,060			22,620
Digital Realty Trust, Inc.		328			22,911
Douglas Emmett, Inc.		992			22,885
Extra Space Storage, Inc.		688			22,876
General Growth Properties, Inc.		1,180			22,986
HCP, Inc.		512			22,774
Healthcare Realty Trust, Inc.		984			22,681
Kilroy Realty Corp.		512			22,927
LaSalle Hotel Properties		856			22,847
Omega Healthcare Investors, Inc.		1,000			22,730
Simon Property Group, Inc.(a)		152			23,075
Starwood Property Trust, Inc.		976			22,712
Taubman Centers, Inc.(a)		296			22,712
Two Harbors Investment Corp.(a)		1,940			22,795
Weyerhaeuser Co.		868			22,690
					387,895
Road & Rail - 1.3%
J.B. Hunt Transport Services, Inc.		436			22,689
Kansas City Southern		300			22,734
Old Dominion Freight Line, Inc.*		756			22,801
					68,224
Semiconductors & Semiconductor Equipment - 1.3%
Cirrus Logic, Inc.*		592			22,727
Cymer, Inc.*		444			22,671
KLA-Tencor Corp.		476			22,707
					68,105
Software - 2.7%
Aspen Technology, Inc.*		876			22,644
Concur Technologies, Inc.*		308			22,709
Mentor Graphics Corp.*(a)		1,464			22,663
Red Hat, Inc.*		400			22,776
SolarWinds, Inc.*(a)		412			22,965
Ultimate Software Group, Inc.*(a)		224			22,870
					136,627
Specialty Retail - 5.9%
American Eagle Outfitters, Inc.(a)		1,080			22,766
Cabela's, Inc.*		416			22,747
Foot Locker, Inc.		644			22,862
Gap, Inc./The		636			22,756
GNC Holdings, Inc., Class A		588			22,914
Home Depot, Inc./The		380			22,941
PetSmart, Inc.(a)		332			22,901
Pier 1 Imports, Inc.		1,212			22,713
Ross Stores, Inc.(a)		356			22,998
Sally Beauty Holdings, Inc.*(a)		908			22,782
TJX Cos., Inc.		508			22,753
Tractor Supply Co.		232			22,943
Ulta Salon Cosmetics & Fragrance, Inc.(a)		236			22,728
					296,804
Textiles, Apparel & Luxury Goods - 1.4%
Carter's, Inc.*		424			22,828
Under Armour, Inc., Class A*		408			22,779
VF Corp.(a)		144			22,948
					68,555
Thrifts & Mortgage Finance - 0.5%
Ocwen Financial Corp.*(a)		832			22,805

Tobacco - 0.9%
Altria Group, Inc.(a)		684			22,839
Philip Morris International, Inc.		252			22,665
					45,504
Trading Companies & Distributors - 1.3%
Fastenal Co.		532			22,871
United Rentals, Inc.*(a)		696			22,766
W.W. Grainger, Inc.(a)		108			22,504
					68,141
Water Utilities - 0.5%
American Water Works Co., Inc.		616			22,829

Wireless Telecommunication Services - 0.9%
Crown Castle International Corp.*		356			22,820
SBA Communications Corp., Class A*(a)		364			22,895
					45,715
Total Common Stocks Held Long
(Cost $4,099,551)					4,558,868

Securities Sold Short - (90.0%)
Aerospace & Defense - (0.9%)
Alliant Techsystems, Inc.		(456	)		(22,850	)
Esterline Technologies Corp.*		(404	)		(22,681	)
					(45,531	)
Air Freight & Logistics - (0.9%)
C.H. Robinson Worldwide, Inc.		(388	)		(22,717	)
Expeditors International of Washington, Inc.		(628	)		(22,834	)
					(45,551	)
Airlines - (0.5%)
Southwest Airlines Co.		(2,600	)		(22,802	)

Auto Components - (3.2%)
BorgWarner, Inc.*		(332	)		(22,945	)
Gentex Corp.		(1,340	)		(22,793	)
Goodyear Tire & Rubber Co./The*		(1,872	)		(22,820	)
Johnson Controls, Inc.		(832	)		(22,797	)
Lear Corp.		(608	)		(22,976	)
Tenneco, Inc.*		(816	)		(22,848	)
Visteon Corp.*		(516	)		(22,941	)
					(160,120	)
Automobiles - (0.9%)
Ford Motor Co.		(2,316	)		(22,836	)
General Motors Co.*		(1,000	)		(22,750	)
					(45,586	)
Capital Markets - (4.5%)
Bank of New York Mellon Corp./The		(1,008	)		(22,801	)
Charles Schwab Corp./The		(1,784	)		(22,817	)
ETRADE Financial Corp.		(2,600	)		(22,906	)
Franklin Resources, Inc.		(184	)		(23,013	)
Goldman Sachs Group, Inc./The		(200	)		(22,736	)
Jefferies Group, Inc.		(1,680	)		(22,999	)
Legg Mason, Inc.		(924	)		(22,804	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Momentum Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Morgan Stanley		(1,360	)	$	(22,767	)
Stifel Financial Corp.*		(676	)		(22,714	)
Waddell & Reed Financial, Inc., Class A		(692	)		(22,677	)
					(228,234	)
Chemicals - (0.5%)
Intrepid Potash, Inc.*		(1,064	)		(22,855	)

Commercial Banks - (1.8%)
First Niagara Financial Group, Inc.		(2,824	)		(22,846	)
Popular, Inc.*		(1,316	)		(22,938	)
TCF Financial Corp.		(1,908	)		(22,781	)
Valley National Bancorp		(2,276	)		(22,806	)
					(91,371	)
Commercial Services & Supplies - (1.8%)
Clean Harbors, Inc.*		(472	)		(23,057	)
Iron Mountain, Inc.		(668	)		(22,786	)
Republic Services, Inc.		(832	)		(22,888	)
Waste Connections, Inc.		(760	)		(22,990	)
					(91,721	)
Communications Equipment - (2.3%)
Aruba Networks, Inc.*		(1,016	)		(22,845	)
JDS Uniphase Corp.*		(1,844	)		(22,838	)
Juniper Networks, Inc.*		(1,332	)		(22,790	)
Polycom, Inc.*		(2,304	)		(22,740	)
Riverbed Technology, Inc.*		(980	)		(22,805	)
					(114,018	)
Computers & Peripherals - (1.4%)
Dell, Inc.		(2,304	)		(22,717	)
Hewlett-Packard Co.		(1,340	)		(22,860	)
NetApp, Inc.*		(696	)		(22,885	)
					(68,462	)
Construction & Engineering - (2.2%)
AECOM Technology Corp.*		(1,080	)		(22,853	)
Fluor Corp.		(404	)		(22,737	)
Foster Wheeler AG*		(948	)		(22,714	)
KBR, Inc.		(764	)		(22,782	)
URS Corp.		(644	)		(22,740	)
					(113,826	)
Containers & Packaging - (1.8%)
Bemis Co., Inc.		(724	)		(22,784	)
Greif, Inc., Class A		(516	)		(22,797	)
Owens-Illinois, Inc.*		(1,220	)		(22,887	)
Sealed Air Corp.		(1,480	)		(22,881	)
					(91,349	)
Diversified Consumer Services - (0.9%)
Apollo Group, Inc., Class A*		(780	)		(22,659	)
Sotheby's		(724	)		(22,806	)
					(45,465	)
Diversified Financial Services - (1.8%)
Citigroup, Inc.		(696	)		(22,773	)
Leucadia National Corp.		(1,000	)		(22,750	)
NASDAQ OMX Group, Inc./The		(980	)		(22,829	)
NYSE Euronext		(928	)		(22,875	)
					(91,227	)
Diversified Telecommunication Services - (0.4%)
Level 3 Communications, Inc.*		(992	)		(22,786	)

Electric Utilities - (0.9%)
Exelon Corp.		(640	)		(22,771	)
ITC Holdings Corp.		(304	)		(22,976	)
					(45,747	)
Electronic Equipment, Instruments & Components - (2.2%)
Corning, Inc.		(1,728	)		(22,723	)
Dolby Laboratories, Inc., Class A*		(692	)		(22,663	)
FLIR Systems, Inc.		(1,140	)		(22,772	)
IPG Photonics Corp.*		(400	)		(22,920	)
Vishay Intertechnology, Inc.*		(2,316	)		(22,766	)
					(113,844	)
Energy Equipment & Services - (4.0%)
Baker Hughes, Inc.		(504	)		(22,796	)
Halliburton Co.		(676	)		(22,774	)
Lufkin Industries, Inc.		(424	)		(22,820	)
McDermott International, Inc.*		(1,864	)		(22,778	)
Nabors Industries Ltd.*		(1,616	)		(22,672	)
Patterson-UTI Energy, Inc.		(1,440	)		(22,810	)
Superior Energy Services, Inc.*		(1,112	)		(22,818	)
Unit Corp.*		(548	)		(22,742	)
Weatherford International Ltd.*		(1,800	)		(22,824	)
					(205,034	)
Food & Staples Retailing - (0.9%)
Kroger Co./The		(968	)		(22,787	)
Walgreen Co.		(628	)		(22,884	)
					(45,671	)
Food Products - (1.3%)
Bunge Ltd.		(340	)		(22,797	)
Smithfield Foods, Inc.*		(1,156	)		(22,716	)
Tyson Foods, Inc., Class A		(1,416	)		(22,684	)
					(68,197	)
Gas Utilities - (1.4%)
AGL Resources, Inc.		(560	)		(22,910	)
National Fuel Gas Co.		(424	)		(22,913	)
WGL Holdings, Inc.		(564	)		(22,701	)
					(68,524	)
Health Care Equipment & Supplies - (2.7%)
Alere, Inc.*		(1,172	)		(22,842	)
Becton, Dickinson and Co.		(288	)		(22,625	)
Boston Scientific Corp.*		(4,036	)		(23,167	)
Hill-Rom Holdings, Inc.		(784	)		(22,783	)
St Jude Medical, Inc.		(540	)		(22,750	)
Varian Medical Systems, Inc.*		(376	)		(22,681	)
					(136,848	)
Health Care Providers & Services - (4.5%)
AmerisourceBergen Corp.		(588	)		(22,761	)
Cardinal Health, Inc.		(584	)		(22,759	)
Cigna Corp.		(484	)		(22,830	)
Health Management Associates, Inc., Class A*		(2,716	)		(22,787	)
Health Net, Inc.*		(1,012	)		(22,780	)
Humana, Inc.		(324	)		(22,729	)
Owens & Minor, Inc.		(760	)		(22,709	)
Tenet Healthcare Corp.*		(3,588	)		(22,497	)
Universal Health Services, Inc., Class B		(496	)		(22,682	)
WellPoint, Inc.		(392	)		(22,740	)
					(227,274	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Momentum Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Health Care Technology - (0.4%)
Allscripts Healthcare Solutions, Inc.*		(1,808	)	$	(22,473	)

Hotels, Restaurants & Leisure - (4.5%)
Carnival Corp.		(628	)		(22,884	)
Chipotle Mexican Grill, Inc.*		(72	)		(22,863	)
Hyatt Hotels Corp., Class A*		(568	)		(22,805	)
International Game Technology		(1,748	)		(22,881	)
Las Vegas Sands Corp.		(492	)		(22,814	)
McDonald's Corp.		(248	)		(22,754	)
MGM Resorts International*		(2,120	)		(22,790	)
Royal Caribbean Cruises Ltd.		(756	)		(22,839	)
Wendy's Co./The		(5,016	)		(22,823	)
Wynn Resorts Ltd.		(196	)		(22,626	)
					(228,079	)
Household Durables - (0.9%)
Tempur-Pedic International, Inc.*		(760	)		(22,717	)
Tupperware Brands Corp.		(424	)		(22,722	)
					(45,439	)
Household Products - (0.4%)
Energizer Holdings, Inc.		(304	)		(22,681	)

Independent Power Producers & Energy Traders - (1.4%)
AES Corp./The*		(2,088	)		(22,905	)
GenOn Energy, Inc.*		(8,952	)		(22,649	)
NRG Energy, Inc.		(1,072	)		(22,930	)
					(68,484	)
Insurance - (3.1%)
Assurant, Inc.		(608	)		(22,678	)
Genworth Financial, Inc., Class A*		(4,352	)		(22,761	)
Hartford Financial Services Group, Inc.		(1,168	)		(22,706	)
MetLife, Inc.		(660	)		(22,744	)
Old Republic International Corp.		(2,456	)		(22,841	)
Unum Group		(1,184	)		(22,757	)
Willis Group Holdings plc		(620	)		(22,890	)
					(159,377	)
IT Services - (1.3%)
Global Payments, Inc.		(544	)		(22,755	)
SAIC, Inc.		(1,880	)		(22,635	)
Western Union Co./The		(1,248	)		(22,739	)
					(68,129	)
Leisure Equipment & Products - (0.5%)
Hasbro, Inc.		(600	)		(22,902	)

Life Sciences Tools & Services - (0.9%)
Covance, Inc.*		(488	)		(22,784	)
Waters Corp.*		(272	)		(22,666	)
					(45,450	)
Machinery - (4.1%)
Caterpillar, Inc.		(264	)		(22,715	)
Crane Co.		(572	)		(22,840	)
Deere & Co.		(276	)		(22,767	)
Dover Corp.		(384	)		(22,844	)
Gardner Denver, Inc.		(376	)		(22,714	)
Harsco Corp.		(1,108	)		(22,747	)
Joy Global, Inc.		(408	)		(22,873	)
Kennametal, Inc.		(616	)		(22,841	)
Navistar International Corp.*		(1,084	)		(22,862	)
					(205,203	)
Marine - (0.4%)
Kirby Corp.*		(412	)		(22,775	)

Media - (0.9%)
Cablevision Systems Corp., Class A		(1,440	)		(22,824	)
Live Nation Entertainment, Inc.*		(2,652	)		(22,834	)
					(45,658	)
Metals & Mining - (2.7%)
Alcoa, Inc.		(2,572	)		(22,762	)
Allegheny Technologies, Inc.		(716	)		(22,840	)
Cliffs Natural Resources, Inc.		(588	)		(23,009	)
Coeur d'Alene Mines Corp.*		(792	)		(22,833	)
Titanium Metals Corp.		(1,776	)		(22,786	)
Walter Energy, Inc.		(708	)		(22,982	)
					(137,212	)
Multiline Retail - (0.9%)
Big Lots, Inc.*		(776	)		(22,954	)
Kohl's Corp.		(448	)		(22,947	)
					(45,901	)
Multi-Utilities - (0.9%)
Public Service Enterprise Group, Inc.		(712	)		(22,912	)
TECO Energy, Inc.		(1,288	)		(22,849	)
					(45,761	)
Office Electronics - (0.5%)
Xerox Corp.		(3,108	)		(22,813	)

Oil, Gas & Consumable Fuels - (3.6%)
Chesapeake Energy Corp.		(1,212	)		(22,870	)
Cimarex Energy Co.		(392	)		(22,952	)
CONSOL Energy, Inc.		(760	)		(22,838	)
Hess Corp.		(424	)		(22,777	)
Newfield Exploration Co.*		(728	)		(22,801	)
Peabody Energy Corp.		(1,024	)		(22,825	)
QEP Resources, Inc.		(720	)		(22,795	)
SM Energy Co.		(424	)		(22,943	)
					(182,801	)
Personal Products - (0.4%)
Avon Products, Inc.		(1,424	)		(22,713	)

Pharmaceuticals - (1.8%)
Endo Health Solutions, Inc.*		(724	)		(22,965	)
Hospira, Inc.*		(700	)		(22,974	)
Medicis Pharmaceutical Corp., Class A		(528	)		(22,847	)
Warner Chilcott plc, Class A		(1,692	)		(22,842	)
					(91,628	)
Professional Services - (1.3%)
Manpower, Inc.		(620	)		(22,816	)
Nielsen Holdings N.V.*		(760	)		(22,785	)
Towers Watson & Co., Class A		(428	)		(22,705	)
					(68,306	)
Real Estate Investment Trusts (REITs) - (4.5%)
Chimera Investment Corp.		(8,408	)		(22,786	)
Corporate Office Properties Trust		(944	)		(22,628	)
Home Properties, Inc.		(372	)		(22,793	)
Mack-Cali Realty Corp.		(848	)		(22,557	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Momentum Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Mid-America Apartment Communities, Inc.		(348	)	$	(22,728	)
Piedmont Office Realty Trust, Inc., Class A		(1,304	)		(22,611	)
Senior Housing Properties Trust		(1,044	)		(22,738	)
UDR, Inc.		(920	)		(22,834	)
Vornado Realty Trust		(280	)		(22,694	)
Washington Real Estate Investment Trust		(844	)		(22,636	)
					(227,005	)
Real Estate Management & Development - (0.9%)
Forest City Enterprises, Inc., Class A*		(1,444	)		(22,887	)
Jones Lang LaSalle, Inc.		(300	)		(22,905	)
					(45,792	)
Road & Rail - (0.9%)
CSX Corp.		(1,100	)		(22,825	)
Ryder System, Inc.		(584	)		(22,811	)
					(45,636	)
Semiconductors & Semiconductor Equipment - (2.3%)
Advanced Micro Devices, Inc.*		(6,732	)		(22,687	)
Altera Corp.		(672	)		(22,838	)
Atmel Corp.*		(4,332	)		(22,786	)
Cypress Semiconductor Corp.*		(2,124	)		(22,769	)
ON Semiconductor Corp.*		(3,732	)		(23,027	)
					(114,107	)
Software - (2.3%)
Electronic Arts, Inc.*		(1,800	)		(22,842	)
Informatica Corp.*		(656	)		(22,835	)
QLIK Technologies, Inc.*		(1,020	)		(22,858	)
Rovi Corp.*		(1,568	)		(22,752	)
Solera Holdings, Inc.		(520	)		(22,813	)
					(114,100	)
Specialty Retail - (2.7%)
Abercrombie & Fitch Co., Class A		(672	)		(22,794	)
Best Buy Co., Inc.		(1,328	)		(22,828	)
CarMax, Inc.*		(808	)		(22,867	)
Guess?, Inc.		(896	)		(22,776	)
Staples, Inc.		(1,980	)		(22,810	)
Tiffany & Co.		(368	)		(22,772	)
					(136,847	)
Textiles, Apparel & Luxury Goods - (0.9%)
Fossil, Inc.*		(268	)		(22,700	)
Warnaco Group, Inc./The*		(440	)		(22,836	)
					(45,536	)
Thrifts & Mortgage Finance - (0.5%)
Hudson City Bancorp, Inc.		(2,876	)		(22,893	)

Wireless Telecommunication Services - (0.4%)
MetroPCS Communications, Inc.*		(1,944	)		(22,764	)


Total Securities Sold Short
(Proceeds Received $4,678,467)					(4,560,508	)
Other assets less liabilities — 100.0%					5,067,337
Net Assets — 100.0%				$	5,065,697

*	Non-income producing security.
(a)	All or a portion of these securities were held in a segregated account as collateral for securities sold short. At September 30, 2012, the aggregate amount held in a segregated account was $2,081,223.

As of September 30, 2012, the gross unrealized appreciation (depreciation) of investments (both long and short positions) based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	757,946
Aggregate gross unrealized depreciation		(201,719	)
Net unrealized appreciation	$	556,227
Federal income tax cost of investments	$	(557,867	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Momentum Fund

Schedule of Investments

September 30, 2012 (Unaudited)

Total Return Swap Agreements

Notional Amount			Expiration Date	Counterparty	Fund Pays	Fund Receives		Net Unrealized Appreciation/ (Depreciation)
	394,556	USD	10/03/2013	Morgan Stanley	0.66%	Dow Jones U.S. Thematic Market Neutral Momentum Index		$	111,030
	(447,375	)USD	10/03/2013	Morgan Stanley	Dow Jones U.S. Thematic Market Neutral Momentum Index	(0.04	)%		(55,200	)
								$	55,830

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Value Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares		Value
Common Stocks Held Long - 90.0%
Aerospace & Defense - 3.1%
Alliant Techsystems, Inc.(a)		315	$	15,785
Esterline Technologies Corp.*(a)		282		15,831
General Dynamics Corp.(a)		240		15,869
L-3 Communications Holdings, Inc.(a)		219		15,705
Northrop Grumman Corp.(a)		237		15,744
Raytheon Co.		276		15,776
Spirit Aerosystems Holdings, Inc., Class A*		711		15,791
				110,501
Air Freight & Logistics - 0.4%
FedEx Corp.(a)		186		15,739

Airlines - 2.7%
Alaska Air Group, Inc.*(a)		450		15,777
Delta Air Lines, Inc.*(a)		1,740		15,938
JetBlue Airways Corp.*(a)		3,285		15,735
Southwest Airlines Co.(a)		1,806		15,839
United Continental Holdings, Inc.*		816		15,912
US Airways Group, Inc.*(a)		1,515		15,847
				95,048
Auto Components - 1.8%
Dana Holding Corp.(a)		1,278		15,720
Goodyear Tire & Rubber Co./The*(a)		1,302		15,871
Lear Corp.(a)		423		15,985
TRW Automotive Holdings Corp.*		363		15,867
				63,443
Automobiles - 1.4%
Ford Motor Co.(a)		1,611		15,885
General Motors Co.*(a)		696		15,834
Thor Industries, Inc.		438		15,908
				47,627
Beverages - 0.4%
Molson Coors Brewing Co., Class B		351		15,813

Capital Markets - 0.9%
Bank of New York Mellon Corp./The(a)		699		15,811
Goldman Sachs Group, Inc./The(a)		138		15,688
				31,499
Chemicals - 0.9%
CF Industries Holdings, Inc.(a)		72		16,001
Huntsman Corp.(a)		1,065		15,901
				31,902
Commercial Banks - 2.7%
Fifth Third Bancorp(a)		1,020		15,820
First Niagara Financial Group, Inc.(a)		1,962		15,873
KeyCorp(a)		1,815		15,863
Popular, Inc.*(a)		915		15,948
Regions Financial Corp.(a)		2,199		15,855
SunTrust Banks, Inc.		561		15,860
				95,219
Commercial Services & Supplies - 0.9%
R.R. Donnelley & Sons Co.		1,494		15,837
Republic Services, Inc.		579		15,928
				31,765
Communications Equipment - 1.8%
Brocade Communications Systems, Inc.*(a)		2,646		15,651
Cisco Systems, Inc.(a)		825		15,749
Harris Corp.(a)		309		15,827
Polycom, Inc.*(a)		1,602		15,812
				63,039
Computers & Peripherals - 1.8%
Dell, Inc.(a)		1,602		15,796
Hewlett-Packard Co.(a)		933		15,917
Seagate Technology plc		507		15,717
Western Digital Corp.		411		15,918
				63,348
Construction & Engineering - 1.4%
AECOM Technology Corp.*(a)		750		15,870
KBR, Inc.(a)		531		15,834
URS Corp.		450		15,890
				47,594
Consumer Finance - 0.5%
Capital One Financial Corp.(a)		279		15,906

Containers & Packaging - 0.9%
Owens-Illinois, Inc.*(a)		846		15,871
Rock-Tenn Co., Class A(a)		219		15,807
				31,678
Diversified Consumer Services - 0.4%
Apollo Group, Inc., Class A*(a)		543		15,774

Diversified Financial Services - 1.4%
Citigroup, Inc.(a)		483		15,804
JPMorgan Chase & Co.(a)		393		15,908
NASDAQ OMX Group, Inc./The(a)		681		15,864
				47,576
Electric Utilities - 2.7%
American Electric Power Co., Inc.(a)		360		15,818
Entergy Corp.(a)		228		15,800
Exelon Corp.(a)		444		15,798
IDACORP, Inc.(a)		366		15,837
NV Energy, Inc.(a)		879		15,831
Portland General Electric Co.(a)		585		15,818
				94,902
Electrical Equipment - 1.8%
Brady Corp., Class A(a)		540		15,811
EnerSys, Inc.*(a)		447		15,775
General Cable Corp.*(a)		540		15,865
Regal-Beloit Corp.(a)		225		15,858
				63,309
Electronic Equipment, Instruments & Components - 3.1%
Arrow Electronics, Inc.*(a)		468		15,776
Avnet, Inc.*(a)		543		15,796
Corning, Inc.(a)		1,200		15,780
Ingram Micro, Inc., Class A*(a)		1,035		15,763
Jabil Circuit, Inc.(a)		846		15,837
TE Connectivity Ltd.		465		15,815
Tech Data Corp.*		348		15,764
				110,531

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Value Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares		Value
Energy Equipment & Services - 2.2%
Helix Energy Solutions Group, Inc.*(a)		858	$	15,676
Nabors Industries Ltd.*(a)		1,122		15,742
Patterson-UTI Energy, Inc.(a)		999		15,824
Superior Energy Services, Inc.*		774		15,882
Unit Corp.*		381		15,811
				78,935
Food & Staples Retailing - 1.8%
CVS Caremark Corp.(a)		330		15,979
Kroger Co./The		672		15,819
Safeway, Inc.		984		15,832
Walgreen Co.		438		15,961
				63,591
Food Products - 3.1%
Archer-Daniels-Midland Co.(a)		582		15,819
ConAgra Foods, Inc.		576		15,892
Darling International, Inc.*(a)		867		15,857
Green Mountain Coffee Roasters, Inc.*		663		15,746
Ingredion, Inc.(a)		288		15,886
Smithfield Foods, Inc.*		801		15,740
Tyson Foods, Inc., Class A		984		15,764
				110,704
Gas Utilities - 0.4%
AGL Resources, Inc.(a)		387		15,832

Health Care Equipment & Supplies - 1.8%
Alere, Inc.*(a)		813		15,845
Boston Scientific Corp.*(a)		2,805		16,101
Hill-Rom Holdings, Inc.		546		15,867
Zimmer Holdings, Inc.		234		15,823
				63,636
Health Care Providers & Services - 5.8%
Aetna, Inc.(a)		399		15,800
Cigna Corp.(a)		336		15,849
Community Health Systems, Inc.*(a)		543		15,823
Coventry Health Care, Inc.(a)		378		15,759
Health Management Associates, Inc., Class A*(a)		1,887		15,832
Health Net, Inc.*(a)		705		15,869
Humana, Inc.(a)		225		15,784
LifePoint Hospitals, Inc.*(a)		369		15,786
Omnicare, Inc.(a)		468		15,898
Tenet Healthcare Corp.*		2,493		15,631
UnitedHealth Group, Inc.		285		15,792
Universal Health Services, Inc., Class B		345		15,777
WellPoint, Inc.		273		15,837
				205,437
Hotels, Restaurants & Leisure - 0.5%
Royal Caribbean Cruises Ltd.(a)		525		15,860

Household Durables - 1.4%
Jarden Corp.(a)		300		15,852
Newell Rubbermaid, Inc.(a)		831		15,864
Whirlpool Corp.		192		15,919
				47,635
Household Products - 0.4%
Energizer Holdings, Inc.(a)		210		15,668

Independent Power Producers & Energy Traders - 0.5%
AES Corp./The*(a)		1,452		15,928

Industrial Conglomerates - 0.5%
General Electric Co.(a)		699		15,874

Insurance - 9.4%
ACE Ltd.(a)		210		15,876
American Financial Group, Inc./OH(a)		417		15,804
American International Group, Inc.*(a)		480		15,739
Aspen Insurance Holdings Ltd.(a)		519		15,824
Assurant, Inc.(a)		423		15,778
Assured Guaranty Ltd.(a)		1,167		15,895
Axis Capital Holdings Ltd.(a)		453		15,819
Endurance Specialty Holdings Ltd.(a)		408		15,708
Everest Re Group Ltd.(a)		147		15,723
Genworth Financial, Inc., Class A*(a)		3,024		15,816
Hartford Financial Services Group, Inc.(a)		810		15,746
Lincoln National Corp.(a)		654		15,820
MBIA, Inc.*		1,560		15,803
MetLife, Inc.(a)		459		15,817
PartnerRe Ltd.(a)		213		15,822
Principal Financial Group, Inc.(a)		588		15,841
Protective Life Corp.(a)		603		15,805
Prudential Financial, Inc.(a)		291		15,862
Reinsurance Group of America, Inc.(a)		273		15,798
Unum Group		822		15,799
Validus Holdings Ltd.		468		15,870
				331,965
IT Services - 1.8%
Amdocs Ltd.(a)		483		15,934
Computer Sciences Corp.(a)		492		15,847
Fidelity National Information Services, Inc.(a)		507		15,829
SAIC, Inc.		1,305		15,712
				63,322
Life Sciences Tools & Services - 0.9%
Life Technologies Corp.*(a)		324		15,837
Thermo Fisher Scientific, Inc.		270		15,884
				31,721
Machinery - 3.2%
AGCO Corp.*(a)		333		15,811
Eaton Corp.(a)		336		15,879
Gardner Denver, Inc.(a)		261		15,767
Kennametal, Inc.(a)		429		15,907
Terex Corp.*		705		15,919
Timken Co.		429		15,942
Trinity Industries, Inc.		528		15,824
				111,049
Media - 1.4%
Gannett Co., Inc.(a)		894		15,869
Meredith Corp.		450		15,750
Washington Post Co./The, Class B		45		16,336
				47,955

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Value Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Metals & Mining - 2.7%
Cliffs Natural Resources, Inc.(a)		408		$	15,965
Coeur d'Alene Mines Corp.*(a)		549			15,828
Freeport-McMoRan Copper & Gold, Inc.(a)		402			15,911
Steel Dynamics, Inc.		1,407			15,801
United States Steel Corp.		828			15,790
Walter Energy, Inc.		492			15,970
					95,265
Multiline Retail - 1.8%
Big Lots, Inc.*		537			15,885
Dillard's, Inc., Class A(a)		219			15,838
Kohl's Corp.(a)		309			15,827
Macy's, Inc.(a)		423			15,913
					63,463
Multi-Utilities - 1.4%
Ameren Corp.(a)		486			15,878
PG&E Corp.(a)		372			15,873
Public Service Enterprise Group, Inc.(a)		495			15,929
					47,680
Office Electronics - 0.4%
Xerox Corp.		2,160			15,854

Oil, Gas & Consumable Fuels - 4.5%
Apache Corp.(a)		183			15,824
ConocoPhillips(a)		279			15,953
Hess Corp.(a)		294			15,794
HollyFrontier Corp.(a)		384			15,848
Marathon Oil Corp.(a)		534			15,790
Murphy Oil Corp.(a)		294			15,785
Newfield Exploration Co.*(a)		507			15,879
Peabody Energy Corp.(a)		711			15,848
Tesoro Corp.		378			15,838
Valero Energy Corp.		501			15,872
					158,431
Pharmaceuticals - 0.9%
Endo Health Solutions, Inc.*(a)		501			15,892
Warner Chilcott plc, Class A		1,176			15,876
					31,768
Real Estate Investment Trusts (REITs) - 2.7%
American Capital Agency Corp.(a)		459			15,877
Annaly Capital Management, Inc.(a)		942			15,863
Chimera Investment Corp.(a)		5,841			15,829
Hatteras Financial Corp.(a)		564			15,899
Invesco Mortgage Capital, Inc.(a)		780			15,702
MFA Financial, Inc.(a)		1,860			15,810
					94,980
Road & Rail - 1.8%
Avis Budget Group, Inc.*		1,023			15,734
Hertz Global Holdings, Inc.*(a)		1,158			15,899
Norfolk Southern Corp.(a)		249			15,844
Ryder System, Inc.(a)		408			15,936
					63,413
Semiconductors & Semiconductor Equipment - 1.8%
Applied Materials, Inc.(a)		1,413			15,776
Intel Corp.(a)		696			15,785
Marvell Technology Group Ltd.(a)		1,722			15,756
ON Semiconductor Corp.*(a)		2,592			15,993
					63,310
Software - 1.8%
Activision Blizzard, Inc.		1,407			15,871
CA, Inc.(a)		612			15,768
Rovi Corp.*		1,089			15,802
Symantec Corp.*		879			15,822
					63,263
Specialty Retail - 2.7%
Abercrombie & Fitch Co., Class A(a)		465			15,773
GameStop Corp., Class A		759			15,939
Guess?, Inc.(a)		621			15,786
Men's Wearhouse, Inc./The(a)		459			15,803
Rent-A-Center, Inc.(a)		450			15,786
Staples, Inc.		1,374			15,828
					94,915
Trading Companies & Distributors - 0.5%
United Rentals, Inc.*		486			15,897

Wireless Telecommunication Services - 0.9%
MetroPCS Communications, Inc.*(a)		1,350			15,809
Telephone & Data Systems, Inc.		618			15,827
					31,636
Total Common Stocks Held Long
(Cost $3,097,007)					3,167,200

Securities Sold Short - (90.0%)
Aerospace & Defense - (0.4%)
TransDigm Group, Inc.*		(111	)		(15,748	)

Air Freight & Logistics - (0.9%)
C.H. Robinson Worldwide, Inc.		(270	)		(15,808	)
Expeditors International of Washington, Inc.		(438	)		(15,926	)
					(31,734	)
Beverages - (1.4%)
Brown-Forman Corp., Class B		(243	)		(15,856	)
Coca-Cola Co./The		(417	)		(15,817	)
Monster Beverage Corp.*		(294	)		(15,923	)
					(47,596	)
Biotechnology - (5.8%)
Alexion Pharmaceuticals, Inc.*		(138	)		(15,787	)
Alkermes plc*		(759	)		(15,749	)
Ariad Pharmaceuticals, Inc.*		(654	)		(15,843	)
Biogen Idec, Inc.*		(105	)		(15,669	)
BioMarin Pharmaceutical, Inc.*		(393	)		(15,826	)
Cepheid, Inc.*		(462	)		(15,944	)
Cubist Pharmaceuticals, Inc.*		(330	)		(15,734	)
Medivation, Inc.*		(282	)		(15,894	)
Onyx Pharmaceuticals, Inc.*		(186	)		(15,717	)
Pharmacyclics, Inc.*		(243	)		(15,674	)
Regeneron Pharmaceuticals, Inc.*		(105	)		(16,029	)
Theravance, Inc.*		(609	)		(15,779	)
Vertex Pharmaceuticals, Inc.*		(282	)		(15,778	)
					(205,423	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Value Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Building Products - (0.4%)
Masco Corp.		(1,050	)	$	(15,803	)

Capital Markets - (0.9%)
Eaton Vance Corp.		(549	)		(15,899	)
T. Rowe Price Group, Inc.		(252	)		(15,952	)
					(31,851	)
Chemicals - (3.2%)
Airgas, Inc.		(192	)		(15,802	)
Ecolab, Inc.		(246	)		(15,943	)
FMC Corp.		(288	)		(15,949	)
Monsanto Co.		(174	)		(15,838	)
Praxair, Inc.		(153	)		(15,894	)
Sherwin-Williams Co./The		(108	)		(16,082	)
Sigma-Aldrich Corp.		(219	)		(15,761	)
					(111,269	)
Commercial Services & Supplies - (0.9%)
Copart, Inc.*		(573	)		(15,889	)
Stericycle, Inc.*		(174	)		(15,751	)
					(31,640	)
Communications Equipment - (0.9%)
Aruba Networks, Inc.*		(705	)		(15,852	)
F5 Networks, Inc.*		(150	)		(15,705	)
					(31,557	)
Construction & Engineering - (0.5%)
Shaw Group, Inc./The*		(363	)		(15,834	)

Construction Materials - (0.9%)
Eagle Materials, Inc.		(345	)		(15,960	)
Martin Marietta Materials, Inc.		(192	)		(15,911	)
					(31,871	)
Distributors - (0.4%)
LKQ Corp.*		(855	)		(15,817	)

Diversified Financial Services - (0.9%)
CBOE Holdings, Inc.		(540	)		(15,887	)
Moody's Corp.		(357	)		(15,768	)
					(31,655	)
Electric Utilities - (1.4%)
ITC Holdings Corp.		(210	)		(15,872	)
Northeast Utilities		(414	)		(15,827	)
Southern Co./The		(345	)		(15,901	)
					(47,600	)
Electrical Equipment - (0.9%)
Acuity Brands, Inc.		(249	)		(15,759	)
Roper Industries, Inc.		(144	)		(15,824	)
					(31,583	)
Electronic Equipment, Instruments & Components - (1.8%)
Amphenol Corp., Class A		(270	)		(15,898	)
IPG Photonics Corp.*		(276	)		(15,815	)
National Instruments Corp.		(627	)		(15,781	)
Trimble Navigation Ltd.*		(330	)		(15,728	)
					(63,222	)
Energy Equipment & Services - (3.2%)
Cameron International Corp.*		(282	)		(15,812	)
Core Laboratories N.V.		(132	)		(16,035	)
Dresser-Rand Group, Inc.*		(288	)		(15,872	)
Dril-Quip, Inc.*		(219	)		(15,742	)
FMC Technologies, Inc.*		(342	)		(15,835	)
Oceaneering International, Inc.		(285	)		(15,746	)
Schlumberger Ltd.		(219	)		(15,840	)
					(110,882	)
Food & Staples Retailing - (1.4%)
Costco Wholesale Corp.		(159	)		(15,920	)
United Natural Foods, Inc.*		(270	)		(15,781	)
Whole Foods Market, Inc.		(162	)		(15,779	)
					(47,480	)
Food Products - (2.2%)
Flowers Foods, Inc.		(783	)		(15,801	)
Hain Celestial Group, Inc./The*		(249	)		(15,687	)
Hershey Co./The		(225	)		(15,950	)
McCormick & Co., Inc.		(255	)		(15,820	)
Mead Johnson Nutrition Co.		(216	)		(15,829	)
					(79,087	)
Gas Utilities - (1.4%)
New Jersey Resources Corp.		(345	)		(15,773	)
ONEOK, Inc.		(330	)		(15,942	)
Questar Corp.		(780	)		(15,858	)
					(47,573	)
Health Care Equipment & Supplies - (1.3%)
Align Technology, Inc.*		(429	)		(15,860	)
Edwards Lifesciences Corp.*		(147	)		(15,783	)
IDEXX Laboratories, Inc.*		(159	)		(15,797	)
					(47,440	)
Health Care Providers & Services - (0.5%)
AMERIGROUP Corp.*		(174	)		(15,909	)

Health Care Technology - (0.9%)
athenahealth, Inc.*		(171	)		(15,693	)
Cerner Corp.*		(204	)		(15,791	)
					(31,484	)
Hotels, Restaurants & Leisure - (2.7%)
Chipotle Mexican Grill, Inc.*		(51	)		(16,194	)
Domino's Pizza, Inc.		(420	)		(15,834	)
Marriott International, Inc., Class A		(405	)		(15,835	)
Panera Bread Co., Class A*		(93	)		(15,893	)
Starbucks Corp.		(312	)		(15,834	)
Yum! Brands, Inc.		(240	)		(15,922	)
					(95,512	)
Household Durables - (0.4%)
NVR, Inc.*		(18	)		(15,201	)

Household Products - (1.3%)
Church & Dwight Co., Inc.		(294	)		(15,873	)
Clorox Co./The		(219	)		(15,779	)
Colgate-Palmolive Co.		(147	)		(15,761	)
					(47,413	)
Independent Power Producers & Energy Traders - (0.5%)
Calpine Corp.*		(918	)		(15,881	)

Insurance - (0.5%)
Arthur J. Gallagher & Co.		(444	)		(15,904	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Value Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Internet & Catalog Retail - (1.3%)
Amazon.com, Inc.*		(63	)	$	(16,022	)
HSN, Inc.		(321	)		(15,745	)
priceline.com, Inc.*		(24	)		(14,850	)
					(46,617	)
Internet Software & Services - (2.7%)
CoStar Group, Inc.*		(192	)		(15,656	)
eBay, Inc.*		(327	)		(15,830	)
Equinix, Inc.*		(75	)		(15,454	)
LinkedIn Corp., Class A*		(132	)		(15,893	)
Rackspace Hosting, Inc.*		(240	)		(15,861	)
VeriSign, Inc.*		(327	)		(15,922	)
					(94,616	)
IT Services - (2.7%)
Automatic Data Processing, Inc.		(270	)		(15,838	)
Gartner, Inc.*		(342	)		(15,763	)
Mastercard, Inc., Class A		(36	)		(16,253	)
Paychex, Inc.		(477	)		(15,880	)
Visa, Inc., Class A		(117	)		(15,711	)
Wright Express Corp.*		(228	)		(15,896	)
					(95,341	)
Leisure Equipment & Products - (0.9%)
Brunswick Corp.		(696	)		(15,750	)
Polaris Industries, Inc.		(195	)		(15,770	)
					(31,520	)
Life Sciences Tools & Services - (0.5%)
Mettler-Toledo International, Inc.*		(93	)		(15,879	)

Machinery - (2.7%)
Chart Industries, Inc.*		(216	)		(15,952	)
CLARCOR, Inc.		(354	)		(15,799	)
Donaldson Co., Inc.		(456	)		(15,828	)
Graco, Inc.		(315	)		(15,838	)
Nordson Corp.		(270	)		(15,827	)
Pall Corp.		(249	)		(15,809	)
					(95,053	)
Media - (0.5%)
Liberty Media Corp. - Liberty Capital, Class A*		(153	)		(15,938	)

Metals & Mining - (2.2%)
Allied Nevada Gold Corp.*		(402	)		(15,702	)
Compass Minerals International, Inc.		(213	)		(15,888	)
Hecla Mining Co.		(2,397	)		(15,700	)
Royal Gold, Inc.		(159	)		(15,878	)
Titanium Metals Corp.		(1,233	)		(15,819	)
					(78,987	)
Multiline Retail - (1.3%)
Dollar General Corp.*		(306	)		(15,771	)
Dollar Tree, Inc.*		(327	)		(15,786	)
Family Dollar Stores, Inc.		(240	)		(15,912	)
					(47,469	)
Multi-Utilities - (0.9%)
Dominion Resources, Inc.		(300	)		(15,882	)
Wisconsin Energy Corp.		(423	)		(15,934	)
					(31,816	)
Oil, Gas & Consumable Fuels - (3.2%)
Cabot Oil & Gas Corp.		(354	)		(15,895	)
Cheniere Energy, Inc.*		(1,023	)		(15,908	)
Cobalt International Energy, Inc.*		(711	)		(15,834	)
Continental Resources, Inc.*		(207	)		(15,918	)
Range Resources Corp.		(228	)		(15,930	)
Spectra Energy Corp.		(540	)		(15,854	)
Williams Cos., Inc./The		(453	)		(15,842	)
					(111,181	)
Paper & Forest Products - (0.4%)
Louisiana-Pacific Corp.*		(1,257	)		(15,713	)

Personal Products - (0.5%)
Estee Lauder Cos., Inc./The, Class A		(258	)		(15,885	)

Pharmaceuticals - (1.4%)
Allergan, Inc.		(174	)		(15,935	)
Perrigo Co.		(135	)		(15,683	)
Vivus, Inc.*		(891	)		(15,877	)
					(47,495	)
Professional Services - (1.3%)
IHS, Inc., Class A*		(162	)		(15,771	)
Robert Half International, Inc.		(594	)		(15,818	)
Verisk Analytics, Inc., Class A*		(333	)		(15,854	)
					(47,443	)
Real Estate Investment Trusts (REITs) - (14.4%)
American Campus Communities, Inc.		(360	)		(15,797	)
American Tower Corp.		(222	)		(15,849	)
Apartment Investment & Management Co., Class A		(609	)		(15,828	)
AvalonBay Communities, Inc.		(117	)		(15,911	)
Boston Properties, Inc.		(144	)		(15,928	)
BRE Properties, Inc.		(339	)		(15,896	)
Camden Property Trust		(246	)		(15,865	)
CBL & Associates Properties, Inc.		(738	)		(15,749	)
Digital Realty Trust, Inc.		(228	)		(15,926	)
Equity Lifestyle Properties, Inc.		(234	)		(15,940	)
Equity Residential		(276	)		(15,878	)
Essex Property Trust, Inc.		(108	)		(16,010	)
Extra Space Storage, Inc.		(477	)		(15,860	)
Federal Realty Investment Trust		(150	)		(15,795	)
General Growth Properties, Inc.		(819	)		(15,954	)
Highwoods Properties, Inc.		(483	)		(15,755	)
Home Properties, Inc.		(258	)		(15,808	)
Kilroy Realty Corp.		(354	)		(15,852	)
Macerich Co./The		(279	)		(15,967	)
Mid-America Apartment Communities, Inc.		(243	)		(15,870	)
Plum Creek Timber Co., Inc.		(360	)		(15,782	)
Post Properties, Inc.		(330	)		(15,827	)
Public Storage		(114	)		(15,865	)
Rayonier, Inc.		(321	)		(15,732	)
Regency Centers Corp.		(324	)		(15,788	)
Simon Property Group, Inc.		(105	)		(15,940	)
Taubman Centers, Inc.		(207	)		(15,883	)
UDR, Inc.		(639	)		(15,860	)
Vornado Realty Trust		(195	)		(15,805	)
Washington Real Estate Investment Trust		(585	)		(15,690	)
Weingarten Realty Investors		(561	)		(15,770	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Value Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Weyerhaeuser Co.		(603	)	$	(15,762	)
					(507,142	)
Road & Rail - (0.4%)
Landstar System, Inc.		(333	)		(15,744	)

Semiconductors & Semiconductor Equipment - (0.4%)
Cavium, Inc.*		(471	)		(15,698	)

Software - (6.3%)
ACI Worldwide, Inc.*		(375	)		(15,848	)
ANSYS, Inc.*		(216	)		(15,854	)
Aspen Technology, Inc.*		(609	)		(15,743	)
Citrix Systems, Inc.*		(207	)		(15,850	)
CommVault Systems, Inc.*		(270	)		(15,849	)
Concur Technologies, Inc.*		(213	)		(15,705	)
FactSet Research Systems, Inc.		(165	)		(15,909	)
Fortinet, Inc.*		(660	)		(15,932	)
QLIK Technologies, Inc.*		(708	)		(15,866	)
Red Hat, Inc.*		(279	)		(15,886	)
Salesforce.com, Inc.*		(105	)		(16,033	)
SolarWinds, Inc.*		(288	)		(16,053	)
Ultimate Software Group, Inc.*		(156	)		(15,928	)
VMware, Inc., Class A*		(165	)		(15,962	)
					(222,418	)
Specialty Retail - (3.6%)
Dick's Sporting Goods, Inc.		(306	)		(15,866	)
PetSmart, Inc.		(231	)		(15,934	)
Ross Stores, Inc.		(246	)		(15,892	)
Sally Beauty Holdings, Inc.*		(630	)		(15,807	)
TJX Cos., Inc.		(354	)		(15,856	)
Tractor Supply Co.		(162	)		(16,020	)
Ulta Salon Cosmetics & Fragrance, Inc.		(165	)		(15,890	)
Urban Outfitters, Inc.*		(423	)		(15,888	)
					(127,153	)
Textiles, Apparel & Luxury Goods - (0.5%)
Under Armour, Inc., Class A*		(285	)		(15,912	)

Tobacco - (0.9%)
Altria Group, Inc.		(474	)		(15,827	)
Philip Morris International, Inc.		(177	)		(15,919	)
					(31,746	)
Trading Companies & Distributors - (1.8%)
Fastenal Co.		(369	)		(15,863	)
MSC Industrial Direct Co., Inc., Class A		(234	)		(15,786	)
W.W. Grainger, Inc.		(75	)		(15,628	)
Watsco, Inc.		(210	)		(15,916	)
					(63,193	)
Water Utilities - (0.4%)
Aqua America, Inc.		(639	)		(15,822	)

Wireless Telecommunication Services - (0.9%)
Crown Castle International Corp.*		(246	)		(15,768	)
SBA Communications Corp., Class A*		(252	)		(15,851	)
					(31,619	)

Total Securities Sold Short
(Proceeds Received $3,039,824)					(3,167,369	)
Other assets less liabilities — 100.0%					3,517,451
Net Assets — 100.0%				$	3,517,282

*	Non-income producing security.
(a)	All or a portion of these securities were held in a segregated account as collateral for securities sold short. At September 30, 2012, the aggregate amount held in a segregated account was $2,524,539.

As of September 30, 2012, the gross unrealized appreciation (depreciation) of investments (both long and short positions) based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	251,457
Aggregate gross unrealized depreciation		(403,752	)
Net unrealized depreciation	$	(152,295	)
Federal income tax cost of investments	$	152,126

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Value Fund

Schedule of Investments

September 30, 2012 (Unaudited)

Total Return Swap Agreements

Notional Amount			Expiration Date	Counterparty	Fund Pays	Fund Receives	Net Unrealized Appreciation/ (Depreciation)
	310,386	USD	10/03/2013	Morgan Stanley	0.66%	Dow Jones U.S. Thematic Market Neutral Value Index	$	39,347
	(345,860	)USD	10/03/2013	Morgan Stanley	Dow Jones U.S. Thematic Market Neutral Value Index	(0.04)%		(5,374	)
							$	33,973

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral High Beta Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares		Value
Common Stocks Held Long - 90.1%
Airlines - 0.9%
JetBlue Airways Corp.*(a)		4,492	$	21,517
US Airways Group, Inc.*(a)		2,072		21,673
				43,190
Auto Components - 3.6%
BorgWarner, Inc.*(a)		316		21,839
Dana Holding Corp.(a)		1,748		21,500
Gentex Corp.(a)		1,272		21,637
Goodyear Tire & Rubber Co./The*(a)		1,780		21,698
Johnson Controls, Inc.(a)		792		21,701
Tenneco, Inc.*		776		21,728
TRW Automotive Holdings Corp.*		496		21,680
Visteon Corp.*		488		21,696
				173,479
Automobiles - 0.9%
Ford Motor Co.(a)		2,200		21,692
Harley-Davidson, Inc.(a)		512		21,693
				43,385
Biotechnology - 0.9%
Alkermes plc*		1,040		21,580
Onyx Pharmaceuticals, Inc.*		256		21,632
				43,212
Building Products - 1.8%
Lennox International, Inc.(a)		448		21,665
Masco Corp.		1,436		21,612
Owens Corning*(a)		648		21,682
USG Corp.*		988		21,687
				86,646
Capital Markets - 5.4%
Affiliated Managers Group, Inc.*(a)		176		21,648
Ameriprise Financial, Inc.(a)		384		21,769
Charles Schwab Corp./The		1,696		21,692
ETRADE Financial Corp.(a)		2,468		21,743
Eaton Vance Corp.(a)		748		21,662
Invesco Ltd.(a)		868		21,691
Jefferies Group, Inc.(a)		1,596		21,849
Legg Mason, Inc.(a)		880		21,719
Morgan Stanley(a)		1,292		21,628
Raymond James Financial, Inc.		592		21,697
T. Rowe Price Group, Inc.		344		21,775
Waddell & Reed Financial, Inc., Class A		660		21,628
				260,501
Chemicals - 0.9%
Huntsman Corp.(a)		1,456		21,738
Rockwood Holdings, Inc.		464		21,622
				43,360
Commercial Banks - 2.7%
Huntington Bancshares, Inc./OH(a)		3,156		21,776
Popular, Inc.*(a)		1,252		21,822
Regions Financial Corp.		3,008		21,688
SunTrust Banks, Inc.		768		21,711
Webster Financial Corp.		912		21,615
Zions Bancorp		1,052		21,729
				130,341
Communications Equipment - 2.3%
Ciena Corp.*(a)		1,608		21,869
F5 Networks, Inc.*(a)		208		21,778
JDS Uniphase Corp.*(a)		1,748		21,649
Juniper Networks, Inc.*(a)		1,264		21,627
Riverbed Technology, Inc.*		928		21,594
				108,517
Construction & Engineering - 0.9%
Foster Wheeler AG*(a)		900		21,564
KBR, Inc.(a)		724		21,590
				43,154
Containers & Packaging - 0.5%
Owens-Illinois, Inc.*(a)		1,160		21,762

Diversified Consumer Services - 0.9%
Sotheby's(a)		688		21,672
Weight Watchers International, Inc.		408		21,542
				43,214
Diversified Financial Services - 1.4%
Bank of America Corp.(a)		2,456		21,687
Citigroup, Inc.(a)		660		21,595
Leucadia National Corp.(a)		952		21,658
				64,940
Diversified Telecommunication Services - 0.4%
Level 3 Communications, Inc.*(a)		940		21,592

Electric Utilities - 0.9%
Great Plains Energy, Inc.		976		21,726
UNS Energy Corp.		516		21,599
				43,325
Electrical Equipment - 2.2%
Acuity Brands, Inc.		340		21,519
EnerSys, Inc.*(a)		612		21,597
General Cable Corp.*(a)		740		21,741
GrafTech International Ltd.*(a)		2,408		21,648
Rockwell Automation, Inc.		312		21,700
				108,205
Electronic Equipment, Instruments & Components - 1.8%
Arrow Electronics, Inc.*(a)		640		21,575
IPG Photonics Corp.*		380		21,774
Jabil Circuit, Inc.(a)		1,156		21,640
Vishay Intertechnology, Inc.*		2,200		21,626
				86,615
Energy Equipment & Services - 4.5%
Baker Hughes, Inc.(a)		480		21,710
CARBO Ceramics, Inc.		344		21,645
Halliburton Co.(a)		644		21,696
Helix Energy Solutions Group, Inc.*(a)		1,172		21,412
Helmerich & Payne, Inc.(a)		452		21,520
Nabors Industries Ltd.*(a)		1,536		21,550
National Oilwell Varco, Inc.(a)		268		21,470
Oil States International, Inc.*(a)		272		21,613
Patterson-UTI Energy, Inc.(a)		1,364		21,606
Weatherford International Ltd.*		1,712		21,708
				215,930
Gas Utilities - 1.3%
National Fuel Gas Co.(a)		400		21,616
Piedmont Natural Gas Co., Inc.(a)		664		21,567
WGL Holdings, Inc.		536		21,574
				64,757

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral High Beta Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares		Value
Health Care Equipment & Supplies - 0.5%
Alere, Inc.*(a)		1,112	$	21,673

Health Care Providers & Services - 4.9%
AMERIGROUP Corp.*(a)		236		21,577
Brookdale Senior Living, Inc.*(a)		936		21,734
Centene Corp.*(a)		584		21,847
Community Health Systems, Inc.*(a)		740		21,564
Express Scripts Holding Co.*		344		21,559
Health Management Associates, Inc., Class A*(a)		2,580		21,646
Health Net, Inc.*(a)		960		21,610
HealthSouth Corp.*(a)		900		21,654
Tenet Healthcare Corp.*		3,408		21,368
Universal Health Services, Inc., Class B		472		21,585
WellCare Health Plans, Inc.*		384		21,715
				237,859
Hotels, Restaurants & Leisure - 4.0%
Gaylord Entertainment Co.*(a)		544		21,504
Hyatt Hotels Corp., Class A*(a)		536		21,521
Marriott International, Inc., Class A(a)		552		21,583
MGM Resorts International*(a)		2,012		21,629
Royal Caribbean Cruises Ltd.		716		21,630
Starwood Hotels & Resorts Worldwide, Inc.(a)		376		21,793
Vail Resorts, Inc.		376		21,676
Wyndham Worldwide Corp.		412		21,622
Wynn Resorts Ltd.		188		21,703
				194,661
Household Durables - 1.8%
Harman International Industries, Inc.(a)		468		21,603
MDC Holdings, Inc.(a)		564		21,720
PulteGroup, Inc.*(a)		1,400		21,700
Tempur-Pedic International, Inc.*		724		21,640
				86,663
Independent Power Producers & Energy Traders - 1.4%
AES Corp./The*(a)		1,984		21,765
GenOn Energy, Inc.*(a)		8,500		21,505
NRG Energy, Inc.(a)		1,016		21,732
				65,002
Insurance - 5.4%
Aflac, Inc.(a)		452		21,642
American International Group, Inc.*(a)		660		21,641
Assured Guaranty Ltd.(a)		1,596		21,738
CNO Financial Group, Inc.(a)		2,224		21,462
Genworth Financial, Inc., Class A*(a)		4,132		21,610
Hartford Financial Services Group, Inc.(a)		1,108		21,539
Lincoln National Corp.(a)		892		21,577
MBIA, Inc.*		2,136		21,638
MetLife, Inc.(a)		628		21,641
Principal Financial Group, Inc.(a)		804		21,660
Protective Life Corp.(a)		824		21,597
Prudential Financial, Inc.(a)		396		21,586
				259,331
IT Services - 0.4%
Lender Processing Services, Inc.(a)		776		21,643

Leisure Equipment & Products - 0.4%
Brunswick Corp.(a)		956		21,634

Life Sciences Tools & Services - 0.5%
PAREXEL International Corp.*		708		21,778

Machinery - 5.9%
AGCO Corp.*(a)		456		21,651
Cummins, Inc.(a)		236		21,762
Ingersoll-Rand plc(a)		480		21,514
Joy Global, Inc.(a)		388		21,751
Manitowoc Co., Inc./The(a)		1,628		21,717
Navistar International Corp.*(a)		1,032		21,765
Nordson Corp.(a)		368		21,572
Oshkosh Corp.*(a)		792		21,725
Robbins & Myers, Inc.		364		21,694
Terex Corp.*		964		21,767
Timken Co.		588		21,850
Trinity Industries, Inc.		724		21,698
WABCO Holdings, Inc.*		380		21,915
				282,381
Media - 2.7%
CBS Corp., Class B(a)		600		21,798
DreamWorks Animation SKG, Inc., Class A*		1,128		21,691
Gannett Co., Inc.(a)		1,224		21,726
Interpublic Group of Cos., Inc./The(a)		1,956		21,751
Live Nation Entertainment, Inc.*(a)		2,516		21,663
Omnicom Group, Inc.(a)		420		21,655
				130,284
Metals & Mining - 2.3%
Allegheny Technologies, Inc.(a)		680		21,692
Cliffs Natural Resources, Inc.(a)		556		21,756
Molycorp, Inc.*		1,884		21,666
Steel Dynamics, Inc.		1,924		21,607
United States Steel Corp.		1,132		21,587
				108,308
Multiline Retail - 0.9%
Saks, Inc.*		2,112		21,775
Sears Holdings Corp.*		392		21,752
				43,527
Multi-Utilities - 0.9%
CenterPoint Energy, Inc.		1,020		21,726
TECO Energy, Inc.		1,224		21,714
				43,440
Oil, Gas & Consumable Fuels - 4.1%
Alpha Natural Resources, Inc.*(a)		3,288		21,602
Arch Coal, Inc.(a)		3,436		21,750
Cobalt International Energy, Inc.*		972		21,647
Denbury Resources, Inc.*(a)		1,340		21,654
Peabody Energy Corp.(a)		972		21,666
Rosetta Resources, Inc.*		448		21,459
SandRidge Energy, Inc.*		3,112		21,691
Spectra Energy Corp.		740		21,726
Whiting Petroleum Corp.*		456		21,605
				194,800
Paper & Forest Products - 0.4%
Louisiana-Pacific Corp.*		1,716		21,450

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral High Beta Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Pharmaceuticals - 1.4%
Mylan, Inc.*(a)		888		$	21,667
Salix Pharmaceuticals Ltd.*		512			21,678
Warner Chilcott plc, Class A		1,604			21,654
					64,999
Professional Services - 0.9%
Manpower, Inc.(a)		588			21,638
Robert Half International, Inc.		812			21,624
					43,262
Real Estate Investment Trusts (REITs) - 1.8%
CBL & Associates Properties, Inc.(a)		1,008			21,511
DiamondRock Hospitality Co.(a)		2,248			21,648
Host Hotels & Resorts, Inc.(a)		1,348			21,636
LaSalle Hotel Properties(a)		812			21,672
					86,467
Real Estate Management & Development - 1.4%
CBRE Group, Inc., Class A*(a)		1,180			21,724
Forest City Enterprises, Inc., Class A*(a)		1,372			21,746
Jones Lang LaSalle, Inc.(a)		284			21,683
					65,153
Road & Rail - 1.3%
Avis Budget Group, Inc.*(a)		1,396			21,471
Con-way, Inc.(a)		792			21,677
Hertz Global Holdings, Inc.*(a)		1,584			21,748
					64,896
Semiconductors & Semiconductor Equipment - 5.4%
Advanced Micro Devices, Inc.*(a)		6,396			21,555
Atmel Corp.*(a)		4,112			21,629
Cavium, Inc.*(a)		644			21,464
Cypress Semiconductor Corp.*(a)		2,016			21,611
Fairchild Semiconductor International, Inc.*(a)		1,644			21,569
International Rectifier Corp.*(a)		1,288			21,497
Lam Research Corp.*(a)		680			21,614
Microsemi Corp.*(a)		1,068			21,435
NVIDIA Corp.*(a)		1,620			21,611
ON Semiconductor Corp.*(a)		3,544			21,866
Skyworks Solutions, Inc.*		916			21,586
Teradyne, Inc.*		1,524			21,671
					259,108
Software - 1.8%
Autodesk, Inc.*(a)		648			21,624
Citrix Systems, Inc.*(a)		284			21,746
Parametric Technology Corp.*(a)		988			21,538
Salesforce.com, Inc.*(a)		140			21,377
					86,285
Specialty Retail - 2.3%
Abercrombie & Fitch Co., Class A(a)		636			21,573
ANN, Inc.*		572			21,582
Ascena Retail Group, Inc.*		1,016			21,793
Guess?, Inc.(a)		852			21,658
Williams-Sonoma, Inc.		492			21,633
					108,239
Textiles, Apparel & Luxury Goods - 1.8%
Coach, Inc.(a)		388			21,736
Deckers Outdoor Corp.*		592			21,691
Fossil, Inc.*(a)		256			21,683
Under Armour, Inc., Class A*		388			21,662
					86,772
Trading Companies & Distributors - 0.9%
United Rentals, Inc.*		664			21,719
WESCO International, Inc.*		380			21,736
					43,455
Wireless Telecommunication Services - 0.4%
Sprint Nextel Corp.*		3,900			21,528

Total Common Stocks Held Long
(Cost $4,430,008)					4,330,723

Securities Sold Short - (90.1%)
Aerospace & Defense - (2.7%)
Alliant Techsystems, Inc.		(432	)		(21,648	)
General Dynamics Corp.		(328	)		(21,687	)
Lockheed Martin Corp.		(232	)		(21,664	)
Raytheon Co.		(380	)		(21,721	)
Rockwell Collins, Inc.		(404	)		(21,671	)
TransDigm Group, Inc.*		(152	)		(21,564	)
					(129,955	)
Air Freight & Logistics - (0.9%)
C.H. Robinson Worldwide, Inc.		(368	)		(21,547	)
United Parcel Service, Inc., Class B		(304	)		(21,757	)
					(43,304	)
Beverages - (0.9%)
Dr. Pepper Snapple Group, Inc.		(484	)		(21,553	)
PepsiCo, Inc.		(308	)		(21,797	)
					(43,350	)
Biotechnology - (2.2%)
Alexion Pharmaceuticals, Inc.*		(188	)		(21,507	)
Amgen, Inc.		(256	)		(21,586	)
BioMarin Pharmaceutical, Inc.*		(540	)		(21,746	)
Celgene Corp.*		(284	)		(21,698	)
Regeneron Pharmaceuticals, Inc.*		(140	)		(21,372	)
					(107,909	)
Chemicals - (3.6%)
Airgas, Inc.		(264	)		(21,727	)
Ecolab, Inc.		(336	)		(21,776	)
International Flavors & Fragrances, Inc.		(364	)		(21,687	)
Olin Corp.		(992	)		(21,556	)
Praxair, Inc.		(208	)		(21,607	)
Sherwin-Williams Co./The		(144	)		(21,443	)
Sigma-Aldrich Corp.		(300	)		(21,591	)
Valspar Corp.		(384	)		(21,543	)
					(172,930	)
Commercial Services & Supplies - (4.1%)
Avery Dennison Corp.		(684	)		(21,765	)
Copart, Inc.*		(784	)		(21,740	)
Corrections Corp. of America		(648	)		(21,676	)
Covanta Holding Corp.		(1,260	)		(21,621	)
Iron Mountain, Inc.		(636	)		(21,694	)
Republic Services, Inc.		(792	)		(21,788	)
Stericycle, Inc.*		(240	)		(21,725	)
Waste Connections, Inc.		(724	)		(21,901	)
Waste Management, Inc.		(676	)		(21,686	)
					(195,596	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral High Beta Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Communications Equipment - (0.9%)
Brocade Communications Systems, Inc.*		(3,616	)	$	(21,389	)
Motorola Solutions, Inc.		(428	)		(21,635	)
					(43,024	)
Computers & Peripherals - (0.4%)
Apple, Inc.		(32	)		(21,352	)

Construction & Engineering - (0.9%)
Quanta Services, Inc.*		(876	)		(21,637	)
Shaw Group, Inc./The*		(496	)		(21,636	)
					(43,273	)
Construction Materials - (0.5%)
Martin Marietta Materials, Inc.		(264	)		(21,878	)

Containers & Packaging - (2.3%)
AptarGroup, Inc.		(420	)		(21,718	)
Ball Corp.		(512	)		(21,663	)
Bemis Co., Inc.		(688	)		(21,651	)
Crown Holdings, Inc.*		(592	)		(21,756	)
Sonoco Products Co.		(700	)		(21,693	)
					(108,481	)
Diversified Financial Services - (0.4%)
CBOE Holdings, Inc.		(736	)		(21,653	)

Diversified Telecommunication Services - (1.4%)
AT&T, Inc.		(576	)		(21,715	)
CenturyLink, Inc.		(536	)		(21,655	)
Verizon Communications, Inc.		(476	)		(21,691	)
					(65,061	)
Electric Utilities - (2.3%)
Duke Energy Corp.		(335	)		(21,708	)
Entergy Corp.		(312	)		(21,622	)
OGE Energy Corp.		(392	)		(21,740	)
Southern Co./The		(472	)		(21,754	)
Xcel Energy, Inc.		(784	)		(21,725	)
					(108,549	)
Electronic Equipment, Instruments & Components - (0.4%)
Ingram Micro, Inc., Class A*		(1,416	)		(21,566	)

Energy Equipment & Services - (2.7%)
Bristow Group, Inc.		(428	)		(21,636	)
Core Laboratories N.V.		(180	)		(21,866	)
Diamond Offshore Drilling, Inc.		(328	)		(21,586	)
Dresser-Rand Group, Inc.*		(396	)		(21,824	)
SEACOR Holdings, Inc.*		(256	)		(21,340	)
Tidewater, Inc.		(444	)		(21,547	)
					(129,799	)
Food & Staples Retailing - (2.7%)
Costco Wholesale Corp.		(216	)		(21,627	)
CVS Caremark Corp.		(448	)		(21,692	)
Kroger Co./The		(920	)		(21,657	)
Sysco Corp.		(692	)		(21,639	)
Walgreen Co.		(596	)		(21,718	)
Wal-Mart Stores, Inc.		(292	)		(21,550	)
					(129,883	)
Food Products - (5.0%)
Campbell Soup Co.		(624	)		(21,728	)
Flowers Foods, Inc.		(1,072	)		(21,633	)
General Mills, Inc.		(544	)		(21,678	)
H.J. Heinz Co.		(388	)		(21,709	)
Hershey Co./The		(308	)		(21,834	)
Hormel Foods Corp.		(740	)		(21,638	)
JM Smucker Co./The		(252	)		(21,755	)
Kellogg Co.		(420	)		(21,697	)
McCormick & Co., Inc.		(348	)		(21,590	)
Ralcorp Holdings, Inc.*		(296	)		(21,608	)
TreeHouse Foods, Inc.*		(412	)		(21,630	)
					(238,500	)
Health Care Equipment & Supplies - (0.9%)
C.R. Bard, Inc.		(208	)		(21,767	)
ResMed, Inc.		(532	)		(21,530	)
					(43,297	)
Health Care Providers & Services - (0.9%)
DaVita, Inc.*		(208	)		(21,551	)
HCA Holdings, Inc.		(648	)		(21,546	)
					(43,097	)
Health Care Technology - (0.9%)
Allscripts Healthcare Solutions, Inc.*		(1,716	)		(21,330	)
Cerner Corp.*		(280	)		(21,675	)
					(43,005	)
Hotels, Restaurants & Leisure - (0.9%)
McDonald's Corp.		(236	)		(21,653	)
Wendy's Co./The		(4,760	)		(21,658	)
					(43,311	)
Household Products - (1.8%)
Church & Dwight Co., Inc.		(404	)		(21,812	)
Clorox Co./The		(300	)		(21,615	)
Colgate-Palmolive Co.		(200	)		(21,444	)
Kimberly-Clark Corp.		(252	)		(21,616	)
					(86,487	)
Insurance - (9.5%)
Alleghany Corp.*		(64	)		(22,076	)
Allied World Assurance Co. Holdings AG		(280	)		(21,630	)
Arch Capital Group Ltd.*		(520	)		(21,674	)
Arthur J. Gallagher & Co.		(604	)		(21,635	)
Aspen Insurance Holdings Ltd.		(708	)		(21,587	)
Axis Capital Holdings Ltd.		(620	)		(21,650	)
Chubb Corp./The		(284	)		(21,664	)
Cincinnati Financial Corp.		(572	)		(21,673	)
Endurance Specialty Holdings Ltd.		(560	)		(21,560	)
Everest Re Group Ltd.		(204	)		(21,820	)
Fidelity National Financial, Inc., Class A		(1,016	)		(21,732	)
Hanover Insurance Group, Inc./The		(580	)		(21,611	)
HCC Insurance Holdings, Inc.		(640	)		(21,690	)
Markel Corp.*		(48	)		(22,007	)
PartnerRe Ltd.		(292	)		(21,690	)
ProAssurance Corp.		(240	)		(21,706	)
RenaissanceRe Holdings Ltd.		(280	)		(21,571	)
Travelers Cos., Inc./The		(316	)		(21,570	)
Validus Holdings Ltd.		(640	)		(21,702	)
W.R. Berkley Corp.		(576	)		(21,594	)
Willis Group Holdings plc		(588	)		(21,709	)
					(455,551	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral High Beta Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Internet & Catalog Retail - (0.5%)
Expedia, Inc.		(376	)	$	(21,748	)

Internet Software & Services - (1.3%)
AOL, Inc.*		(612	)		(21,561	)
IAC/InterActiveCorp		(416	)		(21,657	)
VeriSign, Inc.*		(444	)		(21,618	)
					(64,836	)
IT Services - (3.6%)
Amdocs Ltd.		(660	)		(21,774	)
Automatic Data Processing, Inc.		(368	)		(21,587	)
Broadridge Financial Solutions, Inc.		(924	)		(21,557	)
Gartner, Inc.*		(468	)		(21,570	)
Genpact Ltd.		(1,296	)		(21,617	)
International Business Machines Corp.		(104	)		(21,575	)
Paychex, Inc.		(652	)		(21,705	)
SAIC, Inc.		(1,784	)		(21,479	)
					(172,864	)
Marine - (0.4%)
Kirby Corp.*		(392	)		(21,670	)

Media - (0.9%)
Charter Communications, Inc., Class A*		(288	)		(21,620	)
Madison Square Garden Co./The, Class A*		(540	)		(21,746	)
					(43,366	)
Metals & Mining - (1.8%)
Allied Nevada Gold Corp.*		(552	)		(21,561	)
Compass Minerals International, Inc.		(288	)		(21,482	)
Newmont Mining Corp.		(388	)		(21,732	)
Royal Gold, Inc.		(216	)		(21,570	)
					(86,345	)
Multiline Retail - (2.7%)
Big Lots, Inc.*		(736	)		(21,771	)
Dollar General Corp.*		(420	)		(21,647	)
Dollar Tree, Inc.*		(448	)		(21,627	)
Family Dollar Stores, Inc.		(328	)		(21,746	)
Kohl's Corp.		(424	)		(21,717	)
Target Corp.		(340	)		(21,580	)
					(130,088	)
Multi-Utilities - (3.2%)
Consolidated Edison, Inc.		(364	)		(21,800	)
Dominion Resources, Inc.		(408	)		(21,600	)
MDU Resources Group, Inc.		(980	)		(21,599	)
NiSource, Inc.		(852	)		(21,709	)
PG&E Corp.		(508	)		(21,676	)
Sempra Energy		(336	)		(21,669	)
Wisconsin Energy Corp.		(576	)		(21,698	)
					(151,751	)
Oil, Gas & Consumable Fuels - (3.6%)
Cabot Oil & Gas Corp.		(484	)		(21,732	)
Chevron Corp.		(184	)		(21,447	)
ConocoPhillips		(380	)		(21,728	)
Energen Corp.		(416	)		(21,803	)
EQT Corp.		(364	)		(21,476	)
Exxon Mobil Corp.		(236	)		(21,582	)
Kinder Morgan, Inc.		(608	)		(21,596	)
Williams Cos., Inc./The		(620	)		(21,681	)
					(173,045	)
Pharmaceuticals - (4.1%)
Abbott Laboratories		(316	)		(21,665	)
Allergan, Inc.		(236	)		(21,613	)
Bristol-Myers Squibb Co.		(640	)		(21,600	)
Eli Lilly & Co.		(456	)		(21,619	)
Forest Laboratories, Inc.*		(608	)		(21,651	)
Hospira, Inc.*		(664	)		(21,792	)
Johnson & Johnson		(316	)		(21,776	)
Perrigo Co.		(188	)		(21,840	)
Watson Pharmaceuticals, Inc.*		(252	)		(21,460	)
					(195,016	)
Professional Services - (1.8%)
IHS, Inc., Class A*		(224	)		(21,806	)
Nielsen Holdings N.V.*		(720	)		(21,586	)
Towers Watson & Co., Class A		(408	)		(21,644	)
Verisk Analytics, Inc., Class A*		(452	)		(21,520	)
					(86,556	)
Real Estate Investment Trusts (REITs) - (7.2%)
American Campus Communities, Inc.		(496	)		(21,764	)
American Capital Agency Corp.		(628	)		(21,723	)
American Tower Corp.		(304	)		(21,703	)
Annaly Capital Management, Inc.		(1,288	)		(21,690	)
AvalonBay Communities, Inc.		(160	)		(21,758	)
Camden Property Trust		(336	)		(21,669	)
Chimera Investment Corp.		(7,976	)		(21,615	)
Digital Realty Trust, Inc.		(312	)		(21,793	)
Equity Lifestyle Properties, Inc.		(320	)		(21,798	)
Federal Realty Investment Trust		(204	)		(21,481	)
Hatteras Financial Corp.		(768	)		(21,650	)
MFA Financial, Inc.		(2,544	)		(21,624	)
Mid-America Apartment Communities, Inc.		(332	)		(21,683	)
National Retail Properties, Inc.		(704	)		(21,472	)
Senior Housing Properties Trust		(992	)		(21,606	)
Starwood Property Trust, Inc.		(924	)		(21,501	)
					(346,530	)
Road & Rail - (0.4%)
J.B. Hunt Transport Services, Inc.		(412	)		(21,440	)

Semiconductors & Semiconductor Equipment - (0.4%)
Marvell Technology Group Ltd.		(2,352	)		(21,521	)

Software - (3.1%)
Adobe Systems, Inc.*		(668	)		(21,683	)
ANSYS, Inc.*		(296	)		(21,726	)
BMC Software, Inc.*		(520	)		(21,575	)
Intuit, Inc.		(368	)		(21,668	)
Microsoft Corp.		(728	)		(21,680	)
Solera Holdings, Inc.		(492	)		(21,584	)
Synopsys, Inc.*		(656	)		(21,661	)
					(151,577	)
Specialty Retail - (3.6%)
Advance Auto Parts, Inc.		(316	)		(21,627	)
AutoZone, Inc.*		(60	)		(22,180	)
Lowe's Cos., Inc.		(716	)		(21,652	)
O'Reilly Automotive, Inc.*		(260	)		(21,741	)
Ross Stores, Inc.		(336	)		(21,706	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral High Beta Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Sally Beauty Holdings, Inc.*		(864	)	$	(21,678	)
TJX Cos., Inc.		(484	)		(21,678	)
Tractor Supply Co.		(220	)		(21,756	)
					(174,018	)
Thrifts & Mortgage Finance - (0.5%)
Capitol Federal Financial, Inc.		(1,820	)		(21,767	)

Tobacco - (1.3%)
Altria Group, Inc.		(648	)		(21,636	)
Lorillard, Inc.		(184	)		(21,427	)
Reynolds American, Inc.		(500	)		(21,670	)
					(64,733	)
Water Utilities - (0.5%)
American Water Works Co., Inc.		(588	)		(21,791	)


Total Securities Sold Short
(Proceeds Received $4,255,383)					(4,331,473	)
Other assets less liabilities — 100.0%					4,810,183
Net Assets — 100.0%				$	4,809,433

*	Non-income producing security.
(a)	All or a portion of these securities were held in a segregated account as collateral for securities sold short. At September 30, 2012, the aggregate amount held in a segregated account was $3,171,190.

Aggregate gross unrealized appreciation	$	244,971
Aggregate gross unrealized depreciation		(532,447	)
Net unrealized depreciation	$	(287,476	)
Federal income tax cost of investments	$	286,726

Total Return Swap Agreements

Notional Amount			Expiration Date	Counterparty	Fund Pays	Fund Receives	Net Unrealized Appreciation/ (Depreciation)
	415,803	USD	10/03/2013	Morgan Stanley	0.66%	Dow Jones U.S. Thematic Market Neutral High Beta Index	$	61,803
	(461,366	)USD	10/03/2013	Morgan Stanley	Dow Jones U.S. Thematic Market Neutral High Beta Index	(0.04)%		(19,709	)
							$	42,094

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Size Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares		Value
Common Stocks Held Long - 90.0%
Aerospace & Defense - 2.2%
Alliant Techsystems, Inc.		550	$	27,560
Esterline Technologies Corp.*		490		27,509
Exelis, Inc.		2,670		27,608
Hexcel Corp.*		1,150		27,623
Teledyne Technologies, Inc.*(a)		435		27,575
				137,875
Airlines - 0.9%
Alaska Air Group, Inc.*		785		27,522
US Airways Group, Inc.*(a)		2,645		27,667
				55,189
Auto Components - 2.3%
Dana Holding Corp.		2,230		27,429
Gentex Corp.		1,620		27,556
Goodyear Tire & Rubber Co./The*		2,270		27,671
Tenneco, Inc.*(a)		990		27,720
Visteon Corp.*(a)		625		27,788
				138,164
Biotechnology - 1.4%
Alkermes plc*		1,325		27,494
Cepheid, Inc.*		805		27,780
Myriad Genetics, Inc.*		1,025		27,665
				82,939
Building Products - 0.9%
A.O. Smith Corp.(a)		480		27,619
Lennox International, Inc.		570		27,565
				55,184
Capital Markets - 1.3%
Federated Investors, Inc., Class B		1,335		27,621
Stifel Financial Corp.*(a)		820		27,552
Waddell & Reed Financial, Inc., Class A		840		27,527
				82,700
Chemicals - 1.4%
Cabot Corp.		755		27,610
Intrepid Potash, Inc.*		1,290		27,709
Scotts Miracle-Gro Co./The, Class A(a)		640		27,821
				83,140
Commercial Banks - 5.4%
Associated Banc-Corp		2,100		27,657
Bank of Hawaii Corp.		605		27,600
CapitalSource, Inc.		3,660		27,743
City National Corp./CA		535		27,558
First Horizon National Corp.		2,850		27,445
Fulton Financial Corp.		2,810		27,707
Popular, Inc.*(a)		1,595		27,801
Prosperity Bancshares, Inc.(a)		645		27,490
SVB Financial Group*(a)		455		27,509
TCF Financial Corp.(a)		2,310		27,581
Valley National Bancorp(a)		2,755		27,605
Webster Financial Corp.		1,160		27,492
				331,188
Commercial Services & Supplies - 0.9%
Covanta Holding Corp.		1,605		27,542
R.R. Donnelley & Sons Co.		2,605		27,613
				55,155
Communications Equipment - 2.2%
Aruba Networks, Inc.*		1,230		27,657
Brocade Communications Systems, Inc.*		4,615		27,298
JDS Uniphase Corp.*		2,230		27,618
Polycom, Inc.*(a)		2,795		27,587
ViaSat, Inc.*(a)		740		27,661
				137,821
Computers & Peripherals - 0.4%
Diebold, Inc.		815		27,474

Construction & Engineering - 0.9%
EMCOR Group, Inc.		960		27,398
Foster Wheeler AG*		1,150		27,554
				54,952
Construction Materials - 0.5%
Eagle Materials, Inc.		600		27,756

Containers & Packaging - 0.5%
Greif, Inc., Class A		625		27,613

Diversified Consumer Services - 0.9%
Sotheby's(a)		880		27,720
Weight Watchers International, Inc.		520		27,456
				55,176
Diversified Financial Services - 0.5%
CBOE Holdings, Inc.		940		27,655

Diversified Telecommunication Services - 0.4%
tw telecom, inc.*(a)		1,055		27,504

Electric Utilities - 2.3%
Cleco Corp.		660		27,707
Great Plains Energy, Inc.		1,245		27,714
Hawaiian Electric Industries, Inc.		1,050		27,625
IDACORP, Inc.		635		27,476
Portland General Electric Co.		1,020		27,581
				138,103
Electrical Equipment - 0.4%
Polypore International, Inc.*(a)		780		27,573

Electronic Equipment, Instruments & Components - 2.2%
Anixter International, Inc.		480		27,581
FEI Co.		510		27,285
Ingram Micro, Inc., Class A*		1,805		27,490
Tech Data Corp.*(a)		610		27,633
Universal Display Corp.*		800		27,504
				137,493
Energy Equipment & Services - 4.0%
CARBO Ceramics, Inc.(a)		435		27,370
Dril-Quip, Inc.*		380		27,314
Helix Energy Solutions Group, Inc.*		1,495		27,314
Lufkin Industries, Inc.		510		27,448
McDermott International, Inc.*(a)		2,260		27,617
Patterson-UTI Energy, Inc.		1,745		27,641
SEACOR Holdings, Inc.*(a)		330		27,509
Tidewater, Inc.(a)		570		27,662
Unit Corp.*(a)		665		27,598
				247,473
Food & Staples Retailing - 1.4%
Casey's General Stores, Inc.		485		27,713

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Size Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares		Value
Harris Teeter Supermarkets, Inc.		710	$	27,576
United Natural Foods, Inc.*(a)		470		27,472
				82,761
Food Products - 2.3%
Darling International, Inc.*		1,510		27,618
Dean Foods Co.*		1,705		27,877
Flowers Foods, Inc.		1,370		27,646
Hain Celestial Group, Inc./The*		435		27,405
TreeHouse Foods, Inc.*(a)		530		27,825
				138,371
Gas Utilities - 1.4%
Atmos Energy Corp.		775		27,737
Piedmont Natural Gas Co., Inc.(a)		850		27,608
WGL Holdings, Inc.		685		27,571
				82,916
Health Care Equipment & Supplies - 1.4%
Hill-Rom Holdings, Inc.		950		27,607
STERIS Corp.(a)		775		27,489
Thoratec Corp.*(a)		800		27,680
				82,776
Health Care Providers & Services - 4.0%
Centene Corp.*		745		27,870
Community Health Systems, Inc.*		945		27,537
Health Management Associates, Inc., Class A*		3,295		27,645
Health Net, Inc.*		1,225		27,575
HealthSouth Corp.*		1,150		27,669
LifePoint Hospitals, Inc.*		640		27,379
Owens & Minor, Inc.(a)		920		27,490
Tenet Healthcare Corp.*(a)		4,350		27,274
WellCare Health Plans, Inc.*		490		27,710
				248,149
Health Care Technology - 0.4%
Allscripts Healthcare Solutions, Inc.*(a)		2,195		27,284

Hotels, Restaurants & Leisure - 4.1%
Bally Technologies, Inc.*		560		27,658
Brinker International, Inc.		785		27,711
Cheesecake Factory, Inc./The		775		27,706
Domino's Pizza, Inc.		735		27,710
Gaylord Entertainment Co.*		695		27,473
Life Time Fitness, Inc.*		605		27,673
Six Flags Entertainment Corp.(a)		470		27,636
Vail Resorts, Inc.		480		27,672
Wendy's Co./The		6,080		27,664
				248,903
Household Durables - 0.9%
Harman International Industries, Inc.		595		27,465
Tempur-Pedic International, Inc.*		920		27,499
				54,964
Independent Power Producers & Energy Traders - 0.4%
GenOn Energy, Inc.*		10,845		27,438

Insurance - 3.1%
Aspen Insurance Holdings Ltd.		905		27,593
Assured Guaranty Ltd.		2,035		27,717
CNO Financial Group, Inc.		2,835		27,358
MBIA, Inc.*		2,725		27,604
Old Republic International Corp.(a)		2,975		27,667
ProAssurance Corp.(a)		305		27,584
Protective Life Corp.(a)		1,050		27,521
				193,044
Internet & Catalog Retail - 0.4%
HSN, Inc.		560		27,468

IT Services - 1.3%
DST Systems, Inc.		485		27,432
NeuStar, Inc., Class A*(a)		690		27,621
Wright Express Corp.*(a)		395		27,539
				82,592
Leisure Equipment & Products - 0.4%
Brunswick Corp.		1,215		27,495

Machinery - 4.5%
Actuant Corp., Class A		965		27,618
Chart Industries, Inc.*		375		27,694
CLARCOR, Inc.		620		27,671
Harsco Corp.		1,345		27,613
ITT Corp.		1,375		27,706
Middleby Corp.*(a)		240		27,754
Oshkosh Corp.*(a)		1,010		27,704
Robbins & Myers, Inc.(a)		465		27,714
Terex Corp.*(a)		1,230		27,773
Trinity Industries, Inc.		920		27,572
				276,819
Media - 1.8%
Cinemark Holdings, Inc.		1,230		27,589
Live Nation Entertainment, Inc.*		3,210		27,638
Regal Entertainment Group, Class A(a)		1,965		27,648
Washington Post Co./The, Class B		75		27,227
				110,102
Metals & Mining - 2.3%
Carpenter Technology Corp.		530		27,730
Coeur d'Alene Mines Corp.*		960		27,677
Compass Minerals International, Inc.(a)		370		27,598
Titanium Metals Corp.(a)		2,155		27,649
Walter Energy, Inc.(a)		855		27,753
				138,407
Multiline Retail - 0.5%
Big Lots, Inc.*		940		27,805

Multi-Utilities - 0.4%
Vectren Corp.(a)		965		27,599

Oil, Gas & Consumable Fuels - 2.7%
Berry Petroleum Co., Class A		680		27,628
Kodiak Oil & Gas Corp.*		2,960		27,706
McMoRan Exploration Co.*(a)		2,355		27,671
Oasis Petroleum, Inc.*(a)		935		27,554
Rosetta Resources, Inc.*(a)		575		27,543
Teekay Corp.(a)		885		27,612
				165,714
Paper & Forest Products - 0.9%
Domtar Corp.		350		27,402
Louisiana-Pacific Corp.*		2,190		27,375
				54,777

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Size Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Pharmaceuticals - 1.8%
Medicis Pharmaceutical Corp., Class A		640		$	27,693
Questcor Pharmaceuticals, Inc.*		1,485			27,472
Salix Pharmaceuticals Ltd.*		655			27,733
Vivus, Inc.*(a)		1,555			27,710
					110,608
Real Estate Investment Trusts (REITs) - 6.3%
American Realty Capital Trust, Inc.		2,345			27,507
Colonial Properties Trust		1,305			27,470
Corporate Office Properties Trust		1,145			27,446
Entertainment Properties Trust		610			27,102
Healthcare Realty Trust, Inc.		1,190			27,429
Highwoods Properties, Inc.		845			27,564
Invesco Mortgage Capital, Inc.		1,360			27,377
LaSalle Hotel Properties		1,035			27,624
Mack-Cali Realty Corp.		1,025			27,265
Omega Healthcare Investors, Inc.(a)		1,210			27,503
Post Properties, Inc.		575			27,577
Starwood Property Trust, Inc.		1,180			27,459
Two Harbors Investment Corp.(a)		2,350			27,613
Washington Real Estate Investment Trust(a)		1,020			27,356
					384,292
Real Estate Management & Development - 0.5%
Forest City Enterprises, Inc., Class A*		1,750			27,738

Road & Rail - 1.8%
Con-way, Inc.		1,010			27,644
Landstar System, Inc.		580			27,422
Old Dominion Freight Line, Inc.*		915			27,596
Ryder System, Inc.		710			27,733
					110,395
Semiconductors & Semiconductor Equipment - 1.8%
Atmel Corp.*		5,250			27,615
Cirrus Logic, Inc.*		720			27,641
Cypress Semiconductor Corp.*		2,575			27,604
Fairchild Semiconductor International, Inc.*		2,095			27,486
					110,346
Software - 3.1%
Aspen Technology, Inc.*		1,065			27,530
CommVault Systems, Inc.*		470			27,589
Compuware Corp.*		2,790			27,649
Parametric Technology Corp.*(a)		1,260			27,468
QLIK Technologies, Inc.*(a)		1,235			27,677
Rovi Corp.*(a)		1,900			27,569
Ultimate Software Group, Inc.*(a)		270			27,567
					193,049
Specialty Retail - 2.7%
Aaron's, Inc.(a)		990			27,532
Buckle, Inc./The		610			27,712
GameStop Corp., Class A		1,325			27,825
Guess?, Inc.		1,085			27,581
Pier 1 Imports, Inc.		1,470			27,548
Rent-A-Center, Inc.		790			27,713
					165,911
Textiles, Apparel & Luxury Goods - 2.3%
Deckers Outdoor Corp.*		755			27,663
Hanesbrands, Inc.*		865			27,576
Steven Madden Ltd.*		635			27,762
Warnaco Group, Inc./The*(a)		530			27,507
Wolverine World Wide, Inc.		620			27,510
					138,018
Thrifts & Mortgage Finance - 0.5%
Capitol Federal Financial, Inc.		2,320			27,747

Trading Companies & Distributors - 1.3%
Air Lease Corp.*		1,355			27,642
GATX Corp.		645			27,374
Watsco, Inc.(a)		365			27,663
					82,679
Water Utilities - 0.5%
Aqua America, Inc.		1,115			27,607

Wireless Telecommunication Services - 0.9%
MetroPCS Communications, Inc.*(a)		2,355			27,577
Telephone & Data Systems, Inc.(a)		1,075			27,531
					55,108
Total Common Stocks Held Long
(Cost $5,291,867)					5,517,009

Securities Sold Short - (90.2%)
Aerospace & Defense - (3.6%)
Boeing Co./The		(395	)		(27,500	)
General Dynamics Corp.		(420	)		(27,770	)
Honeywell International, Inc.		(460	)		(27,485	)
Lockheed Martin Corp.		(295	)		(27,547	)
Northrop Grumman Corp.		(415	)		(27,568	)
Precision Castparts Corp.		(170	)		(27,768	)
Raytheon Co.		(485	)		(27,723	)
United Technologies Corp.		(355	)		(27,793	)
					(221,154	)
Air Freight & Logistics - (0.9%)
FedEx Corp.		(325	)		(27,502	)
United Parcel Service, Inc., Class B		(385	)		(27,554	)
					(55,056	)
Auto Components - (0.4%)
Johnson Controls, Inc.		(1,010	)		(27,674	)

Automobiles - (0.9%)
Ford Motor Co.		(2,810	)		(27,707	)
General Motors Co.*		(1,215	)		(27,641	)
					(55,348	)
Beverages - (0.9%)
Coca-Cola Co./The		(730	)		(27,689	)
PepsiCo, Inc.		(390	)		(27,600	)
					(55,289	)
Biotechnology - (1.8%)
Amgen, Inc.		(330	)		(27,826	)
Biogen Idec, Inc.*		(185	)		(27,607	)
Celgene Corp.*		(360	)		(27,504	)
Gilead Sciences, Inc.*		(415	)		(27,527	)
					(110,464	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Size Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Capital Markets - (3.2%)
Bank of New York Mellon Corp./The		(1,220	)	$	(27,596	)
BlackRock, Inc.		(155	)		(27,637	)
Charles Schwab Corp./The		(2,165	)		(27,690	)
Franklin Resources, Inc.		(220	)		(27,515	)
Goldman Sachs Group, Inc./The		(245	)		(27,852	)
Morgan Stanley		(1,650	)		(27,621	)
State Street Corp.		(660	)		(27,694	)
					(193,605	)
Chemicals - (4.1%)
Air Products & Chemicals, Inc.		(335	)		(27,705	)
Dow Chemical Co./The		(955	)		(27,657	)
E.I. du Pont de Nemours & Co.		(550	)		(27,649	)
Ecolab, Inc.		(425	)		(27,544	)
LyondellBasell Industries N.V., Class A		(540	)		(27,896	)
Monsanto Co.		(305	)		(27,761	)
Mosaic Co./The		(480	)		(27,653	)
Praxair, Inc.		(265	)		(27,528	)
Sherwin-Williams Co./The		(185	)		(27,548	)
					(248,941	)
Commercial Banks - (1.8%)
BB&T Corp.		(835	)		(27,689	)
PNC Financial Services Group, Inc.		(440	)		(27,764	)
U.S. Bancorp		(805	)		(27,611	)
Wells Fargo & Co.		(800	)		(27,624	)
					(110,688	)
Commercial Services & Supplies - (0.9%)
Tyco International Ltd.		(490	)		(27,567	)
Waste Management, Inc.		(860	)		(27,589	)
					(55,156	)
Communications Equipment - (1.3%)
Cisco Systems, Inc.		(1,440	)		(27,490	)
Motorola Solutions, Inc.		(545	)		(27,550	)
QUALCOMM, Inc.		(440	)		(27,495	)
					(82,535	)
Computers & Peripherals - (1.8%)
Apple, Inc.		(40	)		(26,690	)
Dell, Inc.		(2,795	)		(27,559	)
EMC Corp.*		(1,010	)		(27,543	)
Hewlett-Packard Co.		(1,625	)		(27,722	)
					(109,514	)
Consumer Finance - (1.3%)
American Express Co.		(485	)		(27,577	)
Capital One Financial Corp.		(485	)		(27,650	)
Discover Financial Services		(695	)		(27,612	)
					(82,839	)
Diversified Financial Services - (1.8%)
Bank of America Corp.		(3,135	)		(27,682	)
Citigroup, Inc.		(845	)		(27,648	)
CME Group, Inc.		(485	)		(27,791	)
JPMorgan Chase & Co.		(685	)		(27,729	)
					(110,850	)
Diversified Telecommunication Services - (1.4%)
AT&T, Inc.		(735	)		(27,709	)
CenturyLink, Inc.		(685	)		(27,674	)
Verizon Communications, Inc.		(610	)		(27,798	)
					(83,181	)
Electric Utilities - (3.2%)
American Electric Power Co., Inc.		(630	)		(27,682	)
Duke Energy Corp.		(430	)		(27,864	)
Exelon Corp.		(775	)		(27,574	)
FirstEnergy Corp.		(625	)		(27,563	)
NextEra Energy, Inc.		(395	)		(27,780	)
PPL Corp.		(955	)		(27,743	)
Southern Co./The		(600	)		(27,654	)
					(193,860	)
Electrical Equipment - (0.4%)
Emerson Electric Co.		(570	)		(27,514	)

Electronic Equipment, Instruments & Components - (0.9%)
Corning, Inc.		(2,095	)		(27,549	)
TE Connectivity Ltd.		(815	)		(27,718	)
					(55,267	)
Energy Equipment & Services - (1.8%)
Baker Hughes, Inc.		(615	)		(27,816	)
Halliburton Co.		(820	)		(27,626	)
National Oilwell Varco, Inc.		(345	)		(27,638	)
Schlumberger Ltd.		(385	)		(27,847	)
					(110,927	)
Food & Staples Retailing - (2.7%)
Costco Wholesale Corp.		(275	)		(27,534	)
CVS Caremark Corp.		(575	)		(27,842	)
Sysco Corp.		(885	)		(27,674	)
Walgreen Co.		(760	)		(27,694	)
Wal-Mart Stores, Inc.		(375	)		(27,675	)
Whole Foods Market, Inc.		(285	)		(27,759	)
					(166,178	)
Food Products - (1.8%)
Archer-Daniels-Midland Co.		(1,015	)		(27,588	)
General Mills, Inc.		(695	)		(27,696	)
Kellogg Co.		(535	)		(27,638	)
Kraft Foods, Inc., Class A		(670	)		(27,704	)
					(110,626	)
Health Care Equipment & Supplies - (2.2%)
Baxter International, Inc.		(460	)		(27,719	)
Covidien plc		(465	)		(27,630	)
Intuitive Surgical, Inc.*		(55	)		(27,260	)
Medtronic, Inc.		(640	)		(27,597	)
Stryker Corp.		(495	)		(27,552	)
					(137,758	)
Health Care Providers & Services - (1.8%)
Express Scripts Holding Co.*		(440	)		(27,575	)
McKesson Corp.		(320	)		(27,529	)
UnitedHealth Group, Inc.		(500	)		(27,705	)
WellPoint, Inc.		(475	)		(27,555	)
					(110,364	)
Hotels, Restaurants & Leisure - (2.2%)
Carnival Corp.		(760	)		(27,694	)
Las Vegas Sands Corp.		(595	)		(27,590	)
McDonald's Corp.		(300	)		(27,525	)
Starbucks Corp.		(545	)		(27,659	)
Yum! Brands, Inc.		(415	)		(27,531	)
					(137,999	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Size Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Household Products - (1.4%)
Colgate-Palmolive Co.		(260	)	$	(27,877	)
Kimberly-Clark Corp.		(325	)		(27,879	)
Procter & Gamble Co./The		(400	)		(27,744	)
					(83,500	)
Industrial Conglomerates - (1.4%)
3M Co.		(300	)		(27,726	)
Danaher Corp.		(500	)		(27,575	)
General Electric Co.		(1,220	)		(27,706	)
					(83,007	)
Insurance - (5.0%)
ACE Ltd.		(365	)		(27,594	)
Aflac, Inc.		(580	)		(27,770	)
American International Group, Inc.*		(840	)		(27,544	)
Aon plc		(530	)		(27,714	)
Berkshire Hathaway, Inc., Class B*		(315	)		(27,783	)
Chubb Corp./The		(360	)		(27,461	)
Loews Corp.		(670	)		(27,644	)
Marsh & McLennan Cos., Inc.		(815	)		(27,653	)
MetLife, Inc.		(800	)		(27,568	)
Prudential Financial, Inc.		(505	)		(27,528	)
Travelers Cos., Inc./The		(405	)		(27,645	)
					(303,904	)
Internet & Catalog Retail - (0.9%)
Amazon.com, Inc.*		(110	)		(27,975	)
priceline.com, Inc.*		(45	)		(27,843	)
					(55,818	)
Internet Software & Services - (1.3%)
eBay, Inc.*		(570	)		(27,594	)
Google, Inc., Class A*		(35	)		(26,407	)
Yahoo!, Inc.*		(1,730	)		(27,637	)
					(81,638	)
IT Services - (2.7%)
Accenture plc, Class A		(395	)		(27,662	)
Automatic Data Processing, Inc.		(470	)		(27,570	)
Cognizant Technology Solutions Corp., Class A*		(395	)		(27,618	)
International Business Machines Corp.		(135	)		(28,006	)
Mastercard, Inc., Class A		(60	)		(27,089	)
Visa, Inc., Class A		(205	)		(27,527	)
					(165,472	)
Life Sciences Tools & Services - (0.4%)
Agilent Technologies, Inc.		(715	)		(27,492	)

Machinery - (3.6%)
Caterpillar, Inc.		(320	)		(27,533	)
Cummins, Inc.		(300	)		(27,663	)
Deere & Co.		(335	)		(27,634	)
Eaton Corp.		(585	)		(27,647	)
Illinois Tool Works, Inc.		(465	)		(27,654	)
Ingersoll-Rand plc		(615	)		(27,564	)
PACCAR, Inc.		(695	)		(27,817	)
Parker Hannifin Corp.		(330	)		(27,582	)
					(221,094	)
Media - (3.6%)
CBS Corp., Class B		(765	)		(27,793	)
Comcast Corp., Class A		(770	)		(27,543	)
DIRECTV*		(525	)		(27,542	)
News Corp., Class A		(1,125	)		(27,596	)
Time Warner Cable, Inc.		(290	)		(27,567	)
Time Warner, Inc.		(610	)		(27,651	)
Viacom, Inc., Class B		(515	)		(27,599	)
Walt Disney Co./The		(530	)		(27,708	)
					(220,999	)
Metals & Mining - (0.9%)
Freeport-McMoRan Copper & Gold, Inc.		(700	)		(27,706	)
Newmont Mining Corp.		(495	)		(27,725	)
					(55,431	)
Multiline Retail - (0.9%)
Macy's, Inc.		(735	)		(27,651	)
Target Corp.		(435	)		(27,609	)
					(55,260	)
Multi-Utilities - (1.4%)
Consolidated Edison, Inc.		(465	)		(27,849	)
Dominion Resources, Inc.		(520	)		(27,529	)
PG&E Corp.		(650	)		(27,735	)
					(83,113	)
Oil, Gas & Consumable Fuels - (5.4%)
Anadarko Petroleum Corp.		(395	)		(27,618	)
Apache Corp.		(320	)		(27,671	)
Chevron Corp.		(240	)		(27,975	)
ConocoPhillips		(485	)		(27,732	)
Devon Energy Corp.		(460	)		(27,830	)
EOG Resources, Inc.		(245	)		(27,452	)
Exxon Mobil Corp.		(305	)		(27,892	)
Kinder Morgan, Inc.		(780	)		(27,706	)
Occidental Petroleum Corp.		(320	)		(27,539	)
Phillips 66		(595	)		(27,590	)
Spectra Energy Corp.		(945	)		(27,745	)
Williams Cos., Inc./The		(795	)		(27,801	)
					(332,551	)
Paper & Forest Products - (0.5%)
International Paper Co.		(765	)		(27,785	)

Personal Products - (0.5%)
Estee Lauder Cos., Inc./The, Class A		(450	)		(27,707	)

Pharmaceuticals - (3.2%)
Abbott Laboratories		(405	)		(27,767	)
Allergan, Inc.		(300	)		(27,474	)
Bristol-Myers Squibb Co.		(820	)		(27,675	)
Eli Lilly & Co.		(585	)		(27,735	)
Johnson & Johnson		(400	)		(27,564	)
Merck & Co., Inc.		(615	)		(27,736	)
Pfizer, Inc.		(1,115	)		(27,708	)
					(193,659	)
Real Estate Investment Trusts (REITs) - (3.6%)
American Tower Corp.		(390	)		(27,842	)
Boston Properties, Inc.		(250	)		(27,653	)
Equity Residential		(480	)		(27,614	)
General Growth Properties, Inc.		(1,430	)		(27,856	)
HCP, Inc.		(620	)		(27,578	)
Prologis, Inc.		(790	)		(27,674	)
Public Storage		(200	)		(27,834	)
Simon Property Group, Inc.		(180	)		(27,326	)
					(221,377	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Size Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Road & Rail - (1.4%)
CSX Corp.		(1,335	)	$	(27,701	)
Norfolk Southern Corp.		(435	)		(27,679	)
Union Pacific Corp.		(235	)		(27,895	)
					(83,275	)
Semiconductors & Semiconductor Equipment - (1.3%)
Broadcom Corp., Class A*		(795	)		(27,491	)
Intel Corp.		(1,215	)		(27,556	)
Texas Instruments, Inc.		(1,000	)		(27,550	)
					(82,597	)
Software - (2.7%)
Adobe Systems, Inc.*		(850	)		(27,591	)
Intuit, Inc.		(470	)		(27,674	)
Microsoft Corp.		(925	)		(27,546	)
Oracle Corp.		(880	)		(27,711	)
Salesforce.com, Inc.*		(180	)		(27,484	)
VMware, Inc., Class A*		(285	)		(27,571	)
					(165,577	)
Specialty Retail - (1.4%)
Home Depot, Inc./The		(460	)		(27,770	)
Lowe's Cos., Inc.		(915	)		(27,670	)
TJX Cos., Inc.		(615	)		(27,546	)
					(82,986	)
Textiles, Apparel & Luxury Goods - (0.9%)
Coach, Inc.		(495	)		(27,730	)
NIKE, Inc., Class B		(290	)		(27,524	)
					(55,254	)
Tobacco - (1.8%)
Altria Group, Inc.		(830	)		(27,714	)
Lorillard, Inc.		(240	)		(27,948	)
Philip Morris International, Inc.		(305	)		(27,432	)
Reynolds American, Inc.		(640	)		(27,737	)
					(110,831	)
Trading Companies & Distributors - (0.9%)
Fastenal Co.		(645	)		(27,729	)
W.W. Grainger, Inc.		(135	)		(28,130	)
					(55,859	)

Total Securities Sold Short
(Proceeds Received $5,103,042)					(5,528,973	)
Other assets less liabilities — 100.2%					6,140,490
Net Assets — 100.0%				$	6,128,526

*	Non-income producing security.
(a)	All or a portion of these securities were held in a segregated account as collateral for securities sold short. At September 30, 2012, the aggregate amount held in a segregated account was $1,877,323.

Aggregate gross unrealized appreciation	$	344,307
Aggregate gross unrealized depreciation		(968,247	)
Net unrealized depreciation	$	(623,940	)
Federal income tax cost of investments	$	611,976

Total Return Swap Agreements

Notional Amount			Expiration Date	Counterparty	Fund Pays	Fund Receives	Net Unrealized Appreciation/ (Depreciation)
	481,086	USD	10/03/2013	Morgan Stanley	0.66%	Dow Jones U.S. Thematic Market Neutral Size Index	$	128,968
	(527,517	)USD	10/03/2013	Morgan Stanley	Dow Jones U.S. Thematic Market Neutral Size Index	(0.04)%		(82,883	)
							$	46,085

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Quality Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares		Value
Common Stocks Held Long - 90.0%
Aerospace & Defense - 0.9%
General Dynamics Corp.		231	$	15,274
Precision Castparts Corp.(a)		93		15,190
				30,464
Air Freight & Logistics - 0.9%
C.H. Robinson Worldwide, Inc.		261		15,282
Expeditors International of Washington, Inc.		423		15,380
				30,662
Auto Components - 0.9%
Gentex Corp.		900		15,309
TRW Automotive Holdings Corp.*(a)		351		15,342
				30,651
Beverages - 0.9%
Brown-Forman Corp., Class B		237		15,464
Monster Beverage Corp.*(a)		282		15,273
				30,737
Biotechnology - 2.7%
Alexion Pharmaceuticals, Inc.*(a)		135		15,444
Biogen Idec, Inc.*(a)		102		15,222
Celgene Corp.*		201		15,357
Myriad Genetics, Inc.*		567		15,303
United Therapeutics Corp.*(a)		273		15,255
Vertex Pharmaceuticals, Inc.*		273		15,274
				91,855
Capital Markets - 3.6%
BlackRock, Inc.(a)		87		15,512
Eaton Vance Corp.		531		15,378
Federated Investors, Inc., Class B		741		15,331
Franklin Resources, Inc.(a)		123		15,384
SEI Investments Co.(a)		714		15,315
T. Rowe Price Group, Inc.(a)		243		15,382
TD Ameritrade Holding Corp.(a)		1,005		15,447
Waddell & Reed Financial, Inc., Class A		465		15,238
				122,987
Chemicals - 3.6%
Albemarle Corp.		291		15,330
CF Industries Holdings, Inc.(a)		69		15,334
FMC Corp.		279		15,451
Intrepid Potash, Inc.*(a)		714		15,337
LyondellBasell Industries N.V., Class A(a)		297		15,343
Mosaic Co./The(a)		267		15,382
NewMarket Corp.(a)		63		15,528
Sigma-Aldrich Corp.(a)		213		15,330
				123,035
Communications Equipment - 1.3%
Aruba Networks, Inc.*(a)		681		15,312
F5 Networks, Inc.*		147		15,391
Plantronics, Inc.(a)		432		15,263
				45,966
Computers & Peripherals - 0.5%
Apple, Inc.(a)		24		16,014

Construction & Engineering - 1.4%
Fluor Corp.		273		15,365
Foster Wheeler AG*		639		15,310
KBR, Inc.(a)		513		15,298
				45,973
Distributors - 0.5%
Genuine Parts Co.		252		15,380

Diversified Consumer Services - 0.4%
Apollo Group, Inc., Class A*		525		15,251

Diversified Financial Services - 1.8%
CBOE Holdings, Inc.		522		15,357
CME Group, Inc.		267		15,299
IntercontinentalExchange, Inc.*(a)		114		15,209
Leucadia National Corp.(a)		672		15,288
				61,153
Diversified Telecommunication Services - 0.5%
Windstream Corp.		1,518		15,347

Electric Utilities - 1.8%
Cleco Corp.		366		15,365
Pinnacle West Capital Corp.		291		15,365
PPL Corp.(a)		531		15,425
Southern Co./The		333		15,348
				61,503
Electrical Equipment - 0.9%
Babcock & Wilcox Co./The*		603		15,358
Rockwell Automation, Inc.(a)		219		15,232
				30,590
Electronic Equipment, Instruments & Components - 1.3%
Dolby Laboratories, Inc., Class A*		465		15,229
FEI Co.		282		15,087
IPG Photonics Corp.*(a)		267		15,299
				45,615
Energy Equipment & Services - 4.0%
CARBO Ceramics, Inc.		243		15,290
Diamond Offshore Drilling, Inc.		231		15,202
Dril-Quip, Inc.*		213		15,310
Halliburton Co.(a)		453		15,262
Helmerich & Payne, Inc.		321		15,283
National Oilwell Varco, Inc.(a)		192		15,381
Oceaneering International, Inc.(a)		276		15,249
Patterson-UTI Energy, Inc.(a)		966		15,301
Schlumberger Ltd.		213		15,406
				137,684
Food & Staples Retailing - 0.5%
Fresh Market, Inc./The*		258		15,475

Food Products - 0.9%
Green Mountain Coffee Roasters, Inc.*(a)		639		15,176
Hormel Foods Corp.		525		15,351
				30,527
Gas Utilities - 1.8%
National Fuel Gas Co.		285		15,401
New Jersey Resources Corp.(a)		333		15,225
Questar Corp.(a)		756		15,369
WGL Holdings, Inc.		378		15,215
				61,210
Health Care Equipment & Supplies - 3.6%
Align Technology, Inc.*(a)		414		15,306

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Quality Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares		Value
Edwards Lifesciences Corp.*		141	$	15,139
Hill-Rom Holdings, Inc.(a)		528		15,344
IDEXX Laboratories, Inc.*(a)		153		15,200
Intuitive Surgical, Inc.*(a)		30		14,869
Stryker Corp.		276		15,362
Thoratec Corp.*(a)		444		15,362
Varian Medical Systems, Inc.*(a)		255		15,382
				121,964
Health Care Providers & Services - 0.4%
WellCare Health Plans, Inc.*(a)		270		15,268

Hotels, Restaurants & Leisure - 1.8%
Cheesecake Factory, Inc./The		429		15,337
Chipotle Mexican Grill, Inc.*(a)		48		15,242
Panera Bread Co., Class A*(a)		90		15,380
Starbucks Corp.(a)		303		15,377
				61,336
Household Durables - 0.9%
Garmin Ltd.		366		15,277
Harman International Industries, Inc.		330		15,233
				30,510
Industrial Conglomerates - 0.4%
3M Co.(a)		165		15,249

Insurance - 10.4%
ACE Ltd.		204		15,423
Aflac, Inc.		321		15,370
Alleghany Corp.*(a)		45		15,522
Allied World Assurance Co. Holdings AG(a)		198		15,296
American Financial Group, Inc./OH(a)		402		15,236
American International Group, Inc.*(a)		465		15,247
Arch Capital Group Ltd.*(a)		369		15,380
Arthur J. Gallagher & Co.		429		15,367
Assurant, Inc.(a)		411		15,330
Assured Guaranty Ltd.(a)		1,128		15,363
Axis Capital Holdings Ltd.		441		15,400
Brown & Brown, Inc.		588		15,329
Chubb Corp./The		201		15,332
Fidelity National Financial, Inc., Class A		717		15,337
HCC Insurance Holdings, Inc.		453		15,352
Marsh & McLennan Cos., Inc.		453		15,370
PartnerRe Ltd.(a)		207		15,376
ProAssurance Corp.		171		15,465
Progressive Corp./The(a)		738		15,306
Reinsurance Group of America, Inc.(a)		264		15,278
RenaissanceRe Holdings Ltd.(a)		198		15,254
Torchmark Corp.		300		15,405
Validus Holdings Ltd.(a)		453		15,361
				353,099
Internet & Catalog Retail - 0.4%
priceline.com, Inc.*(a)		24		14,849

Internet Software & Services - 1.4%
AOL, Inc.*		435		15,325
eBay, Inc.*		315		15,249
Google, Inc., Class A*(a)		21		15,845
				46,419
IT Services - 4.5%
Accenture plc, Class A		219		15,337
Automatic Data Processing, Inc.		261		15,310
Cognizant Technology Solutions Corp., Class A*		219		15,312
Convergys Corp.		972		15,231
Jack Henry & Associates, Inc.(a)		405		15,350
Mastercard, Inc., Class A		33		14,899
Paychex, Inc.(a)		462		15,380
Teradata Corp.*(a)		201		15,157
Total System Services, Inc.(a)		648		15,358
Visa, Inc., Class A(a)		114		15,308
				152,642
Leisure Equipment & Products - 0.4%
Polaris Industries, Inc.(a)		189		15,284

Life Sciences Tools & Services - 0.4%
Agilent Technologies, Inc.		396		15,226

Machinery - 4.9%
CLARCOR, Inc.		342		15,263
Cummins, Inc.		165		15,215
Donaldson Co., Inc.		441		15,307
Flowserve Corp.(a)		120		15,329
Gardner Denver, Inc.		252		15,223
Lincoln Electric Holdings, Inc.		393		15,347
Parker Hannifin Corp.(a)		183		15,295
Robbins & Myers, Inc.(a)		258		15,377
Timken Co.(a)		414		15,384
Valmont Industries, Inc.(a)		117		15,386
WABCO Holdings, Inc.*(a)		267		15,398
				168,524
Metals & Mining - 0.9%
Cliffs Natural Resources, Inc.		393		15,378
Freeport-McMoRan Copper & Gold, Inc.		387		15,318
				30,696
Multiline Retail - 0.9%
Big Lots, Inc.*		522		15,441
Dollar Tree, Inc.*		318		15,351
				30,792
Multi-Utilities - 1.4%
CenterPoint Energy, Inc.		723		15,400
Public Service Enterprise Group, Inc.(a)		477		15,350
Wisconsin Energy Corp.(a)		408		15,369
				46,119
Oil, Gas & Consumable Fuels - 2.7%
Chevron Corp.		132		15,386
Exxon Mobil Corp.		168		15,364
HollyFrontier Corp.		372		15,352
Marathon Petroleum Corp.(a)		282		15,394
Occidental Petroleum Corp.(a)		177		15,233
Rosetta Resources, Inc.*(a)		318		15,232
				91,961
Personal Products - 0.5%
Nu Skin Enterprises, Inc., Class A(a)		396		15,377

Pharmaceuticals - 1.8%
Bristol-Myers Squibb Co.		453		15,289
Eli Lilly & Co.(a)		324		15,361

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Quality Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Forest Laboratories, Inc.*		432		$	15,384
Questcor Pharmaceuticals, Inc.*(a)		825			15,262
					61,296
Professional Services - 0.4%
Robert Half International, Inc.(a)		573			15,259

Real Estate Investment Trusts (REITs) - 0.9%
Public Storage(a)		111			15,448
Rayonier, Inc.(a)		312			15,291
					30,739
Real Estate Management & Development - 0.5%
Jones Lang LaSalle, Inc.(a)		201			15,346

Road & Rail - 0.9%
Landstar System, Inc.(a)		324			15,319
Werner Enterprises, Inc.		717			15,322
					30,641
Semiconductors & Semiconductor Equipment - 3.1%
Altera Corp.		450			15,293
Atmel Corp.*		2,910			15,306
Cirrus Logic, Inc.*		399			15,318
Hittite Microwave Corp.*(a)		276			15,310
Intel Corp.		675			15,309
KLA-Tencor Corp.		321			15,313
Teradyne, Inc.*(a)		1,080			15,358
					107,207
Software - 3.2%
Autodesk, Inc.*		459			15,317
FactSet Research Systems, Inc.		159			15,331
Fortinet, Inc.*		639			15,426
Intuit, Inc.		261			15,368
MICROS Systems, Inc.*		312			15,325
Microsoft Corp.(a)		513			15,277
SolarWinds, Inc.*(a)		276			15,384
					107,428
Specialty Retail - 6.8%
ANN, Inc.*		405			15,281
Ascena Retail Group, Inc.*		717			15,380
Bed Bath & Beyond, Inc.*		243			15,309
Buckle, Inc./The		339			15,401
Chico's FAS, Inc.		846			15,321
Dick's Sporting Goods, Inc.		297			15,399
DSW, Inc., Class A		231			15,412
Guess?, Inc.		603			15,328
Pier 1 Imports, Inc.		816			15,292
Ross Stores, Inc.(a)		237			15,310
TJX Cos., Inc.		342			15,318
Tractor Supply Co.(a)		156			15,427
Ulta Salon Cosmetics & Fragrance, Inc.(a)		159			15,312
Urban Outfitters, Inc.*(a)		411			15,437
Williams-Sonoma, Inc.		348			15,302
					230,229
Textiles, Apparel & Luxury Goods - 3.6%
Coach, Inc.		273			15,293
Crocs, Inc.*		945			15,318
Deckers Outdoor Corp.*		420			15,389
Fossil, Inc.*		180			15,246
NIKE, Inc., Class B(a)		162			15,375
Ralph Lauren Corp.(a)		102			15,426
Steven Madden Ltd.*(a)		351			15,346
Wolverine World Wide, Inc.		345			15,308
					122,701
Trading Companies & Distributors - 1.4%
Fastenal Co.		357			15,347
MSC Industrial Direct Co., Inc., Class A(a)		228			15,381
W.W. Grainger, Inc.(a)		75			15,628
					46,356
Wireless Telecommunication Services - 0.4%
Telephone & Data Systems, Inc.(a)		597			15,289

Total Common Stocks Held Long
(Cost $2,833,023)					3,065,885

Securities Sold Short - (90.0%)
Aerospace & Defense - (0.9%)
Esterline Technologies Corp.*		(273	)		(15,326	)
Textron, Inc.		(585	)		(15,310	)
					(30,636	)
Airlines - (0.9%)
JetBlue Airways Corp.*		(3,180	)		(15,232	)
Southwest Airlines Co.		(1,749	)		(15,339	)
					(30,571	)
Auto Components - (0.9%)
Goodyear Tire & Rubber Co./The*		(1,260	)		(15,359	)
Visteon Corp.*		(345	)		(15,339	)
					(30,698	)
Beverages - (0.5%)
Beam, Inc.		(267	)		(15,363	)

Biotechnology - (2.3%)
Alkermes plc*		(735	)		(15,251	)
BioMarin Pharmaceutical, Inc.*		(381	)		(15,343	)
Medivation, Inc.*		(273	)		(15,386	)
Regeneron Pharmaceuticals, Inc.*		(102	)		(15,572	)
Theravance, Inc.*		(591	)		(15,313	)
					(76,865	)
Building Products - (0.9%)
Masco Corp.		(1,017	)		(15,306	)
Owens Corning*		(459	)		(15,358	)
					(30,664	)
Capital Markets - (1.8%)
ETRADE Financial Corp.		(1,749	)		(15,409	)
Goldman Sachs Group, Inc./The		(135	)		(15,347	)
Morgan Stanley		(915	)		(15,317	)
Stifel Financial Corp.*		(456	)		(15,321	)
					(61,394	)
Chemicals - (1.8%)
Ashland, Inc.		(213	)		(15,251	)
Dow Chemical Co./The		(531	)		(15,378	)
Ecolab, Inc.		(237	)		(15,360	)
Valspar Corp.		(273	)		(15,315	)
					(61,304	)
Commercial Banks - (1.8%)
Associated Banc-Corp		(1,167	)		(15,370	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Quality Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
CIT Group, Inc.*		(390	)	$	(15,362	)
First Horizon National Corp.		(1,581	)		(15,225	)
TCF Financial Corp.		(1,281	)		(15,295	)
					(61,252	)
Commercial Services & Supplies - (2.3%)
Avery Dennison Corp.		(483	)		(15,369	)
Corrections Corp. of America		(459	)		(15,353	)
Covanta Holding Corp.		(891	)		(15,290	)
Republic Services, Inc.		(561	)		(15,433	)
Waste Management, Inc.		(477	)		(15,302	)
					(76,747	)
Communications Equipment - (1.3%)
Brocade Communications Systems, Inc.*		(2,562	)		(15,154	)
JDS Uniphase Corp.*		(1,239	)		(15,345	)
ViaSat, Inc.*		(411	)		(15,363	)
					(45,862	)
Computers & Peripherals - (0.9%)
Hewlett-Packard Co.		(903	)		(15,405	)
NCR Corp.*		(657	)		(15,315	)
					(30,720	)
Construction & Engineering - (0.9%)
Shaw Group, Inc./The*		(351	)		(15,310	)
URS Corp.		(435	)		(15,360	)
					(30,670	)
Construction Materials - (0.9%)
Martin Marietta Materials, Inc.		(186	)		(15,414	)
Vulcan Materials Co.		(324	)		(15,325	)
					(30,739	)
Containers & Packaging - (2.2%)
Bemis Co., Inc.		(486	)		(15,294	)
Greif, Inc., Class A		(345	)		(15,242	)
Owens-Illinois, Inc.*		(819	)		(15,365	)
Rock-Tenn Co., Class A		(213	)		(15,374	)
Sealed Air Corp.		(996	)		(15,398	)
					(76,673	)
Diversified Financial Services - (1.4%)
Bank of America Corp.		(1,737	)		(15,338	)
Citigroup, Inc.		(468	)		(15,313	)
JPMorgan Chase & Co.		(381	)		(15,423	)
					(46,074	)
Diversified Telecommunication Services - (0.4%)
Level 3 Communications, Inc.*		(666	)		(15,298	)

Electric Utilities - (2.7%)
Edison International		(336	)		(15,352	)
Great Plains Energy, Inc.		(690	)		(15,359	)
NV Energy, Inc.		(849	)		(15,291	)
OGE Energy Corp.		(276	)		(15,307	)
Pepco Holdings, Inc.		(810	)		(15,309	)
UIL Holdings Corp.		(426	)		(15,276	)
					(91,894	)
Electrical Equipment - (0.5%)
General Cable Corp.*		(522	)		(15,336	)

Energy Equipment & Services - (2.2%)
Nabors Industries Ltd.*		(1,086	)		(15,237	)
Noble Corp.*		(429	)		(15,350	)
SEACOR Holdings, Inc.*		(183	)		(15,255	)
Transocean Ltd.		(342	)		(15,352	)
Weatherford International Ltd.*		(1,212	)		(15,368	)
					(76,562	)
Food & Staples Retailing - (0.4%)
Kroger Co./The		(651	)		(15,325	)

Food Products - (2.7%)
Archer-Daniels-Midland Co.		(564	)		(15,330	)
Bunge Ltd.		(228	)		(15,287	)
Hillshire Brands Co.		(573	)		(15,345	)
Kraft Foods, Inc., Class A		(372	)		(15,382	)
Ralcorp Holdings, Inc.*		(210	)		(15,330	)
TreeHouse Foods, Inc.*		(294	)		(15,435	)
					(92,109	)
Gas Utilities - (0.5%)
UGI Corp.		(483	)		(15,335	)

Health Care Equipment & Supplies - (2.3%)
Alere, Inc.*		(789	)		(15,378	)
Boston Scientific Corp.*		(2,715	)		(15,584	)
DENTSPLY International, Inc.		(405	)		(15,447	)
Hologic, Inc.*		(756	)		(15,301	)
Teleflex, Inc.		(222	)		(15,282	)
					(76,992	)
Health Care Providers & Services - (2.7%)
Brookdale Senior Living, Inc.*		(663	)		(15,395	)
Community Health Systems, Inc.*		(525	)		(15,299	)
Health Management Associates, Inc., Class A*		(1,827	)		(15,329	)
LifePoint Hospitals, Inc.*		(357	)		(15,272	)
Omnicare, Inc.		(453	)		(15,388	)
Tenet Healthcare Corp.*		(2,412	)		(15,123	)
					(91,806	)
Health Care Technology - (0.4%)
Allscripts Healthcare Solutions, Inc.*		(1,218	)		(15,140	)

Hotels, Restaurants & Leisure - (3.6%)
Gaylord Entertainment Co.*		(384	)		(15,179	)
Life Time Fitness, Inc.*		(336	)		(15,369	)
MGM Resorts International*		(1,425	)		(15,319	)
Penn National Gaming, Inc.*		(357	)		(15,387	)
Royal Caribbean Cruises Ltd.		(507	)		(15,316	)
Six Flags Entertainment Corp.		(261	)		(15,347	)
Wendy's Co./The		(3,372	)		(15,342	)
Wyndham Worldwide Corp.		(291	)		(15,272	)
					(122,531	)
Household Durables - (3.2%)
Jarden Corp.		(291	)		(15,376	)
Leggett & Platt, Inc.		(615	)		(15,406	)
Lennar Corp., Class A		(441	)		(15,334	)
Mohawk Industries, Inc.*		(195	)		(15,604	)
Newell Rubbermaid, Inc.		(807	)		(15,406	)
PulteGroup, Inc.*		(990	)		(15,345	)
Toll Brothers, Inc.*		(462	)		(15,352	)
					(107,823	)
Household Products - (0.4%)
Energizer Holdings, Inc.		(204	)		(15,220	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Quality Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Independent Power Producers & Energy Traders - (1.8%)
AES Corp./The*		(1,404	)	$	(15,402	)
Calpine Corp.*		(888	)		(15,362	)
GenOn Energy, Inc.*		(6,018	)		(15,226	)
NRG Energy, Inc.		(720	)		(15,401	)
					(61,391	)
Industrial Conglomerates - (0.4%)
General Electric Co.		(675	)		(15,329	)

Internet & Catalog Retail - (0.5%)
Liberty Interactive Corp., Class A*		(831	)		(15,373	)

Internet Software & Services - (0.5%)
Equinix, Inc.*		(75	)		(15,454	)

IT Services - (1.8%)
Computer Sciences Corp.		(474	)		(15,268	)
CoreLogic, Inc.*		(579	)		(15,361	)
Fidelity National Information Services, Inc.		(489	)		(15,267	)
SAIC, Inc.		(1,263	)		(15,206	)
					(61,102	)
Machinery - (3.2%)
Harsco Corp.		(747	)		(15,336	)
Manitowoc Co., Inc./The		(1,152	)		(15,368	)
Pentair, Inc.		(348	)		(15,489	)
SPX Corp.		(234	)		(15,306	)
Stanley Black & Decker, Inc.		(201	)		(15,326	)
Terex Corp.*		(681	)		(15,377	)
Trinity Industries, Inc.		(510	)		(15,285	)
					(107,487	)
Media - (4.1%)
Charter Communications, Inc., Class A*		(204	)		(15,314	)
Cinemark Holdings, Inc.		(681	)		(15,275	)
Comcast Corp., Class A		(429	)		(15,345	)
Lamar Advertising Co., Class A*		(414	)		(15,343	)
Liberty Global, Inc., Class A*		(255	)		(15,491	)
Live Nation Entertainment, Inc.*		(1,782	)		(15,343	)
News Corp., Class A		(624	)		(15,307	)
Time Warner Cable, Inc.		(162	)		(15,400	)
Time Warner, Inc.		(339	)		(15,367	)
					(138,185	)
Metals & Mining - (2.2%)
Alcoa, Inc.		(1,731	)		(15,319	)
Commercial Metals Co.		(1,164	)		(15,365	)
Newmont Mining Corp.		(273	)		(15,291	)
Steel Dynamics, Inc.		(1,362	)		(15,295	)
Walter Energy, Inc.		(474	)		(15,386	)
					(76,656	)
Multi-Utilities - (0.9%)
MDU Resources Group, Inc.		(696	)		(15,340	)
NiSource, Inc.		(603	)		(15,364	)
					(30,704	)
Office Electronics - (0.5%)
Xerox Corp.		(2,091	)		(15,348	)

Oil, Gas & Consumable Fuels - (5.4%)
Alpha Natural Resources, Inc.*		(2,328	)		(15,295	)
Anadarko Petroleum Corp.		(219	)		(15,312	)
Arch Coal, Inc.		(2,433	)		(15,401	)
Berry Petroleum Co., Class A		(378	)		(15,358	)
Kinder Morgan, Inc.		(432	)		(15,345	)
Pioneer Natural Resources Co.		(147	)		(15,347	)
Plains Exploration & Production Co.*		(408	)		(15,288	)
Range Resources Corp.		(219	)		(15,301	)
Southwestern Energy Co.*		(441	)		(15,338	)
Teekay Corp.		(492	)		(15,350	)
Williams Cos., Inc./The		(441	)		(15,422	)
WPX Energy, Inc.*		(927	)		(15,379	)
					(184,136	)
Personal Products - (0.4%)
Avon Products, Inc.		(957	)		(15,264	)

Pharmaceuticals - (1.8%)
Endo Health Solutions, Inc.*		(486	)		(15,416	)
Hospira, Inc.*		(471	)		(15,458	)
Medicis Pharmaceutical Corp., Class A		(354	)		(15,318	)
Mylan, Inc.*		(627	)		(15,299	)
					(61,491	)
Professional Services - (0.4%)
Nielsen Holdings N.V.*		(510	)		(15,290	)

Real Estate Investment Trusts (REITs) - (10.3%)
Annaly Capital Management, Inc.		(912	)		(15,358	)
Apartment Investment & Management Co., Class A		(591	)		(15,360	)
Boston Properties, Inc.		(138	)		(15,264	)
CBL & Associates Properties, Inc.		(714	)		(15,237	)
Colonial Properties Trust		(726	)		(15,282	)
Corporate Office Properties Trust		(636	)		(15,245	)
DCT Industrial Trust, Inc.		(2,376	)		(15,373	)
DDR Corp.		(1,005	)		(15,437	)
Douglas Emmett, Inc.		(666	)		(15,365	)
Duke Realty Corp.		(1,044	)		(15,347	)
Equity Lifestyle Properties, Inc.		(225	)		(15,327	)
Equity Residential		(267	)		(15,360	)
Essex Property Trust, Inc.		(102	)		(15,120	)
General Growth Properties, Inc.		(792	)		(15,428	)
Healthcare Realty Trust, Inc.		(660	)		(15,213	)
Highwoods Properties, Inc.		(468	)		(15,266	)
Home Properties, Inc.		(252	)		(15,440	)
Kilroy Realty Corp.		(345	)		(15,449	)
Mid-America Apartment Communities, Inc.		(234	)		(15,283	)
Regency Centers Corp.		(315	)		(15,350	)
UDR, Inc.		(618	)		(15,339	)
Vornado Realty Trust		(189	)		(15,318	)
Weingarten Realty Investors		(546	)		(15,348	)
					(352,509	)
Real Estate Management & Development - (0.5%)
Forest City Enterprises, Inc., Class A*		(972	)		(15,406	)

Road & Rail - (1.8%)
Avis Budget Group, Inc.*		(990	)		(15,226	)
Con-way, Inc.		(561	)		(15,354	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Quality Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Hertz Global Holdings, Inc.*		(1,122	)	$	(15,405	)
Ryder System, Inc.		(393	)		(15,351	)
					(61,336	)
Semiconductors & Semiconductor Equipment - (2.2%)
Advanced Micro Devices, Inc.*		(4,527	)		(15,256	)
Lam Research Corp.*		(483	)		(15,352	)
Micron Technology, Inc.*		(2,541	)		(15,208	)
Microsemi Corp.*		(756	)		(15,173	)
ON Semiconductor Corp.*		(2,508	)		(15,474	)
					(76,463	)
Software - (3.1%)
ACI Worldwide, Inc.*		(363	)		(15,340	)
Aspen Technology, Inc.*		(591	)		(15,277	)
Concur Technologies, Inc.*		(207	)		(15,262	)
Nuance Communications, Inc.*		(612	)		(15,233	)
Rovi Corp.*		(1,053	)		(15,279	)
Salesforce.com, Inc.*		(102	)		(15,575	)
Solera Holdings, Inc.		(348	)		(15,267	)
					(107,233	)
Specialty Retail - (0.9%)
Cabela's, Inc.*		(279	)		(15,256	)
CarMax, Inc.*		(543	)		(15,367	)
					(30,623	)
Thrifts & Mortgage Finance - (1.8%)
Capitol Federal Financial, Inc.		(1,290	)		(15,428	)
Hudson City Bancorp, Inc.		(1,932	)		(15,379	)
New York Community Bancorp, Inc.		(1,083	)		(15,335	)
Ocwen Financial Corp.*		(558	)		(15,295	)
					(61,437	)
Trading Companies & Distributors - (0.9%)
GATX Corp.		(360	)		(15,279	)
United Rentals, Inc.*		(468	)		(15,308	)
					(30,587	)
Wireless Telecommunication Services - (0.9%)
SBA Communications Corp., Class A*		(243	)		(15,285	)
Sprint Nextel Corp.*		(2,760	)		(15,235	)
					(30,520	)

Total Securities Sold Short
(Proceeds Received $2,948,666)					(3,066,927	)
Other assets less liabilities — 100.0%					3,408,999
Net Assets — 100.0%				$	3,407,957

*	Non-income producing security.
(a)	All or a portion of these securities were held in a segregated account as collateral for securities sold short. At September 30, 2012, the aggregate amount held in a segregated account was $1,621,221.

As of September 30, 2012, the gross unrealized appreciation (depreciation) of investments (both long and short positions) based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	475,295
Aggregate gross unrealized depreciation		(469,289	)
Net unrealized appreciation	$	6,006
Federal income tax cost of investments	$	(7,048	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Quality Fund

Schedule of Investments

September 30, 2012 (Unaudited)

Total Return Swap Agreements

Notional Amount			Expiration Date	Counterparty	Fund Pays	Fund Receives	Net Unrealized Appreciation/ (Depreciation)
	273,091	USD	10/03/2013	Morgan Stanley	0.66%	Dow Jones U.S. Thematic Market Neutral Quality Index	$	66,998
	(290,878	)USD	10/03/2013	Morgan Stanley	Dow Jones U.S. Thematic Market Neutral Quality Index	(0.04)%		(47,630	)
							$	19,368

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Anti-Momentum Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares		Value
Common Stocks Held Long - 90.0%
Aerospace & Defense - 0.9%
Alliant Techsystems, Inc.		288	$	14,432
Esterline Technologies Corp.*		258		14,484
				28,916
Air Freight & Logistics - 0.9%
C.H. Robinson Worldwide, Inc.		246		14,403
Expeditors International of Washington, Inc.		399		14,508
				28,911
Airlines - 0.4%
Southwest Airlines Co.(a)		1,650		14,471

Auto Components - 2.7%
Gentex Corp.		849		14,442
Goodyear Tire & Rubber Co./The*		1,188		14,482
Johnson Controls, Inc.		528		14,467
Lear Corp.(a)		387		14,625
Tenneco, Inc.*(a)		516		14,448
Visteon Corp.*(a)		327		14,538
				87,002
Automobiles - 0.9%
Ford Motor Co.		1,470		14,494
General Motors Co.*		636		14,469
				28,963
Capital Markets - 4.5%
Bank of New York Mellon Corp./The		639		14,454
Charles Schwab Corp./The(a)		1,134		14,504
ETRADE Financial Corp.		1,650		14,536
Franklin Resources, Inc.		117		14,633
Goldman Sachs Group, Inc./The(a)		126		14,324
Jefferies Group, Inc.		1,065		14,580
Legg Mason, Inc.		588		14,512
Morgan Stanley(a)		864		14,463
Stifel Financial Corp.*(a)		429		14,414
Waddell & Reed Financial, Inc., Class A		441		14,452
				144,872
Chemicals - 0.4%
Scotts Miracle-Gro Co./The, Class A(a)		333		14,476

Commercial Banks - 1.8%
First Niagara Financial Group, Inc.		1,794		14,513
Popular, Inc.*(a)		834		14,537
TCF Financial Corp.(a)		1,209		14,435
Valley National Bancorp(a)		1,443		14,459
				57,944
Commercial Services & Supplies - 2.7%
Clean Harbors, Inc.*		297		14,508
Iron Mountain, Inc.		426		14,531
Pitney Bowes, Inc.(a)		1,044		14,428
R.R. Donnelley & Sons Co.		1,365		14,469
Republic Services, Inc.		528		14,525
Waste Connections, Inc.		483		14,611
				87,072
Communications Equipment - 1.8%
JDS Uniphase Corp.*(a)		1,170		14,490
Juniper Networks, Inc.*		843		14,424
Polycom, Inc.*(a)		1,464		14,450
Riverbed Technology, Inc.*(a)		621		14,451
				57,815
Computers & Peripherals - 1.4%
Dell, Inc.		1,464		14,435
Hewlett-Packard Co.		852		14,535
NetApp, Inc.*(a)		441		14,500
				43,470
Construction & Engineering - 2.3%
AECOM Technology Corp.*		687		14,537
Fluor Corp.		258		14,520
Foster Wheeler AG*		603		14,448
KBR, Inc.		486		14,493
URS Corp.(a)		411		14,512
				72,510
Containers & Packaging - 1.8%
Bemis Co., Inc.		459		14,445
Greif, Inc., Class A		327		14,447
Owens-Illinois, Inc.*(a)		774		14,520
Sealed Air Corp.(a)		939		14,517
				57,929
Diversified Consumer Services - 1.3%
Apollo Group, Inc., Class A*		495		14,380
Sotheby's(a)		459		14,459
Weight Watchers International, Inc.		273		14,414
				43,253
Diversified Financial Services - 1.8%
Citigroup, Inc.		441		14,430
Leucadia National Corp.		636		14,469
NASDAQ OMX Group, Inc./The		621		14,466
NYSE Euronext		591		14,568
				57,933
Diversified Telecommunication Services - 0.9%
Frontier Communications Corp.		2,913		14,274
Level 3 Communications, Inc.*		630		14,471
				28,745
Electric Utilities - 0.9%
Exelon Corp.		408		14,517
ITC Holdings Corp.		192		14,511
				29,028
Electrical Equipment - 0.4%
Polypore International, Inc.*		408		14,423

Electronic Equipment, Instruments & Components - 2.2%
Corning, Inc.		1,098		14,439
Dolby Laboratories, Inc., Class A*		438		14,344
FLIR Systems, Inc.		723		14,442
Universal Display Corp.*		420		14,440
Vishay Intertechnology, Inc.*(a)		1,470		14,450
				72,115
Energy Equipment & Services - 3.6%
Baker Hughes, Inc.		321		14,519
CARBO Ceramics, Inc.		228		14,346
Halliburton Co.		429		14,453
McDermott International, Inc.*(a)		1,182		14,444
Nabors Industries Ltd.*(a)		1,026		14,395
Patterson-UTI Energy, Inc.		912		14,446
Superior Energy Services, Inc.*(a)		705		14,466

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Anti-Momentum Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares		Value
Weatherford International Ltd.*(a)		1,143	$	14,493
				115,562
Food & Staples Retailing - 1.4%
Kroger Co./The		615		14,477
Safeway, Inc.		900		14,481
Walgreen Co.(a)		399		14,540
				43,498
Food Products - 0.9%
Green Mountain Coffee Roasters, Inc.*		606		14,393
Tyson Foods, Inc., Class A		900		14,418
				28,811
Gas Utilities - 1.3%
AGL Resources, Inc.(a)		354		14,482
National Fuel Gas Co.		267		14,429
WGL Holdings, Inc.		357		14,369
				43,280
Health Care Equipment & Supplies - 2.7%
Alere, Inc.*		744		14,501
Becton, Dickinson and Co.		183		14,376
Boston Scientific Corp.*		2,562		14,706
Hill-Rom Holdings, Inc.		498		14,472
St Jude Medical, Inc.		342		14,408
Varian Medical Systems, Inc.*(a)		240		14,477
				86,940
Health Care Providers & Services - 3.6%
Cardinal Health, Inc.		369		14,380
Cigna Corp.		306		14,434
Health Management Associates, Inc., Class A*		1,725		14,473
Health Net, Inc.*		642		14,451
Humana, Inc.		204		14,311
Tenet Healthcare Corp.*(a)		2,277		14,277
Universal Health Services, Inc., Class B(a)		315		14,405
WellPoint, Inc.(a)		249		14,444
				115,175
Health Care Technology - 0.4%
Allscripts Healthcare Solutions, Inc.*		1,149		14,282

Hotels, Restaurants & Leisure - 2.7%
Hyatt Hotels Corp., Class A*		360		14,454
International Game Technology		1,110		14,530
Las Vegas Sands Corp.		312		14,468
MGM Resorts International*(a)		1,344		14,448
Royal Caribbean Cruises Ltd.		480		14,501
Wynn Resorts Ltd.(a)		126		14,545
				86,946
Household Durables - 0.9%
Tempur-Pedic International, Inc.*(a)		483		14,437
Tupperware Brands Corp.		270		14,469
				28,906
Household Products - 0.4%
Energizer Holdings, Inc.		192		14,325

Independent Power Producers & Energy Traders - 1.4%
AES Corp./The*		1,326		14,546
GenOn Energy, Inc.*		5,682		14,375
NRG Energy, Inc.(a)		681		14,567
				43,488
Insurance - 3.1%
Assurant, Inc.		387		14,435
Genworth Financial, Inc., Class A*		2,763		14,451
Hartford Financial Services Group, Inc.		741		14,405
MetLife, Inc.(a)		420		14,473
Old Republic International Corp.(a)		1,557		14,480
Unum Group(a)		750		14,415
Willis Group Holdings plc		393		14,510
				101,169
Internet & Catalog Retail - 0.5%
Netflix, Inc.*(a)		267		14,535

IT Services - 1.3%
Global Payments, Inc.		345		14,431
SAIC, Inc.		1,194		14,376
Western Union Co./The(a)		792		14,430
				43,237
Leisure Equipment & Products - 0.5%
Hasbro, Inc.		381		14,543

Life Sciences Tools & Services - 1.4%
Covance, Inc.*		309		14,427
Illumina, Inc.*		303		14,605
Waters Corp.*		174		14,499
				43,531
Machinery - 3.1%
Caterpillar, Inc.		168		14,455
Crane Co.		363		14,495
Deere & Co.		174		14,353
Gardner Denver, Inc.		240		14,498
Harsco Corp.		705		14,474
Joy Global, Inc.		258		14,463
Navistar International Corp.*(a)		687		14,489
				101,227
Marine - 0.4%
Kirby Corp.*		261		14,428

Media - 1.4%
Cablevision Systems Corp., Class A		915		14,503
DreamWorks Animation SKG, Inc., Class A*		756		14,538
Live Nation Entertainment, Inc.*(a)		1,683		14,490
				43,531
Metals & Mining - 2.7%
Alcoa, Inc.		1,632		14,443
Allegheny Technologies, Inc.(a)		453		14,451
Allied Nevada Gold Corp.*		369		14,413
Cliffs Natural Resources, Inc.		372		14,556
United States Steel Corp.(a)		759		14,474
Walter Energy, Inc.(a)		447		14,510
				86,847
Multiline Retail - 1.4%
Big Lots, Inc.*		492		14,554
J.C. Penney Co., Inc.(a)		594		14,428
Sears Holdings Corp.*(a)		261		14,483
				43,465

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Anti-Momentum Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Multi-Utilities - 0.9%
Public Service Enterprise Group, Inc.(a)		450		$	14,481
TECO Energy, Inc.(a)		819			14,529
					29,010
Office Electronics - 0.4%
Xerox Corp.		1,974			14,489

Oil, Gas & Consumable Fuels - 3.6%
Chesapeake Energy Corp.		768			14,492
Cimarex Energy Co.		249			14,579
CONSOL Energy, Inc.		483			14,514
Hess Corp.		270			14,504
Newfield Exploration Co.*(a)		462			14,470
Peabody Energy Corp.(a)		651			14,511
QEP Resources, Inc.(a)		456			14,437
Ultra Petroleum Corp.*(a)		663			14,573
					116,080
Personal Products - 0.4%
Avon Products, Inc.		903			14,403

Pharmaceuticals - 1.8%
Endo Health Solutions, Inc.*		459			14,559
Hospira, Inc.*		444			14,572
Medicis Pharmaceutical Corp., Class A		336			14,539
Warner Chilcott plc, Class A(a)		1,074			14,499
					58,169
Professional Services - 0.9%
Manpower, Inc.(a)		393			14,462
Towers Watson & Co., Class A		273			14,483
					28,945
Real Estate Investment Trusts (REITs) - 4.5%
Chimera Investment Corp.		5,337			14,463
Corporate Office Properties Trust		600			14,382
Home Properties, Inc.		237			14,521
Mack-Cali Realty Corp.		537			14,284
Mid-America Apartment Communities, Inc.		222			14,499
Piedmont Office Realty Trust, Inc., Class A		828			14,358
Senior Housing Properties Trust		663			14,440
UDR, Inc.		582			14,445
Vornado Realty Trust		180			14,589
Washington Real Estate Investment Trust		534			14,322
					144,303
Real Estate Management & Development - 0.9%
Forest City Enterprises, Inc., Class A*		918			14,550
Jones Lang LaSalle, Inc.		189			14,430
					28,980
Road & Rail - 0.9%
CSX Corp.		699			14,504
Ryder System, Inc.(a)		372			14,531
					29,035
Semiconductors & Semiconductor Equipment - 2.7%
Advanced Micro Devices, Inc.*		4,272			14,397
Atmel Corp.*		2,748			14,454
Cree, Inc.*		567			14,475
Cypress Semiconductor Corp.*		1,347			14,440
First Solar, Inc.*		654			14,483
ON Semiconductor Corp.*(a)		2,370			14,623
					86,872
Software - 2.3%
Electronic Arts, Inc.*		1,143			14,505
Informatica Corp.*		417			14,516
QLIK Technologies, Inc.*(a)		645			14,454
Rovi Corp.*(a)		996			14,452
Solera Holdings, Inc.		330			14,477
					72,404
Specialty Retail - 3.2%
Abercrombie & Fitch Co., Class A(a)		426			14,450
Best Buy Co., Inc.		840			14,439
CarMax, Inc.*		513			14,518
GameStop Corp., Class A		693			14,553
Guess?, Inc.		570			14,489
Staples, Inc.		1,257			14,481
Tiffany & Co.(a)		234			14,480
					101,410
Textiles, Apparel & Luxury Goods - 1.4%
Deckers Outdoor Corp.*		396			14,509
Fossil, Inc.*(a)		171			14,484
Warnaco Group, Inc./The*(a)		279			14,480
					43,473
Thrifts & Mortgage Finance - 0.5%
Hudson City Bancorp, Inc.		1,824			14,519

Trading Companies & Distributors - 0.5%
Air Lease Corp.*		711			14,504

Total Common Stocks Held Long
(Cost $3,019,909)					2,894,170

Securities Sold Short - (90.1%)
Aerospace & Defense - (1.4%)
Spirit Aerosystems Holdings, Inc., Class A*		(651	)		(14,459	)
Textron, Inc.		(555	)		(14,524	)
TransDigm Group, Inc.*		(102	)		(14,471	)
					(43,454	)
Airlines - (0.5%)
US Airways Group, Inc.*		(1,386	)		(14,498	)

Beverages - (1.4%)
Brown-Forman Corp., Class B		(222	)		(14,486	)
Constellation Brands, Inc., Class A*		(450	)		(14,557	)
Monster Beverage Corp.*		(267	)		(14,461	)
					(43,504	)
Biotechnology - (4.9%)
Alexion Pharmaceuticals, Inc.*		(126	)		(14,414	)
Amgen, Inc.		(171	)		(14,419	)
Ariad Pharmaceuticals, Inc.*		(600	)		(14,535	)
Biogen Idec, Inc.*		(96	)		(14,326	)
BioMarin Pharmaceutical, Inc.*		(360	)		(14,497	)
Gilead Sciences, Inc.*		(219	)		(14,526	)
Medivation, Inc.*		(258	)		(14,541	)
Onyx Pharmaceuticals, Inc.*		(171	)		(14,450	)
Pharmacyclics, Inc.*		(222	)		(14,319	)
Regeneron Pharmaceuticals, Inc.*		(96	)		(14,655	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Anti-Momentum Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Theravance, Inc.*		(558	)	$	(14,458	)
					(159,140	)
Building Products - (0.9%)
Lennox International, Inc.		(300	)		(14,508	)
Masco Corp.		(960	)		(14,448	)
					(28,956	)
Capital Markets - (0.4%)
Affiliated Managers Group, Inc.*		(117	)		(14,391	)

Chemicals - (4.5%)
Airgas, Inc.		(177	)		(14,567	)
Cytec Industries, Inc.		(222	)		(14,545	)
FMC Corp.		(264	)		(14,620	)
LyondellBasell Industries N.V., Class A		(282	)		(14,568	)
NewMarket Corp.		(60	)		(14,789	)
PPG Industries, Inc.		(126	)		(14,470	)
RPM International, Inc.		(507	)		(14,470	)
Sherwin-Williams Co./The		(99	)		(14,742	)
Valspar Corp.		(258	)		(14,474	)
W.R. Grace & Co.*		(246	)		(14,534	)
					(145,779	)
Commercial Banks - (3.2%)
BB&T Corp.		(438	)		(14,524	)
East West Bancorp, Inc.		(687	)		(14,509	)
Fifth Third Bancorp		(933	)		(14,471	)
Regions Financial Corp.		(2,010	)		(14,492	)
Susquehanna Bancshares, Inc.		(1,371	)		(14,341	)
U.S. Bancorp		(423	)		(14,509	)
Wells Fargo & Co.		(420	)		(14,503	)
					(101,349	)
Commercial Services & Supplies - (0.4%)
Corrections Corp. of America		(432	)		(14,450	)

Communications Equipment - (0.4%)
Brocade Communications Systems, Inc.*		(2,418	)		(14,302	)

Computers & Peripherals - (1.3%)
Apple, Inc.		(21	)		(14,012	)
Seagate Technology plc		(465	)		(14,415	)
Western Digital Corp.		(375	)		(14,524	)
					(42,951	)
Construction & Engineering - (0.5%)
Shaw Group, Inc./The*		(333	)		(14,525	)

Construction Materials - (0.5%)
Eagle Materials, Inc.		(315	)		(14,572	)

Consumer Finance - (0.4%)
Discover Financial Services		(363	)		(14,422	)

Distributors - (0.4%)
LKQ Corp.*		(780	)		(14,430	)

Diversified Telecommunication Services - (0.4%)
tw telecom, inc.*		(552	)		(14,391	)

Electric Utilities - (1.4%)
Cleco Corp.		(345	)		(14,483	)
Duke Energy Corp.		(226	)		(14,645	)
Pinnacle West Capital Corp.		(276	)		(14,573	)
					(43,701	)
Electrical Equipment - (1.4%)
EnerSys, Inc.*		(408	)		(14,398	)
Hubbell, Inc., Class B		(180	)		(14,533	)
Roper Industries, Inc.		(132	)		(14,506	)
					(43,437	)
Electronic Equipment, Instruments & Components - (0.9%)
FEI Co.		(267	)		(14,285	)
Jabil Circuit, Inc.		(771	)		(14,433	)
					(28,718	)
Energy Equipment & Services - (0.9%)
Dresser-Rand Group, Inc.*		(264	)		(14,549	)
Oceaneering International, Inc.		(261	)		(14,420	)
					(28,969	)
Food & Staples Retailing - (0.5%)
Whole Foods Market, Inc.		(150	)		(14,610	)

Food Products - (0.9%)
Dean Foods Co.*		(894	)		(14,617	)
Hain Celestial Group, Inc./The*		(228	)		(14,364	)
					(28,981	)
Gas Utilities - (0.5%)
ONEOK, Inc.		(300	)		(14,493	)

Health Care Equipment & Supplies - (1.4%)
Align Technology, Inc.*		(390	)		(14,418	)
Edwards Lifesciences Corp.*		(135	)		(14,495	)
Intuitive Surgical, Inc.*		(30	)		(14,869	)
					(43,782	)
Health Care Providers & Services - (1.8%)
AMERIGROUP Corp.*		(159	)		(14,537	)
Brookdale Senior Living, Inc.*		(627	)		(14,559	)
HCA Holdings, Inc.		(432	)		(14,364	)
HMS Holdings Corp.*		(432	)		(14,442	)
					(57,902	)
Health Care Technology - (0.4%)
athenahealth, Inc.*		(156	)		(14,316	)

Hotels, Restaurants & Leisure - (1.3%)
Gaylord Entertainment Co.*		(363	)		(14,349	)
Six Flags Entertainment Corp.		(246	)		(14,465	)
Wyndham Worldwide Corp.		(276	)		(14,485	)
					(43,299	)
Household Durables - (2.7%)
D.R. Horton, Inc.		(705	)		(14,551	)
Jarden Corp.		(276	)		(14,584	)
Lennar Corp., Class A		(417	)		(14,499	)
Mohawk Industries, Inc.*		(183	)		(14,644	)
PulteGroup, Inc.*		(936	)		(14,508	)
Toll Brothers, Inc.*		(438	)		(14,555	)
					(87,341	)
Household Products - (0.5%)
Church & Dwight Co., Inc.		(270	)		(14,577	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Anti-Momentum Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Insurance - (3.6%)
Allied World Assurance Co. Holdings AG		(189	)	$	(14,600	)
Allstate Corp./The		(366	)		(14,497	)
American International Group, Inc.*		(441	)		(14,461	)
Arthur J. Gallagher & Co.		(405	)		(14,507	)
Cincinnati Financial Corp.		(384	)		(14,550	)
CNO Financial Group, Inc.		(1,485	)		(14,330	)
Everest Re Group Ltd.		(135	)		(14,440	)
Protective Life Corp.		(552	)		(14,468	)
					(115,853	)
Internet & Catalog Retail - (0.5%)
Expedia, Inc.		(252	)		(14,576	)

Internet Software & Services - (3.6%)
Akamai Technologies, Inc.*		(378	)		(14,462	)
AOL, Inc.*		(411	)		(14,479	)
CoStar Group, Inc.*		(177	)		(14,433	)
eBay, Inc.*		(300	)		(14,523	)
Equinix, Inc.*		(69	)		(14,217	)
IAC/InterActiveCorp		(279	)		(14,525	)
Rackspace Hosting, Inc.*		(219	)		(14,474	)
VeriSign, Inc.*		(297	)		(14,461	)
					(115,574	)
IT Services - (3.6%)
Alliance Data Systems Corp.*		(102	)		(14,479	)
Convergys Corp.		(918	)		(14,385	)
CoreLogic, Inc.*		(546	)		(14,485	)
Lender Processing Services, Inc.		(519	)		(14,475	)
NeuStar, Inc., Class A*		(363	)		(14,531	)
Teradata Corp.*		(192	)		(14,479	)
Visa, Inc., Class A		(108	)		(14,502	)
Wright Express Corp.*		(207	)		(14,432	)
					(115,768	)
Leisure Equipment & Products - (0.9%)
Brunswick Corp.		(639	)		(14,460	)
Polaris Industries, Inc.		(180	)		(14,557	)
					(29,017	)
Machinery - (2.3%)
Chart Industries, Inc.*		(195	)		(14,401	)
Ingersoll-Rand plc		(321	)		(14,387	)
Toro Co./The		(369	)		(14,679	)
Valmont Industries, Inc.		(111	)		(14,596	)
Wabtec Corp.		(180	)		(14,452	)
					(72,515	)
Media - (2.3%)
CBS Corp., Class B		(402	)		(14,605	)
Charter Communications, Inc., Class A*		(195	)		(14,639	)
Comcast Corp., Class A		(405	)		(14,487	)
Lamar Advertising Co., Class A*		(390	)		(14,453	)
Madison Square Garden Co./The, Class A*		(360	)		(14,497	)
					(72,681	)
Metals & Mining - (0.4%)
Royal Gold, Inc.		(144	)		(14,380	)

Multiline Retail - (1.3%)
Dillard's, Inc., Class A		(198	)		(14,320	)
Dollar General Corp.*		(282	)		(14,534	)
Macy's, Inc.		(384	)		(14,446	)
					(43,300	)
Multi-Utilities - (2.3%)
CMS Energy Corp.		(615	)		(14,483	)
NiSource, Inc.		(570	)		(14,524	)
SCANA Corp.		(300	)		(14,481	)
Sempra Energy		(225	)		(14,510	)
Wisconsin Energy Corp.		(387	)		(14,578	)
					(72,576	)
Oil, Gas & Consumable Fuels - (5.4%)
Cheniere Energy, Inc.*		(936	)		(14,555	)
Cobalt International Energy, Inc.*		(651	)		(14,498	)
Continental Resources, Inc.*		(189	)		(14,534	)
Exxon Mobil Corp.		(159	)		(14,541	)
HollyFrontier Corp.		(351	)		(14,486	)
Kinder Morgan, Inc.		(408	)		(14,492	)
Kodiak Oil & Gas Corp.*		(1,551	)		(14,517	)
Marathon Petroleum Corp.		(267	)		(14,576	)
Plains Exploration & Production Co.*		(387	)		(14,501	)
Tesoro Corp.		(345	)		(14,455	)
Valero Energy Corp.		(459	)		(14,541	)
Williams Cos., Inc./The		(417	)		(14,582	)
					(174,278	)
Paper & Forest Products - (0.4%)
Louisiana-Pacific Corp.*		(1,149	)		(14,362	)

Pharmaceuticals - (0.9%)
Salix Pharmaceuticals Ltd.*		(342	)		(14,480	)
Vivus, Inc.*		(813	)		(14,488	)
					(28,968	)
Professional Services - (0.9%)
Equifax, Inc.		(312	)		(14,533	)
Verisk Analytics, Inc., Class A*		(303	)		(14,426	)
					(28,959	)
Real Estate Investment Trusts (REITs) - (8.1%)
American Capital Agency Corp.		(420	)		(14,528	)
American Tower Corp.		(204	)		(14,563	)
CBL & Associates Properties, Inc.		(675	)		(14,404	)
Digital Realty Trust, Inc.		(207	)		(14,459	)
Douglas Emmett, Inc.		(630	)		(14,534	)
Extra Space Storage, Inc.		(435	)		(14,464	)
General Growth Properties, Inc.		(750	)		(14,610	)
HCP, Inc.		(327	)		(14,545	)
Healthcare Realty Trust, Inc.		(624	)		(14,383	)
Host Hotels & Resorts, Inc.		(900	)		(14,445	)
Kilroy Realty Corp.		(324	)		(14,509	)
LaSalle Hotel Properties		(543	)		(14,493	)
Omega Healthcare Investors, Inc.		(636	)		(14,456	)
Simon Property Group, Inc.		(96	)		(14,574	)
Starwood Property Trust, Inc.		(618	)		(14,381	)
Taubman Centers, Inc.		(189	)		(14,502	)
Two Harbors Investment Corp.		(1,233	)		(14,488	)
Weyerhaeuser Co.		(552	)		(14,429	)
					(260,767	)
Road & Rail - (1.8%)
J.B. Hunt Transport Services, Inc.		(276	)		(14,363	)
Kansas City Southern		(192	)		(14,550	)
Old Dominion Freight Line, Inc.*		(480	)		(14,477	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Anti-Momentum Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Union Pacific Corp.		(123	)	$	(14,600	)
					(57,990	)
Semiconductors & Semiconductor Equipment - (1.3%)
Cirrus Logic, Inc.*		(378	)		(14,511	)
Cymer, Inc.*		(282	)		(14,399	)
KLA-Tencor Corp.		(303	)		(14,455	)
					(43,365	)
Software - (2.7%)
Aspen Technology, Inc.*		(558	)		(14,424	)
Concur Technologies, Inc.*		(195	)		(14,377	)
Mentor Graphics Corp.*		(930	)		(14,397	)
Red Hat, Inc.*		(255	)		(14,520	)
SolarWinds, Inc.*		(261	)		(14,548	)
Ultimate Software Group, Inc.*		(141	)		(14,396	)
					(86,662	)
Specialty Retail - (6.3%)
American Eagle Outfitters, Inc.		(687	)		(14,482	)
Cabela's, Inc.*		(264	)		(14,435	)
DSW, Inc., Class A		(219	)		(14,611	)
Foot Locker, Inc.		(408	)		(14,484	)
Gap, Inc./The		(405	)		(14,491	)
GNC Holdings, Inc., Class A		(375	)		(14,614	)
Home Depot, Inc./The		(240	)		(14,489	)
PetSmart, Inc.		(210	)		(14,486	)
Pier 1 Imports, Inc.		(771	)		(14,448	)
Ross Stores, Inc.		(225	)		(14,535	)
Sally Beauty Holdings, Inc.*		(576	)		(14,452	)
TJX Cos., Inc.		(324	)		(14,512	)
Tractor Supply Co.		(147	)		(14,537	)
Ulta Salon Cosmetics & Fragrance, Inc.		(150	)		(14,446	)
					(203,022	)
Textiles, Apparel & Luxury Goods - (1.4%)
Carter's, Inc.*		(270	)		(14,537	)
Under Armour, Inc., Class A*		(261	)		(14,572	)
VF Corp.		(90	)		(14,342	)
					(43,451	)
Thrifts & Mortgage Finance - (0.4%)
Ocwen Financial Corp.*		(528	)		(14,472	)

Tobacco - (0.9%)
Altria Group, Inc.		(435	)		(14,525	)
Philip Morris International, Inc.		(162	)		(14,570	)
					(29,095	)
Trading Companies & Distributors - (1.3%)
Fastenal Co.		(336	)		(14,445	)
United Rentals, Inc.*		(444	)		(14,523	)
W.W. Grainger, Inc.		(69	)		(14,377	)
					(43,345	)
Water Utilities - (0.5%)
American Water Works Co., Inc.		(393	)		(14,565	)

Wireless Telecommunication Services - (0.9%)
Crown Castle International Corp.*		(225	)		(14,422	)
SBA Communications Corp., Class A*		(231	)		(14,530	)
					(28,952	)

Total Securities Sold Short
(Proceeds Received $2,605,853)					(2,897,733	)
Other assets less liabilities — 100.1%					3,219,332
Net Assets — 100.0%				$	3,215,769

*	Non-income producing security.
(a)	All or a portion of these securities were held in a segregated account as collateral for securities sold short. At September 30, 2012, the aggregate amount held in a segregated account was $1,215,028.

As of September 30, 2012, the gross unrealized appreciation (depreciation) of investments (both long and short positions) based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	103,750
Aggregate gross unrealized depreciation		(546,570	)
Net unrealized depreciation	$	(442,820	)
Federal income tax cost of investments	$	439,257

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Anti-Momentum Fund

Schedule of Investments

September 30, 2012 (Unaudited)

Total Return Swap Agreements

Notional Amount			Expiration Date	Counterparty	Fund Pays	Fund Receives	Net Unrealized Appreciation/ (Depreciation)
	276,557	USD	10/03/2013	Morgan Stanley	0.66%	Dow Jones U.S. Thematic Market Neutral Anti-Momentum Index	$	44,675
	(270,821	)USD	10/03/2013	Morgan Stanley	Dow Jones U.S. Thematic Market Neutral Anti-Momentum Index	(0.04)%		(48,351	)
							$	(3,676	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Anti-Beta Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares		Value
Common Stocks Held Long - 90.0%
Aerospace & Defense - 2.7%
Alliant Techsystems, Inc.(a)		2,266	$	113,549
General Dynamics Corp.(a)		1,716		113,462
Lockheed Martin Corp.(a)		1,232		115,044
Raytheon Co.(a)		2,002		114,435
Rockwell Collins, Inc.(a)		2,134		114,468
TransDigm Group, Inc.*		814		115,482
				686,440
Air Freight & Logistics - 0.9%
C.H. Robinson Worldwide, Inc.(a)		1,936		113,353
United Parcel Service, Inc., Class B		1,584		113,367
				226,720
Beverages - 0.9%
Dr. Pepper Snapple Group, Inc.		2,552		113,640
PepsiCo, Inc.(a)		1,606		113,657
				227,297
Biotechnology - 1.8%
Alexion Pharmaceuticals, Inc.*(a)		990		113,256
Amgen, Inc.(a)		1,364		115,013
Celgene Corp.*(a)		1,496		114,294
Regeneron Pharmaceuticals, Inc.*(a)		748		114,190
				456,753
Chemicals - 3.6%
Airgas, Inc.(a)		1,386		114,068
Ecolab, Inc.(a)		1,760		114,066
International Flavors & Fragrances, Inc.(a)		1,914		114,036
Olin Corp.(a)		5,236		113,778
Praxair, Inc.(a)		1,100		114,268
Sherwin-Williams Co./The(a)		770		114,661
Sigma-Aldrich Corp.		1,584		114,000
Valspar Corp.		2,024		113,546
				912,423
Commercial Services & Supplies - 3.6%
Avery Dennison Corp.(a)		3,586		114,107
Corrections Corp. of America(a)		3,410		114,064
Covanta Holding Corp.(a)		6,622		113,634
Iron Mountain, Inc.(a)		3,344		114,064
Republic Services, Inc.(a)		4,158		114,387
Stericycle, Inc.*		1,254		113,512
Waste Connections, Inc.		3,806		115,131
Waste Management, Inc.		3,542		113,627
				912,526
Communications Equipment - 1.3%
Brocade Communications Systems, Inc.*(a)		19,030		112,563
Motorola Solutions, Inc.(a)		2,244		113,434
Tellabs, Inc.		32,406		114,717
				340,714
Construction & Engineering - 0.4%
Quanta Services, Inc.*(a)		4,620		114,114

Construction Materials - 0.5%
Martin Marietta Materials, Inc.(a)		1,386		114,858

Containers & Packaging - 2.7%
AptarGroup, Inc.(a)		2,200		113,762
Ball Corp.(a)		2,684		113,560
Bemis Co., Inc.(a)		3,630		114,236
Crown Holdings, Inc.*(a)		3,124		114,807
Greif, Inc., Class A(a)		2,574		113,720
Sonoco Products Co.		3,696		114,539
				684,624
Diversified Telecommunication Services - 1.4%
AT&T, Inc.		3,036		114,457
CenturyLink, Inc.(a)		2,816		113,766
Verizon Communications, Inc.		2,508		114,290
				342,513
Electric Utilities - 2.3%
Duke Energy Corp.(a)		1,760		114,048
Entergy Corp.(a)		1,650		114,345
OGE Energy Corp.(a)		2,046		113,471
Southern Co./The		2,486		114,580
Xcel Energy, Inc.		4,136		114,608
				571,052
Electronic Equipment, Instruments & Components - 0.4%
Ingram Micro, Inc., Class A*		7,436		113,250

Energy Equipment & Services - 2.7%
Bristow Group, Inc.(a)		2,244		113,434
Core Laboratories N.V.(a)		946		114,920
Diamond Offshore Drilling, Inc.(a)		1,738		114,378
Dresser-Rand Group, Inc.*		2,068		113,967
SEACOR Holdings, Inc.*(a)		1,364		113,703
Tidewater, Inc.		2,354		114,240
				684,642
Food & Staples Retailing - 3.1%
Costco Wholesale Corp.(a)		1,144		114,543
CVS Caremark Corp.(a)		2,354		113,981
Kroger Co./The(a)		4,840		113,934
Safeway, Inc.		7,084		113,981
Sysco Corp.		3,652		114,198
Walgreen Co.		3,146		114,640
Wal-Mart Stores, Inc.		1,540		113,652
				798,929
Food Products - 4.9%
Campbell Soup Co.(a)		3,278		114,140
ConAgra Foods, Inc.(a)		4,136		114,112
Flowers Foods, Inc.(a)		5,632		113,654
General Mills, Inc.(a)		2,860		113,971
H.J. Heinz Co.(a)		2,046		114,474
Hershey Co./The(a)		1,606		113,849
Hormel Foods Corp.(a)		3,894		113,861
Kellogg Co.(a)		2,200		113,652
McCormick & Co., Inc.(a)		1,848		114,650
Ralcorp Holdings, Inc.*(a)		1,562		114,026
TreeHouse Foods, Inc.*		2,178		114,345
				1,254,734
Health Care Equipment & Supplies - 1.3%
C.R. Bard, Inc.(a)		1,100		115,115
Edwards Lifesciences Corp.*(a)		1,056		113,383
ResMed, Inc.(a)		2,816		113,963
				342,461

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Anti-Beta Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares		Value
Health Care Providers & Services - 0.4%
HCA Holdings, Inc.		3,410	$	113,383

Health Care Technology - 0.9%
Allscripts Healthcare Solutions, Inc.*(a)		9,042		112,392
Cerner Corp.*(a)		1,474		114,102
				226,494
Hotels, Restaurants & Leisure - 1.4%
McDonald's Corp.(a)		1,254		115,055
Wendy's Co./The		25,058		114,014
Yum! Brands, Inc.		1,716		113,839
				342,908
Household Durables - 0.4%
Garmin Ltd.		2,728		113,867

Household Products - 1.8%
Church & Dwight Co., Inc.(a)		2,112		114,027
Clorox Co./The(a)		1,584		114,127
Colgate-Palmolive Co.(a)		1,056		113,224
Kimberly-Clark Corp.(a)		1,342		115,117
				456,495
Industrial Conglomerates - 0.4%
3M Co.(a)		1,232		113,861

Insurance - 9.9%
Allied World Assurance Co. Holdings AG(a)		1,474		113,866
Arch Capital Group Ltd.*(a)		2,750		114,620
Arthur J. Gallagher & Co.(a)		3,190		114,266
Aspen Insurance Holdings Ltd.(a)		3,740		114,033
Assurant, Inc.(a)		3,058		114,063
Axis Capital Holdings Ltd.(a)		3,278		114,468
Chubb Corp./The(a)		1,496		114,115
Cincinnati Financial Corp.(a)		3,014		114,200
Endurance Specialty Holdings Ltd.(a)		2,948		113,498
Everest Re Group Ltd.(a)		1,056		112,950
Fidelity National Financial, Inc., Class A(a)		5,346		114,351
Hanover Insurance Group, Inc./The		3,058		113,941
HCC Insurance Holdings, Inc.(a)		3,366		114,074
Markel Corp.*(a)		242		110,954
PartnerRe Ltd.(a)		1,540		114,391
ProAssurance Corp.(a)		1,276		115,401
Progressive Corp./The(a)		5,478		113,614
RenaissanceRe Holdings Ltd.(a)		1,474		113,557
Travelers Cos., Inc./The		1,672		114,131
Validus Holdings Ltd.		3,366		114,141
W.R. Berkley Corp.		3,036		113,820
Willis Group Holdings plc		3,102		114,526
				2,506,980
Internet & Catalog Retail - 0.5%
Expedia, Inc.(a)		1,980		114,523

Internet Software & Services - 1.4%
AOL, Inc.*		3,234		113,934
IAC/InterActiveCorp(a)		2,200		114,532
VeriSign, Inc.*		2,354		114,616
				343,082
IT Services - 3.6%
Amdocs Ltd.(a)		3,476		114,673
Automatic Data Processing, Inc.(a)		1,936		113,566
Broadridge Financial Solutions, Inc.(a)		4,862		113,430
Gartner, Inc.*(a)		2,464		113,566
International Business Machines Corp.(a)		550		114,098
NeuStar, Inc., Class A*(a)		2,860		114,486
Paychex, Inc.(a)		3,432		114,251
SAIC, Inc.(a)		9,394		113,104
				911,174
Marine - 0.5%
Kirby Corp.*(a)		2,068		114,319

Media - 1.8%
Charter Communications, Inc., Class A*(a)		1,518		113,956
Madison Square Garden Co./The, Class A*(a)		2,838		114,286
Regal Entertainment Group, Class A		8,118		114,221
Washington Post Co./The, Class B		308		111,813
				454,276
Metals & Mining - 1.8%
Allied Nevada Gold Corp.*(a)		2,904		113,430
Compass Minerals International, Inc.(a)		1,518		113,228
Newmont Mining Corp.(a)		2,046		114,596
Royal Gold, Inc.(a)		1,144		114,240
				455,494
Multiline Retail - 2.3%
Big Lots, Inc.*(a)		3,872		114,534
Dollar Tree, Inc.*(a)		2,376		114,701
Family Dollar Stores, Inc.(a)		1,716		113,771
Kohl's Corp.(a)		2,222		113,811
Target Corp.		1,804		114,500
				571,317
Multi-Utilities - 3.2%
Consolidated Edison, Inc.(a)		1,914		114,630
Dominion Resources, Inc.(a)		2,156		114,139
MDU Resources Group, Inc.(a)		5,170		113,947
NiSource, Inc.		4,488		114,354
PG&E Corp.(a)		2,684		114,526
Sempra Energy		1,760		113,502
Wisconsin Energy Corp.		3,036		114,366
				799,464
Oil, Gas & Consumable Fuels - 3.6%
Cabot Oil & Gas Corp.(a)		2,552		114,585
Chevron Corp.(a)		968		112,830
ConocoPhillips(a)		2,002		114,474
Energen Corp.		2,200		115,302
EQT Corp.		1,936		114,224
Exxon Mobil Corp.		1,254		114,678
Kinder Morgan, Inc.(a)		3,212		114,090
Williams Cos., Inc./The		3,278		114,632
				914,815
Pharmaceuticals - 4.5%
Abbott Laboratories(a)		1,672		114,632
Allergan, Inc.(a)		1,254		114,841
Bristol-Myers Squibb Co.(a)		3,366		113,603
Eli Lilly & Co.(a)		2,398		113,689

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Anti-Beta Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Endo Health Solutions, Inc.*		3,608		$	114,446
Forest Laboratories, Inc.*(a)		3,212			114,379
Hospira, Inc.*(a)		3,498			114,804
Johnson & Johnson(a)		1,650			113,702
Perrigo Co.(a)		990			115,008
Watson Pharmaceuticals, Inc.*		1,342			114,285
					1,143,389
Professional Services - 1.3%
IHS, Inc., Class A*(a)		1,166			113,510
Towers Watson & Co., Class A		2,134			113,209
Verisk Analytics, Inc., Class A*		2,376			113,121
					339,840
Real Estate Investment Trusts (REITs) - 7.2%
American Campus Communities, Inc.(a)		2,596			113,913
American Capital Agency Corp.(a)		3,300			114,147
American Tower Corp.(a)		1,606			114,652
Annaly Capital Management, Inc.(a)		6,776			114,108
Camden Property Trust(a)		1,782			114,921
Chimera Investment Corp.(a)		42,020			113,874
Digital Realty Trust, Inc.(a)		1,628			113,716
Equity Lifestyle Properties, Inc.(a)		1,672			113,897
Equity Residential(a)		1,980			113,909
Federal Realty Investment Trust(a)		1,078			113,513
Hatteras Financial Corp.(a)		4,048			114,113
MFA Financial, Inc.(a)		13,376			113,696
National Retail Properties, Inc.(a)		3,718			113,399
Realty Income Corp.		2,772			113,347
Senior Housing Properties Trust		5,214			113,561
Starwood Property Trust, Inc.		4,862			113,139
					1,821,905
Semiconductors & Semiconductor Equipment - 0.4%
Marvell Technology Group Ltd.(a)		12,386			113,332

Software - 2.7%
Adobe Systems, Inc.*(a)		3,520			114,259
ANSYS, Inc.*(a)		1,562			114,651
BMC Software, Inc.*		2,728			113,185
Microsoft Corp.(a)		3,828			113,998
Solera Holdings, Inc.		2,596			113,886
Synopsys, Inc.*		3,454			114,051
					684,030
Specialty Retail - 3.2%
Advance Auto Parts, Inc.(a)		1,672			114,432
AutoZone, Inc.*(a)		308			113,858
Lowe's Cos., Inc.(a)		3,762			113,763
O'Reilly Automotive, Inc.*(a)		1,364			114,058
Ross Stores, Inc.(a)		1,782			115,117
TJX Cos., Inc.		2,552			114,304
Tractor Supply Co.		1,166			115,306
					800,838
Thrifts & Mortgage Finance - 0.5%
Capitol Federal Financial, Inc.(a)		9,570			114,457

Tobacco - 1.4%
Altria Group, Inc.(a)		3,410			113,860
Lorillard, Inc.(a)		990			115,285
Reynolds American, Inc.(a)		2,640			114,418
					343,563
Water Utilities - 0.4%
American Water Works Co., Inc.(a)		3,080			114,145

Total Common Stocks Held Long
(Cost $22,157,592)					22,812,001

Securities Sold Short - (89.9%)
Airlines - (0.9%)
JetBlue Airways Corp.*		(23,650	)		(113,283	)
US Airways Group, Inc.*		(10,912	)		(114,140	)
					(227,423	)
Auto Components - (3.6%)
BorgWarner, Inc.*		(1,650	)		(114,032	)
Dana Holding Corp.		(9,196	)		(113,111	)
Gentex Corp.		(6,688	)		(113,763	)
Goodyear Tire & Rubber Co./The*		(9,350	)		(113,976	)
Johnson Controls, Inc.		(4,158	)		(113,929	)
Tenneco, Inc.*		(4,070	)		(113,960	)
TRW Automotive Holdings Corp.*		(2,596	)		(113,471	)
Visteon Corp.*		(2,574	)		(114,440	)
					(910,682	)
Automobiles - (0.9%)
Ford Motor Co.		(11,572	)		(114,100	)
Harley-Davidson, Inc.		(2,684	)		(113,721	)
					(227,821	)
Biotechnology - (1.3%)
Alkermes plc*		(5,456	)		(113,212	)
Onyx Pharmaceuticals, Inc.*		(1,342	)		(113,399	)
Theravance, Inc.*		(4,378	)		(113,434	)
					(340,045	)
Building Products - (0.9%)
Lennox International, Inc.		(2,354	)		(113,839	)
Owens Corning*		(3,410	)		(114,099	)
					(227,938	)
Capital Markets - (5.4%)
Affiliated Managers Group, Inc.*		(924	)		(113,652	)
Ameriprise Financial, Inc.		(2,002	)		(113,493	)
ETRADE Financial Corp.		(13,002	)		(114,548	)
Eaton Vance Corp.		(3,938	)		(114,044	)
Invesco Ltd.		(4,576	)		(114,354	)
Jefferies Group, Inc.		(8,404	)		(115,051	)
Legg Mason, Inc.		(4,620	)		(114,022	)
Morgan Stanley		(6,798	)		(113,798	)
Raymond James Financial, Inc.		(3,102	)		(113,688	)
Stifel Financial Corp.*		(3,388	)		(113,837	)
T. Rowe Price Group, Inc.		(1,804	)		(114,193	)
Waddell & Reed Financial, Inc., Class A		(3,476	)		(113,909	)
					(1,368,589	)
Chemicals - (1.8%)
Chemtura Corp.*		(6,666	)		(114,788	)
Huntsman Corp.		(7,678	)		(114,633	)
LyondellBasell Industries N.V., Class A		(2,222	)		(114,789	)
Rockwood Holdings, Inc.		(2,442	)		(113,797	)
					(458,007	)
Commercial Banks - (3.2%)
Comerica, Inc.		(3,674	)		(114,078	)
Huntington Bancshares, Inc./OH		(16,610	)		(114,609	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Anti-Beta Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Popular, Inc.*		(6,578	)	$	(114,654	)
Regions Financial Corp.		(15,818	)		(114,048	)
SunTrust Banks, Inc.		(4,048	)		(114,437	)
Webster Financial Corp.		(4,796	)		(113,665	)
Zions Bancorp		(5,544	)		(114,511	)
					(800,002	)
Communications Equipment - (2.7%)
Ciena Corp.*		(8,470	)		(115,192	)
F5 Networks, Inc.*		(1,100	)		(115,170	)
JDS Uniphase Corp.*		(9,218	)		(114,165	)
Juniper Networks, Inc.*		(6,644	)		(113,679	)
Polycom, Inc.*		(11,528	)		(113,781	)
Riverbed Technology, Inc.*		(4,884	)		(113,651	)
					(685,638	)
Construction & Engineering - (1.4%)
Fluor Corp.		(2,024	)		(113,911	)
Foster Wheeler AG*		(4,752	)		(113,858	)
KBR, Inc.		(3,828	)		(114,151	)
					(341,920	)
Containers & Packaging - (0.5%)
Owens-Illinois, Inc.*		(6,094	)		(114,323	)

Diversified Consumer Services - (0.5%)
Sotheby's		(3,630	)		(114,345	)

Diversified Financial Services - (1.3%)
Bank of America Corp.		(12,914	)		(114,030	)
Citigroup, Inc.		(3,476	)		(113,735	)
Leucadia National Corp.		(5,016	)		(114,114	)
					(341,879	)
Diversified Telecommunication Services - (0.5%)
Level 3 Communications, Inc.*		(4,950	)		(113,702	)

Electric Utilities - (0.9%)
Great Plains Energy, Inc.		(5,126	)		(114,105	)
UNS Energy Corp.		(2,728	)		(114,194	)
					(228,299	)
Electrical Equipment - (0.9%)
GrafTech International Ltd.*		(12,672	)		(113,921	)
Rockwell Automation, Inc.		(1,628	)		(113,228	)
					(227,149	)
Electronic Equipment, Instruments & Components - (2.2%)
Anixter International, Inc.		(1,980	)		(113,771	)
Arrow Electronics, Inc.*		(3,366	)		(113,468	)
IPG Photonics Corp.*		(2,002	)		(114,714	)
Jabil Circuit, Inc.		(6,072	)		(113,668	)
Vishay Intertechnology, Inc.*		(11,572	)		(113,753	)
					(569,374	)
Energy Equipment & Services - (4.0%)
Baker Hughes, Inc.		(2,530	)		(114,432	)
Halliburton Co.		(3,388	)		(114,142	)
Helix Energy Solutions Group, Inc.*		(6,182	)		(112,945	)
Helmerich & Payne, Inc.		(2,376	)		(113,121	)
Nabors Industries Ltd.*		(8,074	)		(113,278	)
Oil States International, Inc.*		(1,430	)		(113,628	)
Patterson-UTI Energy, Inc.		(7,194	)		(113,953	)
Superior Energy Services, Inc.*		(5,566	)		(114,214	)
Weatherford International Ltd.*		(8,998	)		(114,095	)
					(1,023,808	)
Food Products - (0.5%)
Darling International, Inc.*		(6,248	)		(114,276	)

Gas Utilities - (1.3%)
National Fuel Gas Co.		(2,112	)		(114,133	)
Piedmont Natural Gas Co., Inc.		(3,498	)		(113,615	)
WGL Holdings, Inc.		(2,816	)		(113,344	)
					(341,092	)
Health Care Equipment & Supplies - (0.5%)
Alere, Inc.*		(5,852	)		(114,055	)

Health Care Providers & Services - (4.9%)
AMERIGROUP Corp.*		(1,254	)		(114,653	)
Brookdale Senior Living, Inc.*		(4,928	)		(114,428	)
Community Health Systems, Inc.*		(3,894	)		(113,471	)
Express Scripts Holding Co.*		(1,804	)		(113,057	)
Health Management Associates, Inc., Class A*		(13,574	)		(113,886	)
Health Net, Inc.*		(5,060	)		(113,900	)
HealthSouth Corp.*		(4,730	)		(113,804	)
Tenet Healthcare Corp.*		(17,930	)		(112,421	)
Universal Health Services, Inc., Class B		(2,486	)		(113,685	)
VCA Antech, Inc.*		(5,786	)		(114,158	)
WellCare Health Plans, Inc.*		(2,002	)		(113,213	)
					(1,250,676	)
Hotels, Restaurants & Leisure - (4.5%)
Gaylord Entertainment Co.*		(2,860	)		(113,056	)
Hyatt Hotels Corp., Class A*		(2,838	)		(113,946	)
Las Vegas Sands Corp.		(2,464	)		(114,256	)
Marriott International, Inc., Class A		(2,904	)		(113,546	)
MGM Resorts International*		(10,582	)		(113,756	)
Royal Caribbean Cruises Ltd.		(3,762	)		(113,650	)
Starwood Hotels & Resorts Worldwide, Inc.		(1,980	)		(114,761	)
Vail Resorts, Inc.		(1,980	)		(114,147	)
Wyndham Worldwide Corp.		(2,178	)		(114,301	)
Wynn Resorts Ltd.		(990	)		(114,286	)
					(1,139,705	)
Household Durables - (1.8%)
Harman International Industries, Inc.		(2,464	)		(113,738	)
MDC Holdings, Inc.		(2,970	)		(114,375	)
PulteGroup, Inc.*		(7,348	)		(113,894	)
Tempur-Pedic International, Inc.*		(3,806	)		(113,761	)
					(455,768	)
Independent Power Producers & Energy Traders - (1.4%)
AES Corp./The*		(10,428	)		(114,395	)
GenOn Energy, Inc.*		(44,748	)		(113,213	)
NRG Energy, Inc.		(5,346	)		(114,351	)
					(341,959	)
Insurance - (4.9%)
Aflac, Inc.		(2,376	)		(113,763	)
American International Group, Inc.*		(3,454	)		(113,257	)
Assured Guaranty Ltd.		(8,404	)		(114,463	)
CNO Financial Group, Inc.		(11,704	)		(112,944	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Anti-Beta Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
Genworth Financial, Inc., Class A*		(21,758	)	$	(113,794	)
Hartford Financial Services Group, Inc.		(5,830	)		(113,335	)
Lincoln National Corp.		(4,686	)		(113,354	)
MetLife, Inc.		(3,300	)		(113,718	)
Principal Financial Group, Inc.		(4,246	)		(114,387	)
Protective Life Corp.		(4,334	)		(113,594	)
Prudential Financial, Inc.		(2,090	)		(113,926	)
					(1,250,535	)
Internet Software & Services - (0.5%)
eBay, Inc.*		(2,354	)		(113,957	)

IT Services - (0.5%)
Lender Processing Services, Inc.		(4,092	)		(114,126	)

Leisure Equipment & Products - (0.4%)
Brunswick Corp.		(5,016	)		(113,512	)

Life Sciences Tools & Services - (0.9%)
Agilent Technologies, Inc.		(2,948	)		(113,350	)
PAREXEL International Corp.*		(3,718	)		(114,366	)
					(227,716	)
Machinery - (6.7%)
AGCO Corp.*		(2,398	)		(113,857	)
Cummins, Inc.		(1,232	)		(113,603	)
Harsco Corp.		(5,544	)		(113,818	)
Ingersoll-Rand plc		(2,530	)		(113,395	)
Joy Global, Inc.		(2,046	)		(114,699	)
Kennametal, Inc.		(3,080	)		(114,206	)
Manitowoc Co., Inc./The		(8,558	)		(114,164	)
Navistar International Corp.*		(5,412	)		(114,139	)
Nordson Corp.		(1,936	)		(113,488	)
Oshkosh Corp.*		(4,158	)		(114,054	)
Robbins & Myers, Inc.		(1,914	)		(114,074	)
Terex Corp.*		(5,060	)		(114,255	)
Timken Co.		(3,080	)		(114,453	)
Trinity Industries, Inc.		(3,806	)		(114,066	)
WABCO Holdings, Inc.*		(1,980	)		(114,186	)
					(1,710,457	)
Media - (1.8%)
CBS Corp., Class B		(3,146	)		(114,294	)
Gannett Co., Inc.		(6,446	)		(114,416	)
Interpublic Group of Cos., Inc./The		(10,296	)		(114,492	)
Live Nation Entertainment, Inc.*		(13,244	)		(114,031	)
					(457,233	)
Metals & Mining - (1.4%)
Allegheny Technologies, Inc.		(3,564	)		(113,692	)
Cliffs Natural Resources, Inc.		(2,926	)		(114,494	)
Steel Dynamics, Inc.		(10,142	)		(113,895	)
					(342,081	)
Multi-Utilities - (0.9%)
CenterPoint Energy, Inc.		(5,368	)		(114,338	)
TECO Energy, Inc.		(6,446	)		(114,352	)
					(228,690	)
Oil, Gas & Consumable Fuels - (4.5%)
Alpha Natural Resources, Inc.*		(17,314	)		(113,753	)
Arch Coal, Inc.		(18,084	)		(114,472	)
Cobalt International Energy, Inc.*		(5,104	)		(113,666	)
Denbury Resources, Inc.*		(7,040	)		(113,766	)
Peabody Energy Corp.		(5,126	)		(114,259	)
Rosetta Resources, Inc.*		(2,376	)		(113,810	)
SM Energy Co.		(2,112	)		(114,280	)
Spectra Energy Corp.		(3,894	)		(114,328	)
Valero Energy Corp.		(3,608	)		(114,302	)
Whiting Petroleum Corp.*		(2,398	)		(113,617	)
					(1,140,253	)
Paper & Forest Products - (0.4%)
Louisiana-Pacific Corp.*		(9,042	)		(113,025	)

Pharmaceuticals - (1.4%)
Mylan, Inc.*		(4,664	)		(113,802	)
Salix Pharmaceuticals Ltd.*		(2,706	)		(114,572	)
Warner Chilcott plc, Class A		(8,448	)		(114,048	)
					(342,422	)
Professional Services - (0.4%)
Manpower, Inc.		(3,080	)		(113,344	)

Real Estate Investment Trusts (REITs) - (1.8%)
CBL & Associates Properties, Inc.		(5,302	)		(113,145	)
DiamondRock Hospitality Co.		(11,836	)		(113,980	)
Host Hotels & Resorts, Inc.		(7,084	)		(113,698	)
LaSalle Hotel Properties		(4,268	)		(113,913	)
					(454,736	)
Real Estate Management & Development - (1.4%)
CBRE Group, Inc., Class A*		(6,204	)		(114,216	)
Forest City Enterprises, Inc., Class A*		(7,216	)		(114,374	)
Jones Lang LaSalle, Inc.		(1,496	)		(114,219	)
					(342,809	)
Road & Rail - (1.8%)
Avis Budget Group, Inc.*		(7,348	)		(113,012	)
Con-way, Inc.		(4,158	)		(113,804	)
Hertz Global Holdings, Inc.*		(8,338	)		(114,481	)
Ryder System, Inc.		(2,926	)		(114,290	)
					(455,587	)
Semiconductors & Semiconductor Equipment - (4.9%)
Advanced Micro Devices, Inc.*		(33,660	)		(113,434	)
Atmel Corp.*		(21,648	)		(113,868	)
Cypress Semiconductor Corp.*		(10,604	)		(113,675	)
Fairchild Semiconductor International, Inc.*		(8,646	)		(113,436	)
International Rectifier Corp.*		(6,776	)		(113,091	)
Lam Research Corp.*		(3,586	)		(113,981	)
Micron Technology, Inc.*		(18,876	)		(112,973	)
NVIDIA Corp.*		(8,536	)		(113,870	)
ON Semiconductor Corp.*		(18,656	)		(115,108	)
Skyworks Solutions, Inc.*		(4,818	)		(113,536	)
Teradyne, Inc.*		(8,030	)		(114,187	)
					(1,251,159	)
Software - (1.8%)
Autodesk, Inc.*		(3,410	)		(113,792	)
Citrix Systems, Inc.*		(1,496	)		(114,549	)
Parametric Technology Corp.*		(5,214	)		(113,665	)
Salesforce.com, Inc.*		(748	)		(114,212	)
					(456,218	)
Specialty Retail - (3.1%)
Abercrombie & Fitch Co., Class A		(3,344	)		(113,428	)

See accompanying notes to schedule of investments.

FQF Trust

QuantShares U.S. Market Neutral Anti-Beta Fund

Schedule of Investments

September 30, 2012 (Unaudited)

	Number of Shares			Value
ANN, Inc.*		(3,014	)	$	(113,718	)
Ascena Retail Group, Inc.*		(5,346	)		(114,672	)
Chico's FAS, Inc.		(6,292	)		(113,948	)
Guess?, Inc.		(4,488	)		(114,085	)
Rent-A-Center, Inc.		(3,256	)		(114,221	)
Williams-Sonoma, Inc.		(2,596	)		(114,146	)
					(798,218	)
Textiles, Apparel & Luxury Goods - (1.3%)
Coach, Inc.		(2,024	)		(113,385	)
Fossil, Inc.*		(1,342	)		(113,667	)
Under Armour, Inc., Class A*		(2,046	)		(114,228	)
					(341,280	)
Trading Companies & Distributors - (0.9%)
United Rentals, Inc.*		(3,476	)		(113,700	)
WESCO International, Inc.*		(2,002	)		(114,514	)
					(228,214	)
Wireless Telecommunication Services - (0.4%)
Sprint Nextel Corp.*		(20,526	)		(113,304	)


Total Securities Sold Short
(Proceeds Received $22,100,122)					(22,787,351	)
Other assets less liabilities — 99.9%					25,333,029
Net Assets — 100.0%				$	25,357,679

*	Non-income producing security.
(a)	All or a portion of these securities were held in a segregated account as collateral for securities sold short. At September 30, 2012, the aggregate amount held in a segregated account was $18,194,767.

As of September 30, 2012, the gross unrealized appreciation (depreciation) of investments (both long and short positions) based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,378,836
Aggregate gross unrealized depreciation		(1,934,205	)
Net unrealized depreciation	$	(555,369	)
Federal income tax cost of investments	$	580,019

Total Return Swap Agreements

Notional Amount			Expiration Date	Counterparty	Fund Pays	Fund Receives	Net Unrealized Appreciation/ (Depreciation)
	2,346,614	USD	10/03/2013	Morgan Stanley	0.66%	Dow Jones U.S. Thematic Market Neutral Anti-Beta Index	$	177,200
	(2,361,954	)USD	10/03/2013	Morgan Stanley	Dow Jones U.S. Thematic Market Neutral Anti-Beta Index	(0.04)%		(163,408	)
							$	13,792

See accompanying notes to schedule of investments.

FQF Trust

Notes to Quarterly Schedule of Investments

September 30, 2012 (Unaudited)

Organization

FQF Trust (the “Trust”), a Delaware statutory trust, was formed on November 19, 2009, and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940 (the "1940 Act"), as amended. The Trust currently consists of seven series (collectively the “Funds” or individually the “Fund”): 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, and QuantShares U.S. Market Neutral Anti-Beta Fund. FFCM, LLC (the “Adviser”) is the investment adviser to each Fund.

The investment objective of each Fund is to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of a specified benchmark index (each, a “Target Index”). There can be no assurance that the Funds will achieve their respective investment objectives.

Basis of Presentation

The preparation of the Schedule of Investments in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the Schedule of Investments during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the Schedule of Investments may differ from the value the Funds ultimately realize upon sale of the securities.

Investment Valuation

The value of each Fund’s securities is based on such securities’ closing price on local markets when available. If a security’s market price is not readily available or does not otherwise accurately reflect the fair value of such security, the security will be valued by another method that the Adviser believes will better reflect fair value in accordance with the Trust’s valuation guidelines which are approved by the Board of Trustees (the “Trustees”). Each Fund may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of a Fund’s security has been materially affected by events occurring after the close of the market on which such security is principally traded (such as a corporate action or other news that may materially affect the price of such security) or trading in such security has been suspended or halted. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could be realized upon the sale of such security. In addition, fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s Target Index. This may adversely affect a Fund’s ability to track its Target Index. Open-end investment companies are valued at their net asset value.

Generally, the Fund prices its swap agreements daily using industry standard models that may incorporate quotations from market makers or pricing vendors (unless the underlying reference security closes or the official closing time of the underlying index occurs prior to the close of the NYSE due time zone differences, in which case the quotations will be adjusted, to the extent practicable and available, based on inputs from an independent pricing service approved by the Trustees) and records the change in value, if any, as unrealized gain or loss. Gains or losses are realized upon termination of the swap agreements or reset dates, as appropriate.

Short-term debt securities having a maturity date of more than sixty days at time of purchase are valued on a mark-to-market basis until sixty days prior to maturity and thereafter at amortized cost, which approximates fair market value, based on their value on the 61st day where such securities are of the highest credit quality. Amortized cost shall not be used if the use of amortized cost would be inappropriate due to credit or other impairments of the issuer.

The Funds disclose the fair value of their investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs) and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

FQF Trust

Notes to Quarterly Schedule of Investments (continued)

September 30, 2012 (Unaudited)

• Level 1 — Quoted prices in active markets for identical assets.

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of September 30, 2012, for each Fund based upon the three levels defined above:

	LEVEL 1 - Quoted Prices			LEVEL 2 - Other Significant Observable Inputs
	Common Stocks			Swap Agreements*			Totals
QuantShares U.S. Market Neutral Momentum Fund
Assets:	$	4,558,868		$	111,030		$	4,669,898
Liabilities:		(4,560,508	)		(55,200	)		(4,615,708	)
Totals:	$	(1,640	)	$	55,830		$	54,190
QuantShares U.S. Market Neutral Value Fund
Assets:	$	3,167,200		$	39,347		$	3,206,547
Liabilities:		(3,167,369	)		(5,374	)		(3,172,743	)
Totals:	$	(169	)	$	33,973		$	33,804
QuantShares U.S. Market Neutral High Beta Fund
Assets:	$	4,330,723		$	61,803		$	4,392,526
Liabilities:		(4,331,473	)		(19,709	)		(4,351,182	)
Totals:	$	(750	)	$	42,094		$	41,344
QuantShares U.S. Market Neutral Size Fund
Assets:	$	5,517,009		$	128,968		$	5,645,977
Liabilities:		(5,528,973	)		(82,883	)		(5,611,856	)
Totals:	$	(11,964	)	$	46,085		$	34,121
QuantShares U.S. Market Neutral Quality Fund
Assets:	$	3,065,885		$	66,998		$	3,132,883
Liabilities:		(3,066,927	)		(47,630	)		(3,114,557	)
Totals:	$	(1,042	)	$	19,368		$	18,326
QuantShares U.S. Market Neutral Anti-Momentum Fund
Assets:	$	2,894,170		$	44,675		$	2,938,845
Liabilities:		(2,897,733	)		(48,351	)		(2,946,084	)
Totals:	$	(3,563	)	$	(3,676	)	$	(7,239	)
QuantShares U.S. Market Neutral Anti-Beta Fund
Assets:	$	22,812,001		$	177,200		$	22,989,201
Liabilities:		(22,787,351	)		(163,408	)		(22,950,759	)
Totals:	$	24,650		$	13,792		$	38,442

* The tables above are based on market values or unrealized appreciation/(depreciation) rather than the notional amounts of derivatives. The uncertainties surrounding the valuation inputs for a derivative are likely to be more significant to a Fund’s net asset value than the uncertainties surrounding inputs for a non-derivative security with the same market value.

For the period ended September 30, 2012, there were no Level 3 investments in a Fund held for which significant unobservable inputs were used to determine fair value. Please refer to the Schedules of Investments to view equity securities segregated by industry type.

There were no transfers between Level 1 and Level 2 for the period ending September 30, 2012.

FQF Trust

Notes to Quarterly Schedule of Investments (continued)

September 30, 2012 (Unaudited)

Real Estate Investment Trusts (“REITs”)

Each Fund may invest in real estate investment trusts (“REITs”). Equity REITs invest primarily in real property while mortgage REITs make construction, development and long term mortgage loans. Their value may be affected by changes in the value of the underlying property of the REIT, the creditworthiness of the issuer, property taxes, interest rates, and tax and regulatory requirements, such as those relating to the environment.

REITs are dependent upon management skill, are not diversified and are subject to heavy cash flow dependency, default by borrowers, self liquidation and the possibility of failing to qualify for tax free income status under the Internal Revenue Code of 1986 and failing to maintain exempt status under the 1940 Act.

Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. To complete such a transaction, a Fund must borrow the security to make delivery to the buyer. A Fund is then obligated to replace the security borrowed by borrowing the same security from another lender, purchasing it at the market price at the time of replacement or paying the lender an amount equal to the cost of purchasing the security. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, a Fund is required to repay the lender any dividends it receives, or interest which accrues, during the period of the loan. To borrow the security, a Fund also may be required to pay a premium, which would increase the cost of the security sold. The net proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. A Fund also will incur transaction costs in effecting short sales.

A Fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Fund closes out the short sale. A Fund will realize a gain if the price of the security declines in price between those dates. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends or interest a Fund may be required to pay, if any, in connection with a short sale. Short sales may be subject to unlimited losses as the price of a security can rise infinitely.

Whenever a Fund engages in short sales, it earmarks or segregates liquid securities or cash in an amount that, when combined with the amount of collateral deposited with the broker in connection with the short sale (other than the proceeds of the short sale), equals the current market value of the security sold short. The earmarked or segregated assets are marked-to-market daily and cannot be sold or liquidated unless replaced with liquid assets of equal value.

Funds may not be able to borrow stocks that are short positions in a Target Index as their supply may be insufficient or the cost to borrow may be prohibitively expensive due to market or stock specific conditions. Under such circumstances, the Funds may not achieve their investment objectives.

Futures

The Funds may purchase or sell stock index futures contracts as a substitute for a comparable market position in the underlying securities or to satisfy regulatory requirements. A stock index futures contract obligates the seller to deliver (and the purchaser to take) an amount of cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the final settlement price of a specific stock index futures contract and the price at which the agreement is made. No physical delivery of the underlying stocks in the index is made.

The Funds generally choose to engage in closing or offsetting transactions before final settlement wherein a second identical futures contract is sold to offset a long position (or bought to offset a short position). In such cases, the obligation is to deliver (or take delivery of) cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the price of the offsetting transaction and the price at which the original contract was entered into. If the original position entered into is a long position (futures contract purchased), there will be a gain (loss) if the offsetting sell transaction is done at a higher (lower) price, inclusive of commissions. If the original position entered into is a short position (futures contract sold), there will be a gain (loss) if the offsetting buy transaction is done at a lower (higher) price, inclusive of commissions.

FQF Trust

Notes to Quarterly Schedule of Investments (continued)

September 30, 2012 (Unaudited)

Upon entering into a futures contract, each Fund will be required to deposit with the broker an amount of cash, U.S. government and agency obligations or other liquid assets in accordance with the initial margin requirements of the broker or exchange. This amount, known as “initial margin,” is in the nature of a performance bond or good faith deposit on the contract and is returned to a Fund upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, known as “variation margin,” to and from the broker will be made daily as the price of the index underlying the futures contract fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as “marking-to-market.” At any time prior to expiration of a futures contract, a Fund may elect to close its position by taking an opposite position, which will operate to terminate the Fund’s existing position in the contract.

Although the Funds intend to sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a Fund to substantial losses. If trading is not possible, or if a Fund determines not to close a futures position in anticipation of adverse price movements, the Fund will be required to make daily cash payments of variation margin. The risk that a Fund will be unable to close out a futures position will be minimized by entering into such transactions on a national securities exchange with an active and liquid secondary market.

Swaps

The Funds all entered into swap agreements during the period. The Funds may enter into equity or equity index swap agreements for purposes of attempting to gain exposure to an index or group of securities without actually purchasing those securities, or to hedge a position. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount,” i.e., the return on or increase in value of a particular dollar amount invested in a “basket” of securities representing a particular index or group of securities. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

Each Fund may enter into swap agreements to invest in a market without owning or taking physical custody of securities in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable. The counterparty to any swap agreement will typically be a bank, investment banking firm or broker/dealer. On a long swap, the counterparty will generally agree to pay the Fund the amount, if any, by which the notional amount of the swap agreement would have increased in value had it been invested in the particular stocks, plus the dividends that would have been received on those stocks.

A Fund agrees to pay to the counterparty a floating rate of interest on the notional amount of the swap agreement plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such stocks. Therefore, the return to a Fund on any swap agreement should be the gain or loss on the notional amount plus dividends on the stocks less the interest paid by the Fund on the notional amount. As a trading technique, the Adviser may substitute physical securities with a swap agreement having risk characteristics substantially similar to the underlying securities.

FQF Trust

Notes to Quarterly Schedule of Investments (continued)

September 30, 2012 (Unaudited)

Swap agreements typically are settled on a net basis, which means that the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the net amount of the two payments. Payments may be made at the conclusion of a swap agreement or periodically during its term. Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to swap agreements is limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to a swap agreement defaults, a Fund’s risk of loss consists of the net amount of payments that such Fund is contractually entitled to receive. The net amount of the excess, if any, of a Fund’s obligations over its entitlements with respect to each equity swap will be accrued on a daily basis and an amount of cash or liquid assets, having an aggregate value at least equal to such accrued excess, will be earmarked or segregated by a Fund’s custodian; this cash and liquid assets cannot be sold unless replaced with cash or liquid assets of equal value. Inasmuch as these transactions are entered into for hedging purposes or are offset by earmarked or segregated cash or liquid assets, as permitted by applicable law, these transactions will not be construed to constitute senior securities within the meaning of the 1940 Act, and will not be subject to a Fund’s borrowing restrictions.

The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid in comparison with the markets for other similar instruments which are traded in the OTC market. The Adviser, under the oversight of the Trustees, is responsible for determining and monitoring the liquidity of the Funds’ transactions in swap agreements.

In the normal course of business, a Fund enters into International Swaps and Derivatives Association (“ISDA”) agreements with certain counterparties for derivative transactions. These agreements contain among other conditions, events of default and termination events, and various covenants and representations. Certain of the Fund’s ISDA agreements contain provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time, which may or may not be exclusive of redemptions. If the Fund were to trigger such provisions and have open derivative positions at that time, counterparties to the ISDA agreements could elect to terminate such ISDA agreements and request immediate payment in an amount equal to the net liability positions, if any, under the relevant ISDA agreement. Pursuant to the terms of its ISDA agreements, the Fund will have already collateralized its liability under such agreements, in some cases only in excess of certain threshold amounts.

Repurchase Agreements

Each of the Funds may enter into repurchase agreements with financial institutions in pursuit of its investment objectives, as “cover” for the investment techniques it employs, or for liquidity purposes. Under a repurchase agreement, a Fund purchases a debt security and simultaneously agrees to sell the security back to the seller at a mutually agreed-upon future price and date, normally one day or a few days later. The resale price is greater than the purchase price, reflecting an agreed-upon market interest rate during the purchaser’s holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored by the Adviser. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement.

In the event of a default or bankruptcy by a selling financial institution, a Fund will seek to liquidate such collateral which could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. A Fund also may experience difficulties and incur certain costs in exercising its rights to the collateral and may lose the interest the Fund expected to receive under the repurchase agreement.

FQF Trust

Notes to Quarterly Schedule of Investments (continued)

September 30, 2012 (Unaudited)

Risks

Momentum Risk: For the QuantShares U.S. Market Neutral Momentum Fund, momentum investing entails investing in securities that have had above average recent returns and shorting securities that have had below-average returns. These securities may be more volatile than a broad cross-section of securities, and momentum may be an indicator that a security’s price is peaking. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a Fund using a momentum strategy may suffer.

Value Risk: For the QuantShares U.S. Market Neutral Value Fund, value factor investing entails investing in securities that have below-average valuations based on ratios such as earnings to price or book to price and shorting securities that have above average valuations based on the same ratios. There may be periods when the value style is out of favor, and during which the investment performance of a Fund using a value strategy may suffer. In addition, value stocks, including those in the Target Index, are subject to the risks that their intrinsic value may never be realized by the market and that their prices may go down.

Beta Risk: For the QuantShares U.S. Market Neutral High Beta Fund, beta investing entails investing in securities that have above-average betas and shorting securities that have below-average betas. Beta measures the relative volatility of the value of a security compared with that of a market index; beta is calculated using historical market index data. There is a risk that the present and future volatility of a security, relative to the market index, will not be the same as it has historically been and thus that the Fund will not be invested in high beta securities. In addition, the Fund may be more volatile than the universe since it will have long exposure to the most volatile stocks in the universe and short exposure to the least volatile stocks in the universe.

Size Risk: For the QuantShares U.S. Market Neutral Size Fund, size investing entails investing in securities within the universe that have below average market capitalizations and shorting securities within the universe with above-average market capitalizations. There may be periods when the size style is out of favor, and during which the investment performance of a Fund using a size strategy may suffer.

Quality Risk: For the QuantShares U.S. Market Neutral Quality Fund, quality investing entails investing in securities that have above-average quality characteristics and shorting securities with below-average quality characteristics as defined by return on equity and the debt-to-equity ratio. There may be periods when the quality style is out of favor, and during which the investment performance of a Fund using a quality strategy may suffer. There is a risk that quality factors may in some or all periods not be good indicators of the market price of a security.

Anti-Momentum Risk: For the QuantShares U.S. Market Neutral Anti-Momentum Fund, anti-momentum investing entails investing in securities that have had below-average recent returns and shorting securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods when the anti-momentum style is out of favor, and during which the investment performance of a Fund using an anti-momentum strategy may suffer.

Anti-Beta Risk: For the QuantShares U.S. Market Neutral Anti-Beta Fund, anti-beta investing entails investing in securities that have below-average betas and shorting securities that have above-average betas. Beta measures the relative volatility of the value of a security compared with that of a market index; beta is calculated using historical market data. There is a risk that the present and future volatility of a security, relative to the market index, will not be the same as it has historically been and thus that the Fund will not be invested in low beta securities. In addition, the Fund may be more volatile than the universe since it will have short exposure to the most volatile stocks in the universe and long exposure to the least volatile stocks in the universe.

Derivatives Risk: Derivatives, including swap agreements and futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. As a result of investing in derivatives, a Fund could lose more than the amount it invests. Derivatives may be highly illiquid, and a Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price.

FQF Trust

Notes to Quarterly Schedule of Investments (continued)

September 30, 2012 (Unaudited)

Derivatives also may be subject to counterparty risk, which includes the risk that a loss may be sustained by a Fund as a result of the insolvency or bankruptcy of, or other non-compliance by, the other party to the transaction.

Industry Concentration Risk: To the extent that the Target Index is concentrated in a particular industry, a Fund also will be concentrated in that industry and may subject a Fund to a greater loss as a result of adverse economic, business or other developments affecting that industry.

Leverage Risk: A Fund’s use of short selling and swap agreements allows the Fund to obtain investment exposures greater than it could otherwise obtain and specifically to effectively increase, or leverage, its total long and short investment exposures more than its net asset value by a significant amount.

Market Neutral Style Risk: There is a risk that the Adviser’s sampling strategy, or the Target Index, will not construct a portfolio that limits a Fund’s exposure to general market movements, in which case the Fund’s performance may reflect general market movements. Further, if the portfolio is constructed to limit a Fund’s exposure to general market movements, during a ‘‘bull’’ market, when most equity securities and long-only equity ETFs are increasing in value, the Fund’s short positions will likely cause a Fund to underperform the overall U.S. equity market and such ETFs. In addition, because a Fund employs a dollar neutral strategy to achieve market neutrality, the beta of the Fund ( i.e., the relative volatility of the Fund as compared to the market) will vary over time and may not be equal to zero.

Passive Investment Risk: The Adviser does not actively manage the Funds and therefore does not attempt to analyze, quantify or control the risks associated with investing in stocks of companies in the Target Index.

Premium/Discount Risk: Although it is expected that the market price of a Fund’s shares typically will approximate its NAV, there may be times when the market price and the NAV differ and a Fund’s shares may trade at a premium or discount to NAV.

Short Sale Risk: If a Fund sells a stock short and subsequently has to buy the security back at a higher price, the Fund will realize a loss on the transaction. The amount a Fund could lose on a short sale is potentially unlimited because there is no limit on the price a shorted security might attain (as compared to a long position, where the maximum loss is the amount invested). The use of short sales increases the exposure of a Fund to the market, and may increase losses and the volatility of returns. If the short portfolio (made up of the lowest ranked securities within each sector) outperforms the long portfolio (made up of the highest ranked securities within each sector), the performance of a Fund would be negatively affected.

Item 2. Controls and Procedures.

(a)

The Registrant's principal executive officer and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)

There were no changes in the Registrant's internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

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

FQF Trust

By:	/s/ William DeRoche
	William DeRoche
	President
	November 20, 2012

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

By:	/s/ William DeRoche
	William DeRoche
	President
	November 20, 2012
By:
	/s/ Brent Arvidson
	Brent Arvidson
	Principal Financial Officer and Treasurer
	November 20, 2012

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