N-CSR 1 tv525623_ncsr.htm N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22540

FQF Trust

(Exact name of registrant as specified in charter)

53 State Street

Suite 1308

Boston, MA 02109

(Address of principal executive offices) (Zip code)

William H. DeRoche, President

53 State Street, Suite 1308

Boston, MA 02109

(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: June 30, 2019

Item 1. Reports to Stockholders.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

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Annual Report

June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as your brokerage firm).

Alternatively, you may elect to receive paper copies of all future reports free of charge by contacting your financial intermediary. Your election to receive reports in paper may apply to all funds held in your account(s) that you invest in through your financial intermediary.

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Before investing you should carefully consider a Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, which can be obtained by visiting www.AGFiQ.com. Please read the prospectus carefully before you invest.

Risks: There is no guarantee that a Fund will achieve its objective. Investing involves risk, including possible loss of principal. There is a risk that during a “bull” market, when most equity securities and long only Exchange Traded Funds (“ETFs”) are increasing in value, a Fund’s short positions will likely cause a Fund to underperform the overall U.S. equity market and such ETFs. 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. The value of an investment in a Fund may fall, sometimes sharply, and you could lose money by investing in a Fund. A Fund may utilize derivatives and, as a result, the Fund could lose more than the amount it invests. When utilizing short selling, 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. For further risk information on each Fund, please read the prospectus.

AGFiQ Dynamic Hedged U.S. Equity ETF (USHG) specific risks: The Fund’s hedging strategies against declines in security prices, financial markets, exchange rates and interest rates may not be successful, and even if they are successful, the Fund’s exposure to a certain risk may not be fully hedged at all times and the Fund may still lose money on a hedged position. The risks of investing in securities of ETFs typically reflect the risks of the types of instruments in which the underlying ETF invests. To the extent the Fund invests significantly in the AGFiQ U.S. Market Neutral Anti-Beta Fund, which is also managed by the Adviser (the “Market Neutral ETF”), it will be subject to the following risks applicable to investing in the Market Neutral ETF: There is a risk that during a “bull” market, when most equity securities and long only ETFs are increasing in value, the Market Neutral ETF’s short positions will likely cause the Market Neutral ETF to underperform the overall U.S. equity market and such ETFs. 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. The value of an investment in the Market Neutral ETF may fall, sometimes sharply, and you could lose money by investing in the fund. The Market Neutral ETF may utilize derivatives and as a result, the Market Neutral ETF could lose more that the amount it invests. When utilizing short selling the amount the Market Neutral ETF could lose on a short sale is potentially unlimited because there is no limit on the price a shorted security might attain.

AGFiQ Global Infrastructure ETF (GLIF) specific risks: The Fund’s investments in infrastructure-related securities will expose the Fund to potential adverse economic, regulatory, political, legal and other changes affecting such investments. Rising interest rates could lead to higher financing costs and reduced earnings for infrastructure companies. Investments in foreign securities involve risks that differ from investments in securities of U.S. issuers because of unique political, economic and market conditions. Investments in securities of issuers located in emerging market economies (including frontier market economies) are generally riskier than investments in securities of issuers from more developed economies. Investing in securities that trade in and receive revenues in foreign currencies creates risk because foreign currencies may decline relative to the U.S. dollar, resulting in a potential loss to the Fund.

Shares of AGFiQ are bought and sold at market price (not net assets value (“NAV”), as defined below) and are not individually redeemed from a Fund. Brokerage commissions will reduce returns. Market Price (as defined below) returns are based upon the midpoint of the bid/ask spread at 4:00 PM Eastern time (when NAV is normally determined), and do not represent the returns you would receive if you traded shares at other times. Fund returns assume that dividends and capital gains distributions have been reinvested in a Fund at NAV. Some performance results reflect expense subsidies and waivers in effect during certain periods shown. Absent these waivers, results would have been less favorable.

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Beta is a measure of an asset’s sensitivity to an underlying index. Long is purchasing a stock with the expectation that it is going to rise in value. Short is selling stock with the expectation of profiting by buying it back later at a lower price. Spread Return is the return earned between the long and short portfolios within each ETF. One cannot invest directly in an index.

Shares are not individually redeemable and can be redeemed only in Creation Units, and the purchase and sale price of individual Shares trading on an Exchange may be below, at, or above the most recently calculated NAV for such Shares.

Distributor: Foreside Fund Services, LLC

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i		Shareholder Letter
v		Management Discussion of Fund Performance
		Schedule of Investments
1		AGFiQ U.S. Market Neutral Momentum Fund
9		AGFiQ U.S. Market Neutral Value Fund
17		AGFiQ U.S. Market Neutral Size Fund
25		AGFiQ U.S. Market Neutral Anti-Beta Fund
33		AGFiQ Hedged Dividend Income Fund
39		AGFiQ Global Infrastructure ETF
41		AGFiQ Dynamic Hedged U.S. Equity ETF
42		Statements of Assets and Liabilities
44		Statements of Operations
46		Statements of Changes in Net Assets
50		Financial Highlights
52		Notes to Financial Statements
70		Report of Independent Registered Public Accounting Firm
71		Expense Examples
73		Board Consideration of the Investment Advisory Agreement
78		Additional Information
79		Trustees and Officers of FQF Trust

Each Fund invests in certain securities long and certain securities short pursuant to its Target Index, and the performance of a Fund depends on the difference in the rates of return (i.e., the spread return) between the long positions and the short positions. If the long positions appreciate more or decline less than the short positions, then a Fund will generate a positive return. If the long positions appreciate less or decline more than the short positions, however, a Fund will generate a negative return.

The “U.S. Market Neutral Indices^SM” are a product of Dow Jones Indexes, the marketing name and a licensed trademark of CME Group Index Services LLC (“CME”), and have been licensed for use. “Dow Jones®”, “U.S. Market Neutral Indices^SM” and “Dow Jones Indexes” are service marks of Dow Jones Trademark Holdings, LLC (“Dow Jones”) and have been licensed for use for certain purposes by FFCM LLC (“Licensee”). The Funds based on the U.S. Market Neutral Indices^SM are not sponsored, endorsed, sold or promoted by Dow Jones, CME or their respective affiliates. Dow Jones, CME and their respective affiliates make no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of trading in the Funds. Dow Jones’, CME’s and their respective affiliates’ only relationship to the Licensee is the licensing of certain trademarks and trade names of Dow Jones and of the “U.S. Market Neutral Indices^SM” which is determined, composed and calculated by CME without regard to the Licensee or the Funds. Dow Jones and CME have no obligation to take the needs of the Licensee or the owners of the Funds into consideration in determining, composing or calculating “U.S. Market Neutral Indices^SM”. Dow Jones, CME and their respective affiliates are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Funds to be sold or in the determination or calculation of the equation by which the Funds are to be converted into cash. Dow Jones, CME and their respective affiliates have no obligation or liability in connection with the administration, marketing or trading of the Funds. Notwithstanding the foregoing, CME Group Inc. and its affiliates may independently issue and/or sponsor financial products unrelated to the Funds currently being issued by the Licensee, but which may be similar to and competitive with the Funds. In addition, CME Group Inc. and its affiliates may trade financial products which are linked to the performance of the “U.S. Market Neutral Indices^SM”. It is possible that this trading activity will affect the value of the “U.S. Market Neutral Indices^SM” and the Funds.

DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE U.S. MARKET NEUTRAL INDICES^SM OR ANY DATA INCLUDED THEREIN AND DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE LICENSEE, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE U.S. MARKET NEUTRAL INDICES^SM OR ANY DATA INCLUDED THEREIN. DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY, NON-INFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE U.S. MARKET NEUTRAL INDICES^SM OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DOW JONES, CME OR THEIR RESPECTIVE AFFILIATES HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN CME AND THE LICENSEE, OTHER THAN THE LICENSORS OF CME.

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Dear Shareholder,

This Annual Report for the AGFiQ ETFs covers the period from July 1, 2018 through June 30, 2019 (the “Annual Period”). During the Annual Period, the Funds’ NAV¹ returns were as follows:


AGFiQ U.S. Market Neutral Momentum Fund (“MOM”)			0.24%
AGFiQ U.S. Market Neutral Value Fund (“CHEP”)			-13.69%
AGFiQ U.S. Market Neutral Size Fund (“SIZ”)			-10.55%
AGFiQ U.S. Market Neutral Anti-Beta Fund (“BTAL”)			9.30%
AGFiQ Hedged Dividend Income Fund (“DIVA”)			5.02%
AGFiQ Global Infrastructure ETF (“GLIF”)			3.00% (since inception)
AGFiQ Dynamic Hedged U.S. Equity ETF (“USHG”)			2.68% (since inception)

The Annual Period included the seventh full calendar year of operations for the AGFiQ suite of ETFs other than AGFiQ Global Infrastructure ETF and AGFiQ Dynamic Hedged U.S. Equity ETF. During the Annual Period, the AGFiQ family of ETFs expanded its product offering that consisted of four market neutral factor-based ETFs and a long/short ETF to include a Fund of Fund ETF (AGFiQ Dynamic Hedged U.S. Equity ETF) and an active ETF (AGFiQ Global Infrastructure ETF) in May 2019. These two new additions add to the AGFiQ legacy of providing alternative sources of returns to investors, built on a factor framework with an eye toward risk management.

AGFiQ continues to manage five rules based passive Funds that seek to track indexes that are designed to provide market neutral and long/short exposure to the key investment factors of Momentum, Value, Small Size, Beta, and Dividend Yield which have a deep academic background and can be implemented in an ETF. The products were the first of their kind that incorporate long/short and market neutral strategies using physical securities (rather than derivatives) in an ETF vehicle.

The U.S. equity markets experienced another leg higher during the Annual Period, with the Standard & Poor’s (S&P) 500 Index² finishing the Annual Period up 10.42%. It was a tale of two halves, with the first half, June-December 2018, characterized by increasing volatility with significant market retreats with the fourth quarter 2018 registering -13.52% return, after moving to all-time highs in early September 2018. Equity markets rebounded sharply in the first half of 2019, reversing the 13% drop in the fourth quarter of 2018 with a 13.65% return in the first quarter, followed by an additional 4.30% gain in the second quarter, setting new highs as we moved into the middle of 2019.

The economic backdrop, while mostly positive, faces a number of potential pitfalls. Highlights such as passing the USMCA³, a revised version of NAFTA⁴, showcased the Trump Administration’s ability to work to an equitable solution. The flip side to these economic wins have been repeated instances in which President Trump has moved swiftly to implement increasing trade tariffs with our largest trading partner, China, in an effort to win concessions in a mounting trade war. U.S. companies have spent decades building global supply chains in an effort to diversify their businesses, and we hope the unintended consequences of mounting rhetoric and restrictions will not come home to roost, and slow U.S. economic growth. We continue to see mounting deficit spending at home and mounting national debt as a problem for which we have not seen the political appetite to handle and the expectation is that we will continue to kick the can down the road.

Central banks continue to be broadly supportive, albeit at lower levels than in the immediate wake of the Great Financial Crisis. All market participants’ eyes continue to be fixated on the Federal Reserve, ECB, and Bank of Japan for guidance and positioning. Inflation remains persistently low, and

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messaging globally continues to signal efforts to try to stoke inflation, which may come in the form of further rate cuts in an effort to pull policy forward.

The political environment in Europe remained very fluid during the Annual Period. The political tides shifted substantially with stalwarts on the global stage, Teresa May (UK Prime Minister) and Angela Merkel (German Chancellor), both offering their resignations in the wake of the Brexit fallout. Uncertainty surrounding the mechanics of Brexit overhung the region as many challenges remained. Japan was able to demonstrate political stability with Prime Minister Shinzo Abe winning his September election, signaling few changes to his economic policies. Accompanying Prime Minister Abe on the path forward is Bank of Japan (BOJ) Governor Haruhiko Kuroda, who has signaled that interest rates will remain low for the foreseeable future.

As we noted in prior years' updates, Asia has been in the midst of a transformation. China continues to grow its influence in the region, as well as export influence globally with its Made in China 2025 and Belt and Road initiatives. China is looking to leverage its global economic clout into military might, but with this rise comes great responsibility. While we have seen North Korea continue to rattle its sabre, the rogue nation's willingness to meet with President Trump multiple times shows promise.

Activity in the Middle East continues to ripple through markets, the commodity complex, and foreign relations. While historically a volatile region, increasing tensions among interested parties has raised the temperature in the region. Diplomatic channels will have to work overtime to prevent sparks from igniting what has come to be a tinder box in recent months as regional players look to exert dominance and influence.

More broadly, the domestic investing environment during the Annual Period can be characterized by a march higher in U.S. equities accompanied by increasing volatility⁵. The S&P 500 Index finished the Annual Period with nine months of advances and only three month of declines. Equity market volatility returned as we saw both strong advances and pullbacks; each of the three down months were down over -6.00%, a number we have only experienced three prior times since inception in 2011. Taking a look more closely at monthly returns, the story of strength in equity markets continues to build with six months registering more than 3.00% return, and multiple record highs. While more sustained in this Annual Period than priors, we were reminded that minor disruptions are common and should be expected, with fourth quarter 2018 providing an example of a sharp selloff with the S&P 500 Index retreating -13.52% before regaining its footing for another leg higher as we moved into 2019.

The AGFiQ U.S. Market Neutral Momentum Fund (MOM) saw a relatively muted Annual Period as the Fund rose 0.24%. MOM exhibited what could be described as hot and cold performance throughout the period registering only five up months versus seven down months, with three months up over 2.90%, drawdowns were sharp with four drawdowns over -2.00%, and sometimes sustained for a number of consecutive months as seen in the fall of 2018. MOM was able to help provide a diversifying return during equity drawdowns in December 2018 and May 2019, as we saw markets swoon. The value factor continued its longer term swoon, during the Annual Period. The AGFiQ U.S. Market Neutral Value Fund (CHEP) suffered through another difficult period, finishing down -13.69%. The selloffs for market neutral value have been strong and persistent.

A thought to keep in mind regarding the value and momentum factors, as exhibited by both CHEP and MOM, is that the factors tend to be negatively correlated⁶. Generally, when one factor is in favor the other tends to be out of favor, so these are great factors to pair together. During the Annual Period, in most instances (10 of 12 months), when CHEP was negative, MOM was positive and vice versa. However, in certain markets, as exhibited in September and November 2018, both factors can be down.

Small-cap indices retreated after a strong prior period, during the Annual Period with the Russell 2000 Index⁷ finishing down -3.31% while the broader Russell 3000 Index⁸ finished relatively close to the larger cap S&P 500 Index return of 10.42%, at 8.98%. The AGFiQ U.S. Market Neutral Size Fund (SIZ) was unable to keep pace finishing the Annual Period negative, down -10.55%. Similar to the prior period, five out of the first six months of the period were negative, and six of the negative periods were down over -1.90%.

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The AGFiQ U.S. Market Neutral Anti-Beta Fund (BTAL) finished the Annual Period up 9.30%, even in the face of strong equity market returns. BTAL is designed to be negatively correlated⁶ to the broad equity markets, and provided its intended hedge when equity markets sold off in the fourth quarter of 2018 with the S&P 500 down -13.52% versus BTAL up 8.99%, and May 2019 with the S&P 500 down -6.35% and BTAL positive 6.83%. Aside from providing a notable equity hedge, BTAL was able to deliver seven months of positive performance during the Annual Period, even while equity market moved higher. We believe BTAL is best used as a portfolio hedging product that may help reduce portfolio volatility. The Fund is designed to be long the low beta names and short the high beta names, while this design can leave the Fund susceptible to underperformance during strong equity performance, it also has the ability to capture positive performance.

The AGFiQ Hedged Dividend Income Fund (DIVA) was launched as an innovative response to growing concerns in the investment community about interest rate and credit risk within the fixed income universe. Investor’s continue to clamor for income in a low yield world. DIVA is a long/short ETF designed to provide both yield and capital appreciation. DIVA is constructed to invest in stocks with stable or growing dividends that trade at high yields. In an effort to reduce risk, DIVA shorts stocks in each sector which have unstable or low dividends. In an effort to prevent sector concentration in the highest dividend sectors and provide a diversified dividend exposure, the Fund caps long sectors at 25%, while sector and industry weights in the short portfolio are approximately 50% of the size of the long sector weights.

Over the Annual Period, we have seen rates oscillate, with the Federal Reserve moving to hike the Fed Funds rate twice in both September and December 2018. Markets have anticipated rate cuts in 2019 and we have seen yields move down, reversing their course. More broadly U.S. rates are still well below historical averages. In many instances in both foreign and domestic markets, we have seen continued central bank intervention, albeit with less frequency, size and scale as in the years following the Global Financial Crisis. While forecasts continue to call for higher rates, and increasing inflation, we continue to see fits and starts across the rates complex as any meaningful move in rates are often tempered shortly thereafter. As the flood of baby boomers continues to reach retirement age, we are embarking on a generational need for income; understanding this demand for yield, we believe DIVA can play a spot in portfolios looking for a healthy yield and total return potential. DIVA finished the Annual Period up modestly 5.02% but helped to dampen volatility and weather some of the intra-period drops seen in the broader equity rate sensitive sectors. The Bloomberg Barclays US Corporate Bond Index¹⁴, the Fund’s benchmark index, returned 10.72% during the Annual Period.

In addition we wanted to provide a brief update on Fund derivative exposure. Each Fund may invest up to 20% of its total assets in instruments other than the long and short positions in its Target Index, which we believe helps each Fund track it’s Index. Such instruments currently used are Total Return Swaps and their impact on Fund performance is noted below.

The long swap position in the Dow Jones Thematic Long Momentum Total Return Index contributed positively and the short swap position in the Dow Jones Thematic Short Momentum Total Return Index contributed negatively to the absolute performance of MOM during the Annual Period.

The long swap position in the Dow Jones Thematic Long Value Total Return Index contributed negatively and the short swap position in the Dow Jones Thematic Short Value Total Return Index contributed negatively to the absolute performance of CHEP during the Annual Period.

The long swap position in the Dow Jones Thematic Long Size Total Return Index contributed negatively and the short swap position in the Dow Jones Thematic Short Size Total Return Index contributed negatively to the absolute performance of SIZ during the Annual Period.

The long swap position in the Dow Jones Thematic Long Anti-Beta Total Return Index contributed positively and the short swap position in the Dow Jones Thematic Short Anti-Beta Total Return Index contributed positively to the absolute performance of BTAL during the Annual Period.

We believe the AGFiQ family of ETFs should be positioned to perform even in the face of an ever changing global landscape, due to their uncorrelated return profile to the broad equity and fixed income markets and their ability to capture persistent market premiums with lower volatility.

iii

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As always, we thank you for your continued support.

Sincerely,

The AGFiQ Team

The views expressed in this letter were those of AGF Investments, LLC as of June 30, 2019, and may not necessarily reflect the view on the date this letter is first published or anytime thereafter. These views are intended to help shareholders in understanding the Funds’ present investment methodology and do not constitute investment advice.

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Management Discussion of Fund Performance

AGFiQ U.S. Market Neutral Momentum Fund (MOM) (Unaudited):

The AGFiQ U.S. Market Neutral Momentum Fund seeks performance results that correspond to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Thematic Market Neutral Momentum Index (“Target Index”). The Target Index, which is compiled by Dow Jones Indexes, is equal weighted, dollar neutral, and sector neutral. The Target Index rebalances monthly by identifying the highest momentum stocks as long positions and lowest momentum stocks as short positions, of approximately equal dollar amounts, within each sector. The Fund provides investors with the means of seeking the spread return between the prices of high and low momentum stocks within the Dow Jones U.S. Index.⁹ A stock’s momentum is based on its total return, which is a function of price performance and dividend returns over the first 12 of the last 13 months. Stocks with a higher total return receive a higher ranking and stocks with a lower total return receive a lower ranking. Momentum investing entails investing in securities that have had above-average returns and shorting securities that have had below-average returns. The performance of the Fund will depend on the difference in the rate of return between its long positions and short positions.

During the Annual Period (July 1, 2018 through June 30, 2019), the Fund’s market price return was 0.29% and its NAV return was 0.24%.¹ The Target Index returned -0.27% during the same period. The Fund’s market price at June 30, 2019 was $24.60.

The Fund posted positive performance in five of the 12 months for the period with returns ranging from -4.39% to 7.48%. The best performing months for the Fund were May 2019 and August 2018 finishing up 7.48% and 3.47%, respectively. The worst performing months for the Fund were June 2019 and January 2019 finishing down -4.39% and -3.82%, respectively.

The Fund is sector neutral, dollar neutral and equal weighted, and the primary driver of performance is an isolated factor, in this case momentum, total returns over the first 12 of the last 13 months. During the Annual Period, there was a slight market reward for high momentum stocks over low momentum stocks resulting in positive performance for the Fund.

The Fund had an annualized volatility⁵ of 9.26% for the Annual Period.


	Fund Sector Weights (Based on Net Assets)
As of 06/30/2019	% Long Weight			% Short Weight
Communication Services		4.29	%		-4.55	%
Consumer Discretionary		12.53	%		-13.99	%
Consumer Staples		4.93	%		-4.88	%
Energy		4.42	%		-4.48	%
Financials		16.94	%		-17.43	%
Health Care		12.65	%		-12.74	%
Industrials		16.14	%		-16.90	%
Information Technology		17.18	%		-18.00	%
Materials		6.34	%		-6.72	%
Real Estate		9.44	%		-9.61	%
Utilities		5.38	%		-5.44	%


	Portfolio Characteristics
As of 06/30/2019	Long Portfolio		Short Portfolio
Number of Companies		200		200
Price/Earnings Ratio¹⁰		34.11		18.83
Price/Book Ratio¹¹		5.02		2.16

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	Portfolio Characteristics
As of 06/30/2019	Long Portfolio		Short Portfolio
Average Market Cap ($B)		27.84		13.86
Median Market Cap ($B)		12.62		6.18
Beta		0.95		1.32

Frequency of Distributions of Premiums and Discounts — Information concerning the number of days that the Fund trades at a premium or discount for the most recently completed five fiscal years can be found on the Funds’ website, www.agf.com/us.

Growth of a $10,000 Investment Since Inception at Net Asset Value*

MOM — AGFiQ U.S. Market Neutral Momentum Fund
DJUS Momentum Index — Dow Jones U.S. Thematic Market Neutral Momentum Index
Russell 1000 — Russell 1000 Index¹²

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The line graph represents historical performance of a hypothetical investment of $10,000 from September 6, 2011 (Commencement of Operations) to June 30, 2019 assuming the reinvestment of distributions.

Average Annual Total Return as of June 30, 2019


	1 Year			3 Year			5 Year			Since Inception
MOM NAV Return		0.24	%*		-2.73	%		-0.22	%		0.12	%
MOM Market Price Return		0.29	%		-2.73	%		-0.23	%		0.12	%
DJUS Momentum Index		-0.27	%		-2.27	%		1.17	%		1.85	%
Russell 1000 Index		10.02	%		14.21	%		10.47	%		14.93	%

The Fund’s Average Annual Total Returns are based on net assets values calculated for shareholder transactions which are not reflective of adjustments required pursuant to Generally Accepted Accounting Principles (“GAAP”). Accordingly, differences may exist between this data and similar information reported in the financial statements.

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. As stated in the current prospectus, the Adviser has contractually undertaken until November 1, 2019 to waive fees and/or reimburse expenses of the Fund (the “Expense Cap”) so that the total annual operating expenses (excluding interest, taxes, brokerage commissions and other expenses that are capitalized in accordance with generally accepted accounting principles, dividend, interest and brokerage expenses for short positions, acquired fund fees and expenses, and extraordinary expenses if any) of the Fund are limited to 0.75% of the Fund’s average net assets. As stated in the current prospectus, the current gross and net expense ratios are 5.81% and 1.88% respectively. Refer to the financial highlights herein for the most recent expense ratios. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month-end performance please visit www.agf.com/us. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs, or other expenses that would be incurred by the Fund or brokerage commissions on transactions in Fund shares. Such fees and expenses reduce Fund returns. One cannot invest directly in an index.

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AGFiQ U.S. Market Neutral Value Fund (CHEP) (Unaudited):

The AGFiQ U.S. Market Neutral Value Fund seeks performance results that correspond to the price and yield performance before fees and expenses, of the Dow Jones U.S. Thematic Market Neutral Value Index (“Target Index”). The Target Index, which is compiled by Dow Jones Indexes, is equal weighted, dollar neutral, and sector neutral. The Target Index rebalances monthly by identifying the most undervalued stocks as long positions and the most overvalued stocks as short positions, of approximately equal dollar amounts, within each sector. The Fund provides investors with the means of seeking the spread return between high and low ranked stocks. Undervalued stocks within each sector receive higher rankings and overvalued stocks receive lower rankings. For the Fund, value investing entails investing in securities that have below-average valuations based on ratios such as earnings to price,⁹ book to price,¹⁰ and cash flow from operations to price and shorting securities that have above-average valuations based on the same ratios. The performance of the Fund will depend on the difference in the rates of return between the long positions and the short positions.

During the Annual Period (July 1, 2018 through June 30, 2019), the Fund’s market price return was -13.73% and its NAV return was -13.69%.¹ The Target Index returned -14.07% during the same period. The Fund’s market price at June 30, 2019 was $20.21.

The Fund posted positive performance in five of the 12 months for the period with returns ranging from -6.92% to 2.29%. The best performing months for the Fund were July 2018 and January 2019 finishing up 2.29% and 2.19%, respectively. The worst performing months for the Fund were May 2019 and August 2018 finishing down -6.92% and -4.81%, respectively.

The Fund is sector neutral, dollar neutral and equal weighted, and the primary driver of performance is an isolated factor, in this case valuation based on cash flow to price, earnings to price, and book to price. During the Annual Period, the market rewarded higher valuation companies over lower valuation companies resulting in negative performance for the Fund.

The Fund had an annualized volatility⁵ of 8.59% for the Annual Period.


	Fund Sector Weights (Based on Net Assets)
As of 06/30/2019	% Long Weight			% Short Weight
Communication Services		4.17	%		-4.13	%
Consumer Discretionary		12.09	%		-11.94	%
Consumer Staples		5.08	%		-5.09	%
Energy		4.94	%		-4.83	%
Financials		16.05	%		-15.98	%
Health Care		11.70	%		-11.86	%
Industrials		15.33	%		-14.71	%
Information Technology		17.15	%		-16.14	%
Materials		6.19	%		-5.95	%
Real Estate		8.40	%		-8.30	%
Utilities		5.09	%		-5.06	%


	Portfolio Characteristics
As of 06/30/2019	Long Portfolio		Short Portfolio
Number of Companies		200		200
Price/Earnings Ratio¹⁰		13.03		43.95
Price/Book Ratio¹¹		1.52		8.46
Average Market Cap ($B)		17.15		27.82
Median Market Cap ($B)		7.52		11.61
Beta		1.23		1.03

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Growth of a $10,000 Investment Since Inception at Net Asset Value*

CHEP — AGFiQ U.S. Market Neutral Value Fund
DJUS Value Index — Dow Jones U.S. Thematic Market Neutral Value Index
Russell 1000 — Russell 1000 Index¹²

[GRAPHIC MISSING]

The line graph represents historical performance of a hypothetical investment of $10,000 from September 12, 2011 (Commencement of Operations) to June 30, 2019 assuming the reinvestment of distributions.

Average Annual Total Return as of June 30, 2019


	1 Year			3 Year			5 Year			Since Inception
CHEP NAV Return		-13.69	%*		-4.55	%		-6.27	%		-1.94	%
CHEP Market Price Return		-13.73	%		-4.52	%		-6.30	%		-1.94	%
DJUS Value Index		-14.07	%		-4.03	%		-4.95	%		-0.30	%
Russell 1000 Index		10.02	%		14.21	%		10.47	%		14.99	%

The Fund’s Average Annual Total Returns are based on net assets values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. As stated in the current prospectus, the Adviser has contractually undertaken until November 1, 2019 to waive fees and/or reimburse expenses of the Fund (the “Expense Cap”) so that the total annual operating expenses (excluding interest, taxes, brokerage commissions and other expenses that are capitalized in accordance with generally accepted accounting principles, dividend, interest and brokerage expenses for short positions, acquired fund fees and expenses, and extraordinary expenses if any) of the Fund are limited to 0.75% of the Fund’s average net assets. As stated in the current prospectus, the current gross and net expense ratios are 18.34% and 1.12% respectively. Refer to the financial highlights herein for the most recent expense ratios. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month-end performance please visit www.agf.com/us. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs, or other expenses that would be incurred by the Fund or brokerage commissions on transactions in Fund shares. Such fees and expenses reduce Fund returns. One cannot invest directly in an index.

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AGFiQ U.S. Market Neutral Size Fund (SIZ) (Unaudited):

The AGFiQ U.S. Market Neutral Size Fund seeks performance that corresponds to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Thematic Market Neutral Size Index (“Target Index”). The Target Index, which is compiled by Dow Jones Indexes, is equal weighted, dollar neutral, and sector neutral. The Target Index rebalances monthly by identifying the lowest capitalization stocks as long positions and highest capitalization stocks as short positions, of approximately equal dollar amounts, within each sector. The Fund provided investors with the means of seeking the spread return between high and low ranked stocks. Stocks are ranked from smallest to largest by market capitalization within the Dow Jones U.S. Index⁹. Size investing entails investing in securities within the universe that have below-average market capitalizations and shorting securities with above-average market capitalizations. The performance of the Fund will depend on the difference in the rates of return between these long positions and short positions.

During the Annual Period (July 1, 2018 through June 30, 2019), the Fund’s market price return was -10.83% and its NAV return was -10.55%.¹ The Target Index returned -10.53% during the same period. The Fund’s market price at June 30, 2019 was $18.12.

The Fund posted positive performance in four of 12 months of the period, with returns ranging from -3.29% to 2.35%. The best performing months for the Fund were January 2019 and August 2018 finishing up 2.35% and 1.60%, respectively. The worst performing months for the Fund were May 2019 and December 2018 finishing down -3.29% and -3.20%, respectively.

The Fund is sector neutral, dollar neutral and equal weighted, and the primary driver of performance is an isolated factor, in this case market capitalization. During the Annual Period, the market favored larger cap names over smaller cap names resulting in negative performance for the Fund.

The Fund had an annualized volatility⁵ of 6.69% for the Annual Period.


	Fund Sector Weights (Based on Net Assets)
As of 06/30/2019	% Long Weight			% Short Weight
Communication Services		4.65	%		-4.78	%
Consumer Discretionary		12.97	%		-12.96	%
Consumer Staples		5.22	%		-5.26	%
Energy		4.96	%		-4.97	%
Financials		15.88	%		-15.91	%
Health Care		11.95	%		-11.83	%
Industrials		15.59	%		-15.17	%
Information Technology		16.13	%		-16.40	%
Materials		6.19	%		-6.09	%
Real Estate		8.85	%		-9.24	%
Utilities		4.66	%		-4.61	%


	Portfolio Characteristics
As of 06/30/2019	Long Portfolio		Short Portfolio
Number of Companies		200		200
Price/Earnings Ratio¹⁰		22.24		22.55
Price/Book Ratio¹¹		2.40		3.95
Average Market Cap ($B)		3.79		99.93
Median Market Cap ($B)		5.53		22.55
Beta		1.17		0.99

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Growth of a $10,000 Investment Since Inception at Net Asset Value*

SIZ — AGFiQ U.S. Market Neutral Size Fund
DJUS Size Index — Dow Jones U.S. Thematic Market Neutral Size Index
Russell 1000 — Russell 1000 Index¹²

[GRAPHIC MISSING]

Average Annual Total Return as of June 30, 2019


	1 Year			3 Year			5 Year			Since Inception
SIZ NAV Return		-10.55	%*		-5.18	%		-6.63	%		-3.88	%
SIZ Market Price Return		-10.83	%		-5.20	%		-6.65	%		-3.95	%
DJUS Size Index		-10.53	%		-5.19	%		-6.64	%		-3.89	%
Russell 1000 Index		10.02	%		14.21	%		10.47	%		14.93	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. As stated in the current prospectus, the Adviser has contractually undertaken until November 1, 2019 to waive fees and/or reimburse expenses of the Fund (the “Expense Cap”) so that the total annual operating expenses (excluding interest, taxes, brokerage commissions and other expenses that are capitalized in accordance with generally accepted accounting principles, dividend, interest and brokerage expenses for short positions, acquired fund fees and expenses, and extraordinary expenses if any) of the Fund are limited to 0.75% of the Fund’s average net assets. As stated in the current prospectus, the current gross and net expense ratios are 12.62% and 1.71% respectively. Refer to the financial highlights herein for the most recent expense ratios. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month-end performance please visit www.agf.com/us. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs, or other expenses that would be incurred by the Fund or brokerage commissions on transactions in Fund shares. Such fees and expenses reduce Fund returns. One cannot invest directly in an index.

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AGFiQ U.S. Market Neutral Anti-Beta Fund (BTAL) (Unaudited):

The AGFiQ U.S. Market Neutral Anti-Beta Fund seeks performance results that correspond to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Thematic Market Neutral Anti-Beta Index (“Target Index”). The Target Index, which is compiled by Dow Jones Indexes, is equal weighted, dollar neutral, and sector neutral. The Target Index rebalances monthly by identifying the lowest beta stocks as long positions and highest beta stocks as short positions, of approximately equal dollar amounts, within each sector. The Fund provides investors with the means of seeking the spread return between low and high beta stocks. Low beta stocks are those stocks that are less volatile than the Dow Jones U.S. Index,⁹ and high beta stocks are those stocks that are more volatile than the Dow Jones U.S. Index. Anti-beta investing entails investing in securities that have below-average betas and shorting securities that have above-average betas. The performance of the Fund will depend on the differences in the rates of return of these long positions and short positions.

During the Annual Period (July 1, 2018 through June 30, 2019), the Fund’s market price return was 9.66% and its NAV return was 9.30%.¹ The Target Index returned 8.88% during the same period. The Fund’s market price at June 30, 2019 was $21.89.

The Fund posted positive performance in seven of the 12 months of the period with returns ranging from -3.79% to 6.83%. The best performing months for the Fund were May 2019 and October 2018 finishing up 6.83% and 4.64%, respectively. The worst performing months for the Fund were June 2019 and January 2019 finishing down -3.79% and -3.50%, respectively.

The Fund is sector neutral, dollar neutral and equal weighted, and the primary driver of performance is an isolated factor, in this case beta. During the Annual Period, the market tended to favor lower beta stocks over higher beta stocks, resulting in positive performance for the Fund.

The Fund had annualized volatility⁵ of 9.54% for the Annual Period.


	Fund Sector Weights (Based on Net Assets)
As of 06/30/2019	% Long Weight			% Short Weight
Communication Services		4.32	%		-4.49	%
Consumer Discretionary		12.69	%		-13.22	%
Consumer Staples		4.86	%		-4.87	%
Energy		5.04	%		-5.12	%
Financials		16.76	%		-17.30	%
Health Care		12.20	%		-12.86	%
Industrials		16.04	%		-17.34	%
Information Technology		16.77	%		-17.05	%
Materials		6.42	%		-6.63	%
Real Estate		9.34	%		-9.66	%
Utilities		5.36	%		-5.42	%


	Portfolio Characteristics
As of 06/30/2019	Long Portfolio		Short Portfolio
Number of Companies		200		200
Price/Earnings Ratio¹⁰		25.55		21.73
Price/Book Ratio¹¹		3.49		2.51
Average Market Cap ($B)		28.37		19.99
Median Market Cap ($B)		10.49		6.86
Beta		0.81		1.40

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Growth of a $10,000 Investment Since Inception at Net Asset Value*

BTAL — AGFiQ U.S. Market Neutral Anti-Beta Fund
DJUS Anti-Beta Index — Dow Jones U.S. Thematic Market Neutral Anti-Beta Index
Russell 1000 — Russell 1000 Index¹²

[GRAPHIC MISSING]

Average Annual Total Return as of June 30, 2019


	1 Year			3 Year			5 Year			Since Inception
BTAL NAV Return		9.30	%*		-2.02	%		2.56	%		-1.45	%
BTAL Market Price Return		9.66	%		-1.93	%		2.75	%		-1.41	%
DJUS Anti-Beta Index		8.88	%		-1.80	%		4.09	%		0.20	%
Russell 1000 Index		10.02	%		14.21	%		10.47	%		14.99	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. As stated in the current prospectus, the Adviser has contractually undertaken until November 1, 2019 to waive fees and/or reimburse expenses of the Fund (the “Expense Cap”) so that the total annual operating expenses (excluding interest, taxes, brokerage commissions and other expenses that are capitalized in accordance with generally accepted accounting principles, dividend, interest and brokerage expenses for short positions, acquired fund fees and expenses, and extraordinary expenses if any) of the Fund are limited to 0.45% of the Fund’s average net assets. As stated in the current prospectus, the current gross and net expense ratios are 3.34% and 0.76% respectively. Refer to the financial highlights herein for the most recent expense ratios. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month-end performance please visit www.agf.com/us. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs, or other expenses that would be incurred by the Fund or brokerage commissions on transactions in Fund shares. Such fees and expenses reduce Fund returns. One cannot invest directly in an index.

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AGFiQ Hedged Dividend Income Fund (DIVA) (Unaudited):

The AGFiQ Hedged Dividend Income Fund seeks performance results that correspond to the price and yield performance, before fees and expenses, of the Indxx Hedged Dividend Income Index¹³ (“Target Index”). The Target Index, which is compiled by Indxx, is designed to generate a high current yield and capital appreciation. The Target Index rebalances monthly by identifying the highest dividend stocks as long positions, and the lowest dividend stocks as short positions. The Target Index invests in stocks with stable or growing dividends that trade at high yields. In an attempt to reduce risk, the Target Index shorts stocks in each sector which have unstable or low dividends. The Target Index is approximately 100% long and 50% short at the time of rebalances. The maximum weight for any sector in the long portfolio is 25%. Sector and industry weights in the short portfolio are approximately 50% of the size of the long sector weights. The Target Index has 100 long positions and approximately 150-200 short positions. The Fund provides investors with the means of seeking the spread return between low and high dividend stocks. The performance of the Fund will depend on the differences in the rates of return of these long positions and short positions.

During the Annual Period (July 1, 2018 through June 30, 2019), the Fund’s market price return was 5.28% and its NAV return was 5.02%.¹ The Target Index returned 5.89% during the same period. The Fund’s market price at June 30, 2019 was $23.91.

The Fund posted positive performance in seven of the 12 months of the period with returns ranging from -3.65% to 5.67%. The best performing months for the Fund were January 2019 and June 2019 finishing up 5.67% and 2.47%, respectively. The worst performing months for the Fund were December 2018 and May 2019 finishing down -3.65% and -3.07% respectively.

The Fund is designed as a long/short fund with approximately 100% long exposure and 50% short exposure, and the primary driver of performance is an isolated factor, in this case high equity dividend yield. During the Annual Period, rate sensitive stocks slightly outperformed lower yielders, resulting in a positive performance for the Fund.

The Fund had annualized volatility⁵ of 6.09% for the Annual Period.


	Fund Sector Weights (Based on Net Assets)
As of 06/30/2019	% Long Weight			% Short Weight
Communication Services		6.24	%		-3.33	%
Consumer Discretionary		10.71	%		-6.02	%
Consumer Staples		10.11	%		-5.16	%
Energy		19.50	%		-9.49	%
Financials		13.91	%		-11.94	%
Health Care		5.10	%		-2.68	%
Industrials		3.15	%		-1.73	%
Information Technology		4.61	%		-2.04	%
Materials		1.87	%		-0.99	%
Real Estate		11.79	%		-1.58	%
Utilities		14.58	%		-7.20	%


	Portfolio Characteristics
As of 06/30/2019	Long Portfolio		Short Portfolio
Number of Companies		100		184
Price/Earnings Ratio¹⁰		16.15		25.27
Price/Book Ratio¹¹		1.90		2.52
Average Market Cap ($B)		35.67		30.59
Median Market Cap ($B)		10.64		11.59
Beta		0.94		1.02

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Growth of a $10,000 Investment Since Inception at Net Asset Value*

DIVA — AGFiQ Hedged Dividend Income Fund
Hedged Dividend Income Index — INDXX Hedged Dividend Income Index
BloomBarc US Corporate Bond Index — Bloomberg Barclays US Corporate Total Return Value Unhedged Index¹⁴

[GRAPHIC MISSING]

The line graph represents historical performance of a hypothetical investment of $10,000 from January 15, 2015 (Commencement of Operations) to June 30, 2019 assuming the reinvestment of distributions.

Average Annual Total Return as of June 30, 2019


	1 Year			3 Year			Since Inception
DIVA NAV Return		5.02	%*		3.51	%		4.07	%
DIVA Market Price Return		5.28	%		3.61	%		4.12	%
INDXX Hedged Dividend Income Index		5.89	%		4.69	%		5.32	%
BloomBarc US Corp Bond Index		10.72	%		3.96	%		3.79	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. As stated in the current prospectus, the Adviser has contractually undertaken until November 1, 2019 to waive fees and/or reimburse expenses of the Fund (the “Expense Cap”) so that the total annual operating expenses (excluding interest, taxes, brokerage commissions and other expenses that are capitalized in accordance with generally accepted accounting principles, dividend, interest and brokerage expenses for short positions, acquired fund fees and expenses, and extraordinary expenses if any) of the Fund are limited to 0.45% of the Fund’s average net assets. As stated in the current prospectus, the current gross and net expense ratios are 3.98% and 0.75% respectively. Refer to the financial highlights herein for the most recent expense ratios. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month-end performance please visit www.agf.com/us. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs, or other expenses that would be incurred by the Fund or brokerage commissions on transactions in Fund shares. Such fees and expenses reduce Fund returns. One cannot invest directly in an index.

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AGFiQ Global Infrastructure ETF (GLIF) (Unaudited):

The AGFiQ Global Infrastructure ETF, which commenced operations on May 23, 2019, seeks to provide long-term capital appreciation through exposure to a diversified portfolio of Global infrastructure equities. The Fund will utilize a proprietary, multi-factor investment process to seek long-term capital appreciation by investing primarily in global equity securities in the infrastructure industry. The Fund seeks to provide potential diversification and risk reduction benefits as listed infrastructure has historically exhibited lower correlations with traditional asset classes and lower volatility than global equities. Listed infrastructure securities typically offer higher dividend yields than equities or bonds and can be used as a hedge against inflation or to mitigate rising interest rates. The Fund employs a systematic, factor-driven investment strategy that uses a proprietary sector model and an expanded universe of global infrastructure equities to broaden the opportunity set and seek attractive risk-adjusted returns.

Since the commencement of operations through June 30, 2019, the Fund’s market price return was 3.00% and its NAV return was 3.00%.¹ The Dow Jones Brookfield Global Infrastructure Index returned 3.29% during the same period. The Fund’s market price at June 30, 2019 was $25.75.

The Fund posted positive performance in one of the two months the Fund was in operations with returns ranging from -0.88% to 3.91%. The best performing month for the Fund was June 2019 finishing up 3.91%. The worst performing month for the Fund was May 2019 finishing down -0.88%.


Fund Sector Weights (Based on Net Assets)				Top 10 Country Allocation (Based on Net Assets)
As of 06/30/2019	Percentage %			As of 06/30/2019		Percentage %
Utilities		35.90	%		United States		48.30	%
Energy		23.70	%		Canada		14.80	%
Industrials		17.40	%		China		6.30	%
Real Estate		15.60	%		Spain		4.70	%
Communication Services		4.60	%		United Kingdom		4.50	%
Exchange Traded Fund		2.10	%		France		4.30	%
					Hong Kong		2.80	%
					Australia		2.80	%
					Multinational		2.10	%
					Italy		1.90	%

TABLE OF CONTENTS

Growth of a $10,000 Investment Since Inception at Net Asset Value*

GLIF — AGFiQ Global Infrastructure ETF
Dow Jones Brookfield Global Infrastructure TR Index¹²

[GRAPHIC MISSING]

The line graph represents historical performance of a hypothetical investment of $10,000 from May 23, 2019 (Commencement of Operations) to June 30, 2019 assuming the reinvestment of distributions.

Cumulative Total Return as of June 30, 2019


	Since Inception
GLIF NAV Return		3.00	%*
GLIF Market Price Return		3.00	%
Dow Jones Brookfield Global Infrastructure Index		3.29	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. As stated in the current prospectus, the Adviser has contractually undertaken until May 15, 2022 to waive fees and/or reimburse expenses of the Fund (the “Expense Cap”) so that the total annual operating expenses (excluding interest, taxes, brokerage commissions and other expenses that are capitalized in accordance with generally accepted accounting principles, dividend, interest and brokerage expenses for short positions, acquired fund fees and expenses, and extraordinary expenses if any) of the Fund are limited to 0.45% of the Fund’s average net assets. As stated in the current prospectus, the current gross and net expense ratios are 1.46% and 0.45% respectively. Refer to the financial highlights herein for the most recent expense ratios. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month-end performance please visit www.agf.com/us. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs, or other expenses that would be incurred by the Fund or brokerage commissions on transactions in Fund shares. Such fees and expenses reduce Fund returns. One cannot invest directly in an index.

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AGFiQ Dynamic Hedged U.S. Equity ETF (USHG) (Unaudited):

The AGFiQ Dynamic Hedged U.S. Equity ETF, which commenced operations on May 23, 2019, seeks to provide exposure to a diversified portfolio of U.S. equities while seeking to provide long-term capital appreciation with lower than market volatility using embedded downside risk management to seek to protect capital. A risk-managed U.S. equity holding offering exposure to the long term growth potential of U.S. equities using a multi-factor approach designed to have lower volatility and better risk-adjusted returns relative to the market. Proprietary sector allocation and risk models are evaluated on a daily basis so the portfolio can be responsive to changing market conditions. Concentration risk is reduced by maintaining full sector diversification and using embedded downside risk management.

Since the commencement of operations through June 30, 2019, the Fund’s market price return was 2.72% and its NAV return was 2.68%.¹ The Standard & Poor’s 500 Total Return Index returned 3.21% during the same period. The Fund’s market price at June 30, 2019 was $25.67.

The Fund posted positive performance in one of the two months the Fund was in operations with returns ranging from -2.16% to 4.95%. The best performing month for the Fund was June 2019 finishing up 4.95%. The worst performing month for the Fund was May 2019 finishing down -2.16%.


Fund Sector Weights (Based on Net Assets)				Top Holdings (Based on Net Assets)
As of 06/30/2019	Percentage %			As of 06/30/2019		Percentage %
ETFs for Downside Hedging		19.20	%		AGFiQ US Market Neutral Anti-Beta Fund		19.25	%
Communications Services		3.40	%		Communication Services Select Sector SPDR Fund		3.37	%
Consumer Discretionary		8.30	%		Consumer Discretionary Select Sector SPDR Fund		8.26	%
Consumer Staples		5.80	%		Consumer Staples Select Sector SPDR Fund		5.82	%
Energy		0.80	%		Energy Select Sector SPDR Fund		0.78	%
Financials		12.50	%		Financials Select Sector SPDR Fund		12.51	%
Health Care		11.30	%		Health Care Select Sector SPDR Fund		11.26	%
Industrials		11.70	%		Industrials Select Sector SPDR Fund		11.68	%
Information Technology		14.70	%		Technology Select Sector SPDR Fund		14.71	%
Materials		6.50	%		Materials Select Sector SPDR Fund		6.48	%
Real Estate		4.40	%		Real Estate Select Sector SPDR Fund		4.42	%
Utilities		0.80	%		Utilities Select Sector SPDR Fund		0.78	%

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Growth of a $10,000 Investment Since Inception at Net Asset Value*

USHG — AGFiQ Dynamic Hedged U.S. Equity ETF
S&P 500 TR Index — Standard & Poor’s 500 Total Return Index²

[GRAPHIC MISSING]

The line graph represents historical performance of a hypothetical investment of $10,000 from May 23, 2019 (Commencement of Operations) to June 30, 2019 assuming the reinvestment of distributions.

Cumulative Total Return as of June 30, 2019


	Since Inception
USHG NAV Return		2.68	%*
USHG Market Price Return		2.72	%
S&P 500 TR Index		3.21	%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. As stated in the current prospectus, the Adviser has contractually undertaken until May 15, 2022 to waive fees and/or reimburse expenses of the Fund (the “Expense Cap”) so that the total annual operating expenses (excluding interest, taxes, brokerage commissions and other expenses that are capitalized in accordance with generally accepted accounting principles, dividend, interest and brokerage expenses for short positions, acquired fund fees and expenses, and extraordinary expenses if any) of the Fund are limited to 0.45% of the Fund’s average net assets. As stated in the current prospectus, the current gross and net expense ratios are 1.57% and 0.55% respectively. Refer to the financial highlights herein for the most recent expense ratios. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month-end performance please visit www.agf.com/us. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs, or other expenses that would be incurred by the Fund or brokerage commissions on transactions in Fund shares. Such fees and expenses reduce Fund returns. One cannot invest directly in an index.

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Footnotes to Shareholder Letter and Management Discussion of Fund Performance:

A Fund’s per share net asset value (“NAV”) is the value of one share of the Fund. NAV is calculated by taking the Fund’s total assets (including the market value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the Fund, and the Market Price Return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.

S&P 500 Index — The Standard & Poor’s 500 Stock Index consists of 500 large-cap common stocks actively traded on the NYSE and NASDAQ.

USMCA — United States-Mexico-Canada-Agreement — Trade agreement to grow North American economy with balanced, reciprocal trade that supports high-paying jobs.

NAFTA — North American Free Trade Agreement — Trade agreement which spawned from bilateral agreements with Canada, then Mexico, where tariffs were eliminated progressively and all duties and quantitative restrictions were eliminated by 2008.

Volatility — A statistical measure of the dispersion of returns for a given security or market index.

Correlation — A statistical measure of how two securities move in relation to each other.

Russell 2000 — The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market cap of that index.

Russell 3000 — The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

Dow Jones US Index — A market-capitalization-weighted index providing broad coverage of the U.S. stock market. The index is considered a total market index, representing the top 95% of the U.S. stock market based on market capitalization.

Price/Earnings Ratio — Market Value per share/Earning per share.

Price/Book Ratio — Stock Price/(Total Assets — Intangible Assets and Liabilities).

Russell 1000 Index — The Russell 1000 Index measures the performance of approximately 1,000 of the largest companies in the U.S. equity universe. The Russell 1000 is a subset of the Russell 3000 Index comprising over 90% of the total market capitalization of all listed U.S. stocks.

INDXX Hedged Dividend Income Index — The INDXX Hedged Dividend Income Index is designed to measure the performance of a strategy utilizing three portfolios: a long portfolio (with 100% long position in the INDXX Long High Dividend Index); a short portfolio (with 50% short position in the INDXX Short Low Dividend Index); and a 50% long position in the INDXX Cash Index. The Index is 100% long and 50% short at the time of rebalances. The maximum weight for any sector in the long portfolio is 25% and 15% for industries.

Bloomberg Barclays US Corporate Total Return Value Unhedged Index — The Bloomberg Barclays US Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD denominated securities publicly issued by US and non-US industrial, utility and financial issuers.

Dow Jones Brookfield Global Infrastructure TR Index — Dow Jones Brookfield Global Infrastructure TR Index is a global index of companies with >70% of cash flows derived from infrastructure lines of business. Components must pass screens for country domicile, minimum float market cap and trading volume. The index is a float market cap weighted. It is calculated in USD with dividends reinvested.

xix

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Momentum Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares		Value
Long Positions – 99.4%
Common Stocks – 99.4%
*Aerospace & Defense – 2.0%*
Axon Enterprise, Inc.*(a)		174	$	11,173
HEICO Corp.(a)		96		12,846
Teledyne Technologies, Inc.*		50		13,693
TransDigm Group, Inc.*		26		12,579
				50,291
*Airlines – 1.0%*
Spirit Airlines, Inc.*		252		12,028
United Continental Holdings, Inc.*		150		13,132
				25,160
*Banks – 1.5%*
First Financial Bankshares, Inc.(a)		412		12,686
Glacier Bancorp, Inc.(a)		296		12,003
Popular, Inc.(a)		222		12,041
				36,730
*Beverages – 0.5%*
PepsiCo, Inc.		90		11,802
*Biotechnology – 2.1%*
ACADIA Pharmaceuticals, Inc.*(a)		480		12,830
Exact Sciences Corp.*(a)		112		13,221
Ionis Pharmaceuticals, Inc.*(a)		178		11,440
Sarepta Therapeutics, Inc.*		100		15,195
				52,686
*Building Products – 1.5%*
Allegion plc(a)		120		13,266
Armstrong World Industries, Inc.(a)		130		12,636
Lennox International, Inc.		44		12,100
				38,002
*Capital Markets – 4.0%*
CME Group, Inc.(a)		60		11,647
FactSet Research Systems, Inc.(a)		42		12,035
Federated Investors, Inc., Class B(a)		380		12,350
Intercontinental Exchange, Inc.(a)		142		12,203
LPL Financial Holdings, Inc.		142		11,583
MarketAxess Holdings, Inc.		40		12,857
MSCI, Inc.		52		12,417
S&P Global, Inc.		54		12,301
				97,393
*Chemicals – 3.2%*
Air Products & Chemicals, Inc.(a)		56		12,677
Ecolab, Inc.(a)		64		12,636
Ingevity Corp.*		132		13,883
Linde plc		64		12,851
RPM International, Inc.		218		13,322
Sherwin-Williams Co. (The)		28		12,832
				78,201


Investments	Number of Shares		Value
*Commercial Services & Supplies – 3.5%*
Cintas Corp.(a)		52	$	12,339
Clean Harbors, Inc.*(a)		182		12,940
Copart, Inc.*(a)		162		12,108
MSA Safety, Inc.		116		12,225
Republic Services, Inc.		136		11,783
Tetra Tech, Inc.		172		13,511
Waste Management, Inc.		106		12,229
				87,135
*Communications Equipment – 1.5%*
Ciena Corp.*(a)		332		13,655
Motorola Solutions, Inc.		78		13,005
ViaSat, Inc.*		134		10,830
				37,490
*Consumer Finance – 1.0%*
American Express Co.(a)		100		12,344
Credit Acceptance Corp.*(a)		26		12,580
				24,924
*Containers & Packaging – 2.5%*
Amcor plc*(a)		1,020		11,720
AptarGroup, Inc.(a)		102		12,682
Ball Corp.(a)		190		13,298
Crown Holdings, Inc.*(a)		210		12,831
Sonoco Products Co.		188		12,284
				62,815
*Diversified Consumer Services – 1.0%*
Bright Horizons Family Solutions, Inc.*(a)		84		12,673
ServiceMaster Global Holdings, Inc.*		216		11,252
				23,925
*Electric Utilities – 1.9%*
American Electric Power Co., Inc.(a)		134		11,793
OGE Energy Corp.		280		11,917
Portland General Electric Co.		220		11,918
Xcel Energy, Inc.		202		12,017
				47,645
*Electronic Equipment, Instruments & Components – 1.1%*
CDW Corp.(a)		118		13,098
Keysight Technologies, Inc.*		154		13,831
				26,929
*Entertainment – 0.5%*
Live Nation Entertainment, Inc.*		190		12,587
*Equity Real Estate Investment Trusts (REITs) – 8.5%*
American Tower Corp.(a)		56		11,449
Apartment Investment & Management Co., Class A(a)		232		11,628
EastGroup Properties, Inc.(a)		104		12,062
EPR Properties(a)		148		11,039
Equity LifeStyle Properties, Inc.(a)		96		11,649
HCP, Inc.(a)		364		11,641

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Momentum Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares		Value
Medical Properties Trust, Inc.		652	$	11,371
Mid-America Apartment Communities, Inc.		102		12,012
National Retail Properties, Inc.		216		11,450
Omega Healthcare Investors, Inc.		326		11,980
Outfront Media, Inc.		468		12,070
Physicians Realty Trust(a)		630		10,987
Realty Income Corp.		166		11,449
STORE Capital Corp.		338		11,218
Sun Communities, Inc.		92		11,793
UDR, Inc.		258		11,582
Ventas, Inc.		178		12,166
Welltower, Inc.		142		11,577
				209,123
*Food & Staples Retailing – 1.1%*
Casey’s General Stores, Inc.(a)		90		14,039
Costco Wholesale Corp.(a)		48		12,685
				26,724
*Food Products – 1.9%*
Hershey Co. (The)(a)		88		11,794
McCormick & Co., Inc. (Non-Voting)		74		11,471
Mondelez International, Inc., Class A		228		12,289
Post Holdings, Inc.*		110		11,437
				46,991
*Health Care Equipment & Supplies – 4.2%*
Boston Scientific Corp.*(a)		302		12,980
Danaher Corp.(a)		88		12,577
DexCom, Inc.*(a)		96		14,385
Edwards Lifesciences Corp.*(a)		68		12,562
Masimo Corp.*		88		13,096
NuVasive, Inc.*		198		11,591
STERIS plc		86		12,804
West Pharmaceutical Services, Inc.		102		12,765
				102,760
*Health Care Providers & Services – 1.0%*
HCA Healthcare, Inc.(a)		96		12,976
Molina Healthcare, Inc.*		82		11,738
				24,714
*Health Care Technology – 1.0%*
Teladoc Health, Inc.*		200		13,282
Veeva Systems, Inc., Class A*		74		11,996
				25,278
*Hotels, Restaurants & Leisure – 2.0%*
Chipotle Mexican Grill, Inc.*(a)		18		13,192
Darden Restaurants, Inc.(a)		100		12,173
Planet Fitness, Inc., Class A*		152		11,011
Starbucks Corp.		152		12,742
				49,118
*Household Durables – 0.5%*
Helen of Troy Ltd.*(a)		86		11,231


Investments	Number of Shares		Value
*Household Products – 1.0%*
Church & Dwight Co., Inc.(a)		156	$	11,397
Procter & Gamble Co. (The)		112		12,281
				23,678
*Independent Power and Renewable Electricity Producers – 0.5%*
AES Corp.(a)		734		12,302
*Industrial Conglomerates – 1.0%*
Carlisle Cos., Inc.(a)		86		12,075
Roper Technologies, Inc.		34		12,453
				24,528
*Insurance – 6.0%*
Aon plc(a)		64		12,351
Arch Capital Group Ltd.*(a)		338		12,533
Arthur J Gallagher & Co.(a)		138		12,087
Brown & Brown, Inc.(a)		368		12,328
Cincinnati Financial Corp.(a)		118		12,233
Erie Indemnity Co., Class A(a)		54		13,731
Kemper Corp.		140		12,081
Primerica, Inc.		100		11,995
Progressive Corp. (The)		146		11,670
RenaissanceRe Holdings Ltd.		66		11,749
RLI Corp.		136		11,656
WR Berkley Corp.		188		12,395
				146,809
*Interactive Media & Services – 0.5%*
IAC/InterActiveCorp*(a)		52		11,312
*Internet & Direct Marketing Retail – 0.9%*
Etsy, Inc.*(a)		186		11,415
Wayfair, Inc., Class A*		80		11,680
				23,095
*IT Services – 4.4%*
Booz Allen Hamilton Holding Corp.(a)		184		12,183
Euronet Worldwide, Inc.*(a)		74		12,450
LiveRamp Holdings, Inc.*		226		10,956
Mastercard, Inc., Class A		46		12,168
Okta, Inc.*		102		12,598
Paychex, Inc.		136		11,191
PayPal Holdings, Inc.*		106		12,133
Twilio, Inc., Class A*		88		11,999
VeriSign, Inc.*		60		12,550
				108,228
*Life Sciences Tools & Services – 1.6%*
Bio-Techne Corp.		58		12,093
Bruker Corp.(a)		276		13,786
IQVIA Holdings, Inc.*		86		13,837
				39,716
*Machinery – 1.5%*
Ingersoll-Rand plc		98		12,414

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Momentum Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares		Value
Middleby Corp. (The)*		88	$	11,941
Woodward, Inc.		106		11,995
				36,350
*Media – 2.9%*
Cable One, Inc.(a)		10		11,710
Charter Communications, Inc., Class A*(a)		30		11,855
New York Times Co. (The), Class A		366		11,939
Nexstar Media Group, Inc., Class A		116		11,716
Sinclair Broadcast Group, Inc., Class A		216		11,584
TEGNA, Inc.		764		11,575
				70,379
*Mortgage Real Estate Investment Trusts (REITs) – 1.4%*
Blackstone Mortgage Trust, Inc., Class A(a)		330		11,741
Chimera Investment Corp.(a)		636		12,001
Starwood Property Trust, Inc.		526		11,951
				35,693
*Multiline Retail – 0.4%*
Ollie’s Bargain Outlet Holdings, Inc.*		118		10,279
*Multi-Utilities – 1.9%*
Ameren Corp.(a)		158		11,867
Black Hills Corp.(a)		150		11,726
NorthWestern Corp.		164		11,833
WEC Energy Group, Inc.		144		12,005
				47,431
*Oil, Gas & Consumable Fuels – 4.0%*
Cabot Oil & Gas Corp.(a)		460		10,562
Cheniere Energy, Inc.*		184		12,595
Chevron Corp.(a)		102		12,693
ConocoPhillips(a)		196		11,956
Hess Corp.(a)		208		13,222
Kinder Morgan, Inc.		582		12,152
ONEOK, Inc.		182		12,523
Williams Cos., Inc. (The)		440		12,338
				98,041
*Pharmaceuticals – 1.4%*
Eli Lilly & Co.		100		11,079
Horizon Therapeutics plc*(a)		488		11,741
Merck & Co., Inc.		146		12,242
				35,062
*Professional Services – 2.0%*
CoStar Group, Inc.*(a)		22		12,189
FTI Consulting, Inc.*(a)		138		11,570
Insperity, Inc.		102		12,458
Verisk Analytics, Inc.		84		12,303
				48,520
*Road & Rail – 1.5%*
CSX Corp.(a)		156		12,070


Investments	Number of Shares		Value
Norfolk Southern Corp.		60	$	11,960
Union Pacific Corp.		70		11,837
				35,867
*Semiconductors & Semiconductor Equipment – 2.2%*
Advanced Micro Devices, Inc.*(a)		422		12,816
QUALCOMM, Inc.		174		13,236
Universal Display Corp.		78		14,669
Xilinx, Inc.		112		13,207
				53,928
*Software – 6.3%*
Cadence Design Systems, Inc.*(a)		182		12,887
Ceridian HCM Holding, Inc.*(a)		234		11,747
Fair Isaac Corp.*(a)		40		12,561
Fortinet, Inc.*(a)		160		12,293
HubSpot, Inc.*(a)		68		11,595
Manhattan Associates, Inc.*		178		12,341
Paycom Software, Inc.*		54		12,243
RingCentral, Inc., Class A*		96		11,032
ServiceNow, Inc.*		44		12,081
Verint Systems, Inc.*		204		10,971
VMware, Inc., Class A		64		10,701
Workday, Inc., Class A*		56		11,513
Zendesk, Inc.*		138		12,286
				154,251
*Specialty Retail – 4.5%*
Aaron’s, Inc.(a)		218		13,387
Advance Auto Parts, Inc.(a)		74		11,406
AutoZone, Inc.*(a)		12		13,194
Burlington Stores, Inc.*(a)		74		12,591
Five Below, Inc.*(a)		90		10,802
O’Reilly Automotive, Inc.*		32		11,818
TJX Cos., Inc. (The)		232		12,268
Tractor Supply Co.		116		12,621
Ulta Beauty, Inc.*		36		12,488
				110,575
*Textiles, Apparel & Luxury Goods – 2.1%*
Deckers Outdoor Corp.*(a)		76		13,374
Lululemon Athletica, Inc.*		70		12,615
NIKE, Inc., Class B		150		12,592
Under Armour, Inc., Class A*		510		12,928
				51,509
*Thrifts & Mortgage Finance – 1.4%*
Essent Group Ltd.*(a)		250		11,748
MGIC Investment Corp.*		856		11,248
Radian Group, Inc.		518		11,836
				34,832
*Trading Companies & Distributors – 0.5%*
Fastenal Co.(a)		378		12,319

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Momentum Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
*Water Utilities – 0.5%*
American Water Works Co., Inc.(a)		102		$	11,832
Total Common Stocks (Cost $2,345,257)					2,446,190
Total Long Positions (Cost $2,345,257)					2,446,190
Short Positions – (104.5)%
Common Stocks – (104.5)%
*Aerospace & Defense – (1.6)%*
BWX Technologies, Inc.		(252	)		(13,129	)
General Dynamics Corp.		(72	)		(13,091	)
Textron, Inc.		(258	)		(13,685	)
					(39,905	)
*Air Freight & Logistics – (1.0)%*
FedEx Corp.		(76	)		(12,479	)
XPO Logistics, Inc.*		(226	)		(13,065	)
					(25,544	)
*Airlines – (0.6)%*
American Airlines Group, Inc.		(430	)		(14,022	)
*Auto Components – (2.9)%*
Autoliv, Inc.		(192	)		(13,538	)
BorgWarner, Inc.		(330	)		(13,853	)
Dana, Inc.		(806	)		(16,072	)
Goodyear Tire & Rubber Co. (The)		(870	)		(13,311	)
Lear Corp.		(98	)		(13,649	)
					(70,423	)
*Automobiles – (1.1)%*
Tesla, Inc.*		(64	)		(14,301	)
Thor Industries, Inc.		(228	)		(13,327	)
					(27,628	)
*Banks – (7.2)%*
Bank OZK		(404	)		(12,156	)
Chemical Financial Corp.		(308	)		(12,662	)
East West Bancorp, Inc.		(276	)		(12,909	)
First Horizon National Corp.		(872	)		(13,019	)
Hancock Whitney Corp.		(312	)		(12,499	)
Home BancShares, Inc.		(666	)		(12,827	)
PacWest Bancorp		(322	)		(12,503	)
Sterling Bancorp		(604	)		(12,853	)
SVB Financial Group*		(58	)		(13,026	)
Synovus Financial Corp.		(366	)		(12,810	)
Texas Capital Bancshares, Inc.*		(204	)		(12,519	)
Umpqua Holdings Corp.		(730	)		(12,111	)
Western Alliance Bancorp*		(284	)		(12,700	)
Wintrust Financial Corp.		(172	)		(12,584	)
					(177,178	)
*Biotechnology – (4.0)%*
AbbVie, Inc.		(152	)		(11,053	)
Agios Pharmaceuticals, Inc.*		(254	)		(12,670	)


Investments	Number of Shares			Value
Alkermes plc*		(540	)	$	(12,172	)
Alnylam Pharmaceuticals, Inc.*		(174	)		(12,625	)
Bluebird Bio, Inc.*		(98	)		(12,466	)
FibroGen, Inc.*		(326	)		(14,729	)
Immunomedics, Inc.*		(890	)		(12,344	)
United Therapeutics Corp.*		(140	)		(10,928	)
					(98,987	)
*Building Products – (1.1)%*
AO Smith Corp.		(288	)		(13,582	)
Owens Corning		(242	)		(14,085	)
					(27,667	)
*Capital Markets – (7.1)%*
Affiliated Managers Group, Inc.		(140	)		(12,900	)
BlackRock, Inc.		(28	)		(13,140	)
Charles Schwab Corp. (The)		(282	)		(11,334	)
E*TRADE Financial Corp.		(260	)		(11,596	)
Eaton Vance Corp.		(306	)		(13,198	)
Evercore, Inc., Class A		(150	)		(13,285	)
Goldman Sachs Group, Inc. (The)		(64	)		(13,094	)
Interactive Brokers Group, Inc., Class A		(232	)		(12,574	)
Invesco Ltd.		(596	)		(12,194	)
Janus Henderson Group plc		(574	)		(12,284	)
Lazard Ltd., Class A		(372	)		(12,793	)
Morgan Stanley		(286	)		(12,530	)
SEI Investments Co.		(232	)		(13,015	)
State Street Corp.		(210	)		(11,773	)
					(175,710	)
*Chemicals – (3.3)%*
Albemarle Corp.		(184	)		(12,955	)
Cabot Corp.		(292	)		(13,931	)
Chemours Co. (The)		(552	)		(13,248	)
Huntsman Corp.		(668	)		(13,654	)
Olin Corp.		(594	)		(13,015	)
Westlake Chemical Corp.		(202	)		(14,031	)
					(80,834	)
*Commercial Services & Supplies – (1.5)%*
Deluxe Corp.		(318	)		(12,930	)
Healthcare Services Group, Inc.		(372	)		(11,279	)
Stericycle, Inc.*		(258	)		(12,319	)
					(36,528	)
*Communications Equipment – (1.6)%*
CommScope Holding Co., Inc.*		(724	)		(11,389	)
F5 Networks, Inc.*		(88	)		(12,815	)
Lumentum Holdings, Inc.*		(288	)		(15,382	)
					(39,586	)
*Construction & Engineering – (1.1)%*
Fluor Corp.		(420	)		(14,150	)
Valmont Industries, Inc.		(104	)		(13,188	)
					(27,338	)

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Momentum Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
*Consumer Finance – (0.5)%*
Green Dot Corp., Class A*		(252	)	$	(12,323	)
*Containers & Packaging – (0.5)%*
Westrock Co.		(360	)		(13,129	)
*Diversified Telecommunication Services – (0.5)%*
CenturyLink, Inc.		(1,124	)		(13,218	)
*Electric Utilities – (2.0)%*
ALLETE, Inc.		(144	)		(11,982	)
Avangrid, Inc.		(234	)		(11,817	)
Edison International		(198	)		(13,347	)
PPL Corp.		(392	)		(12,156	)
					(49,302	)
*Electronic Equipment, Instruments & Components – (2.8)%*
Coherent, Inc.*		(106	)		(14,455	)
IPG Photonics Corp.*		(94	)		(14,499	)
Littelfuse, Inc.		(72	)		(12,738	)
SYNNEX Corp.		(134	)		(13,186	)
TE Connectivity Ltd.		(140	)		(13,409	)
					(68,287	)
*Energy Equipment & Services – (3.1)%*
Core Laboratories NV		(246	)		(12,861	)
Halliburton Co.		(550	)		(12,507	)
National Oilwell Varco, Inc.		(564	)		(12,538	)
Patterson-UTI Energy, Inc.		(1,102	)		(12,684	)
Schlumberger Ltd.		(338	)		(13,432	)
Transocean Ltd.*		(1,894	)		(12,140	)
					(76,162	)
*Entertainment – (1.0)%*
Activision Blizzard, Inc.		(268	)		(12,649	)
Electronic Arts, Inc.*		(126	)		(12,759	)
					(25,408	)
*Equity Real Estate Investment Trusts (REITs) – (7.6)%*
Apple Hospitality REIT, Inc.		(756	)		(11,990	)
Colony Capital, Inc.		(2,258	)		(11,290	)
GEO Group, Inc. (The)		(534	)		(11,219	)
Host Hotels & Resorts, Inc.		(644	)		(11,734	)
Macerich Co. (The)		(326	)		(10,918	)
Paramount Group, Inc.		(822	)		(11,516	)
Pebblebrook Hotel Trust		(422	)		(11,892	)
Rayonier, Inc.		(416	)		(12,605	)
RLJ Lodging Trust		(680	)		(12,063	)
Senior Housing Properties Trust		(1,496	)		(12,372	)
SL Green Realty Corp.		(136	)		(10,930	)
Sunstone Hotel Investors, Inc.		(876	)		(12,010	)
Taubman Centers, Inc.		(266	)		(10,861	)
Uniti Group, Inc.		(1,212	)		(11,514	)
Urban Edge Properties		(676	)		(11,715	)
Weyerhaeuser Co.		(512	)		(13,486	)
					(188,115	)


Investments	Number of Shares			Value
*Food & Staples Retailing – (0.5)%*
Walgreens Boots Alliance, Inc.		(236	)	$	(12,902	)
*Food Products – (2.0)%*
Bunge Ltd.		(224	)		(12,479	)
Conagra Brands, Inc.		(438	)		(11,616	)
Ingredion, Inc.		(154	)		(12,703	)
Kraft Heinz Co. (The)		(428	)		(13,285	)
					(50,083	)
*Gas Utilities – (1.0)%*
South Jersey Industries, Inc.		(374	)		(12,615	)
UGI Corp.		(228	)		(12,178	)
					(24,793	)
*Health Care Equipment & Supplies – (2.1)%*
ABIOMED, Inc.*		(44	)		(11,462	)
Cantel Medical Corp.		(170	)		(13,709	)
Integra LifeSciences Holdings Corp.*		(252	)		(14,074	)
Neogen Corp.*		(208	)		(12,919	)
					(52,164	)
*Health Care Providers & Services – (3.2)%*
Acadia Healthcare Co., Inc.*		(362	)		(12,652	)
Cardinal Health, Inc.		(278	)		(13,094	)
DaVita, Inc.*		(268	)		(15,078	)
Laboratory Corp. of America Holdings*		(72	)		(12,449	)
McKesson Corp.		(96	)		(12,901	)
MEDNAX, Inc.*		(478	)		(12,060	)
					(78,234	)
*Hotels, Restaurants & Leisure – (2.8)%*
Caesars Entertainment Corp.*		(1,324	)		(15,650	)
Hilton Grand Vacations, Inc.*		(460	)		(14,637	)
Marriott Vacations Worldwide Corp.		(130	)		(12,532	)
MGM Resorts International		(468	)		(13,371	)
Wynn Resorts Ltd.		(108	)		(13,391	)
					(69,581	)
*Household Durables – (1.7)%*
Mohawk Industries, Inc.*		(86	)		(12,682	)
Newell Brands, Inc.		(878	)		(13,539	)
Whirlpool Corp.		(102	)		(14,521	)
					(40,742	)
*Household Products – (0.5)%*
Energizer Holdings, Inc.		(286	)		(11,051	)
*Independent Power and Renewable Electricity Producers – (1.0)%*
NRG Energy, Inc.		(344	)		(12,081	)
Vistra Energy Corp.		(498	)		(11,275	)
					(23,356	)
*Industrial Conglomerates – (1.1)%*
3M Co.		(74	)		(12,827	)

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Momentum Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
General Electric Co.		(1,248	)	$	(13,104	)
					(25,931	)
*Insurance – (1.0)%*
Brighthouse Financial, Inc.*		(330	)		(12,108	)
CNO Financial Group, Inc.		(746	)		(12,443	)
					(24,551	)
*Interactive Media & Services – (0.5)%*
Zillow Group, Inc., Class C*		(270	)		(12,525	)
*Internet & Direct Marketing Retail – (0.6)%*
GrubHub, Inc.*		(182	)		(14,194	)
*IT Services – (2.0)%*
Alliance Data Systems Corp.		(84	)		(11,771	)
Cognizant Technology Solutions Corp., Class A		(188	)		(11,917	)
CoreLogic, Inc.*		(300	)		(12,549	)
DXC Technology Co.		(246	)		(13,567	)
					(49,804	)
*Leisure Products – (1.1)%*
Mattel, Inc.*		(1,174	)		(13,161	)
Polaris Industries, Inc.		(148	)		(13,502	)
					(26,663	)
*Machinery – (2.6)%*
Caterpillar, Inc.		(98	)		(13,356	)
Colfax Corp.*		(462	)		(12,950	)
Pentair plc		(336	)		(12,499	)
Trinity Industries, Inc.		(608	)		(12,616	)
Wabtec Corp.		(188	)		(13,491	)
					(64,912	)
*Media – (2.1)%*
Liberty Global plc, Class C*		(484	)		(12,840	)
Liberty Latin America Ltd., Class C*		(688	)		(11,827	)
News Corp., Class A		(1,028	)		(13,868	)
Sirius XM Holdings, Inc.		(2,214	)		(12,354	)
					(50,889	)
*Metals & Mining – (2.3)%*
Alcoa Corp.*		(554	)		(12,969	)
Freeport-McMoRan, Inc.		(1,210	)		(14,048	)
Steel Dynamics, Inc.		(464	)		(14,013	)
United States Steel Corp.		(996	)		(15,249	)
					(56,279	)
*Multiline Retail – (0.5)%*
Macy’s, Inc.		(578	)		(12,404	)
*Multi-Utilities – (1.0)%*
Avista Corp.		(280	)		(12,488	)
MDU Resources Group, Inc.		(478	)		(12,332	)
					(24,820	)


Investments	Number of Shares			Value
*Oil, Gas & Consumable Fuels – (1.0)%*
Parsley Energy, Inc., Class A*		(658	)	$	(12,509	)
Whiting Petroleum Corp.*		(640	)		(11,955	)
					(24,464	)
*Personal Products – (1.5)%*
Edgewell Personal Care Co.*		(414	)		(11,157	)
Herbalife Nutrition Ltd.*		(280	)		(11,973	)
Nu Skin Enterprises, Inc., Class A		(254	)		(12,527	)
					(35,657	)
*Pharmaceuticals – (2.3)%*
Allergan plc		(96	)		(16,072	)
Mylan NV*		(698	)		(13,290	)
Nektar Therapeutics*		(378	)		(13,449	)
Perrigo Co. plc		(282	)		(13,429	)
					(56,240	)
*Professional Services – (1.0)%*
ASGN, Inc.*		(232	)		(14,059	)
Nielsen Holdings plc		(518	)		(11,707	)
					(25,766	)
*Real Estate Management & Development – (1.1)%*
Howard Hughes Corp. (The)*		(114	)		(14,118	)
Jones Lang LaSalle, Inc.		(94	)		(13,225	)
					(27,343	)
*Road & Rail – (1.1)%*
JB Hunt Transport Services, Inc.		(138	)		(12,615	)
Knight-Swift Transportation Holdings, Inc.		(422	)		(13,858	)
					(26,473	)
*Semiconductors & Semiconductor Equipment – (5.4)%*
Applied Materials, Inc.		(300	)		(13,473	)
First Solar, Inc.*		(202	)		(13,267	)
Intel Corp.		(266	)		(12,733	)
Lam Research Corp.		(66	)		(12,397	)
Micron Technology, Inc.*		(358	)		(13,815	)
MKS Instruments, Inc.		(164	)		(12,774	)
NVIDIA Corp.		(86	)		(14,124	)
ON Semiconductor Corp.*		(656	)		(13,258	)
Qorvo, Inc.*		(190	)		(12,656	)
Skyworks Solutions, Inc.		(176	)		(13,600	)
					(132,097	)
*Software – (3.5)%*
2U, Inc.*		(308	)		(11,593	)
Blackbaud, Inc.		(152	)		(12,692	)
CDK Global, Inc.		(242	)		(11,965	)
FireEye, Inc.*		(808	)		(11,966	)
LogMeIn, Inc.		(164	)		(12,084	)
Nutanix, Inc., Class A*		(434	)		(11,258	)
Symantec Corp.		(620	)		(13,491	)
					(85,049	)

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Momentum Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
*Specialty Retail – (0.6)%*
L Brands, Inc.		(526	)	$	(13,729	)
*Technology Hardware, Storage & Peripherals – (1.1)%*
Seagate Technology plc		(278	)		(13,099	)
Western Digital Corp.		(312	)		(14,836	)
					(27,935	)
*Textiles, Apparel & Luxury Goods – (1.6)%*
Capri Holdings Ltd.*		(364	)		(12,623	)
PVH Corp.		(140	)		(13,250	)
Tapestry, Inc.		(412	)		(13,073	)
					(38,946	)
*Trading Companies & Distributors – (2.6)%*
Air Lease Corp.		(326	)		(13,477	)
MSC Industrial Direct Co., Inc., Class A		(166	)		(12,327	)
SiteOne Landscape Supply, Inc.*		(180	)		(12,474	)
United Rentals, Inc.*		(106	)		(14,059	)
Univar, Inc.*		(580	)		(12,783	)
					(65,120	)


Investments	Value
Total Common Stocks (Proceeds $(2,863,112))	$	(2,571,991	)
Total Short Positions (Proceeds $(2,863,112))		(2,571,991	)
Total Investments – (5.1)% (Cost $(517,855))		(125,801	)
Other Assets Less Liabilities – 105.1%		2,586,248
Net Assets – 100.0%	$	2,460,447

Non-income producing security.

(a)

All or a portion of this security is segregated in connection with obligations for securities sold short with a total value of $1,106,287.

As of June 30, 2019, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative contracts, if any) for federal income tax purposes was as follows:



Aggregate gross unrealized appreciation	$	315,852
Aggregate gross unrealized depreciation		(207,864	)
Net unrealized appreciation	$	107,988
Federal income tax cost of investments (including derivative contracts, if any)	$	(157,731	)

OTC Total return swap contracts outstanding as of June 30, 2019


Notional Amount	Termination Date⁽¹⁾		Counterparty		Rate Paid (Received)⁽²⁾			Underlying Instrument⁽³⁾		Value and Unrealized Appreciation/ (Depreciation)⁽⁴⁾			Cash Collateral (Received) Pledged			Net Amount⁽⁵⁾
215,332 USD		10/3/2019		Morgan Stanley		2.00	%		Dow Jones U.S. High Momentum Total Return Index⁽⁶⁾	$	94,892		$	—		$	94,892
(247,937) USD		10/3/2019		Morgan Stanley		(2.90	)%		Dow Jones U.S. Low Momentum Total Return Index⁽⁷⁾		(18,834	)		18,834	⁽⁸⁾		—
										$	76,058					$	94,892

(1)

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

(2)

Reflects the floating financing rate, as of June 30, 2019, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Payments may be made at the conclusion of the agreement or periodically during its term.

(3)

The 50 largest components of the referenced underlying Swap Index can be found at https://www.agf.com/us/resources

(4)

The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at year end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or “net” these amounts on its Statement of Assets and Liabilities.

(5)

Represents the “uncollateralized” amount due from or (to) the counterparty at year end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum “thresholds” that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from the counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

(6)

The Dow Jones U.S. High Momentum Total Return Index (DJTLMOT) is designed to measure the performance of 200 companies ranked as having the highest momentum. Momentum is calculated by ranking stocks by their 12-month historical total return, starting one month prior to reconstitution. Dividends are reinvested.

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Momentum Fund
Schedule of Investments
June 30, 2019

(7)

The Dow Jones U.S. Low Momentum Total Return Index (DJTSMOT) is designed to measure the performance of 200 companies ranked as having the lowest momentum. Momentum is calculated by ranking stocks by their 12-month historical total return, starting one month prior to reconstitution. Dividends are reinvested.

(8)

Reflects all or a portion of the amount disclosed on the Statement of Assets and Liabilities as “Segregated cash balance with custodian for swap agreements.” Under U.S. Generally Accepted Accounting Principles (“GAAP”), the amount disclosed under this caption may not exceed the amount of the liability being collateralized for the benefit of the counterparty.


Abbreviations
USD		US Dollar

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Value Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares		Value
Long Positions – 94.6%
Common Stocks – 94.6%
*Air Freight & Logistics – 1.0%*
FedEx Corp.(a)		27	$	4,433
XPO Logistics, Inc.*		96		5,550
				9,983
*Airlines – 2.8%*
Alaska Air Group, Inc.(a)		70		4,474
Delta Air Lines, Inc.(a)		96		5,448
JetBlue Airways Corp.*(a)		256		4,733
Southwest Airlines Co.		83		4,215
Spirit Airlines, Inc.*		81		3,866
United Continental Holdings, Inc.*		59		5,165
				27,901
*Auto Components – 2.0%*
BorgWarner, Inc.(a)		129		5,416
Dana, Inc.(a)		244		4,865
Goodyear Tire & Rubber Co. (The)(a)		327		5,003
Lear Corp.(a)		37		5,153
				20,437
*Automobiles – 1.8%*
Ford Motor Co.(a)		483		4,941
General Motors Co.(a)		121		4,662
Harley-Davidson, Inc.(a)		131		4,694
Thor Industries, Inc.		75		4,384
				18,681
*Banks – 3.3%*
Citigroup, Inc.(a)		74		5,182
Citizens Financial Group, Inc.(a)		132		4,668
First Horizon National Corp.(a)		328		4,897
FNB Corp.(a)		390		4,590
Popular, Inc.(a)		85		4,610
Regions Financial Corp.		317		4,736
Sterling Bancorp		220		4,682
				33,365
*Beverages – 0.5%*
Molson Coors Brewing Co., Class B		88		4,928
*Biotechnology – 1.2%*
Biogen, Inc.*(a)		16		3,742
Gilead Sciences, Inc.(a)		70		4,729
United Therapeutics Corp.*		52		4,059
				12,530
*Building Products – 1.1%*
Owens Corning		98		5,704
Resideo Technologies, Inc.*		226		4,954
				10,658


Investments	Number of Shares		Value
*Capital Markets – 2.3%*
Goldman Sachs Group, Inc. (The)(a)		24	$	4,910
Invesco Ltd.(a)		252		5,156
Janus Henderson Group plc(a)		220		4,708
Morgan Stanley		99		4,337
State Street Corp.		79		4,429
				23,540
*Chemicals – 1.9%*
Eastman Chemical Co.(a)		65		5,059
Huntsman Corp.(a)		251		5,131
Mosaic Co. (The)		206		5,156
Olin Corp.		185		4,053
				19,399
*Communications Equipment – 1.5%*
CommScope Holding Co., Inc.*(a)		272		4,278
Juniper Networks, Inc.(a)		203		5,406
Lumentum Holdings, Inc.*		97		5,181
				14,865
*Construction & Engineering – 0.6%*
AECOM*(a)		159		6,018
*Consumer Finance – 1.4%*
Ally Financial, Inc.(a)		152		4,710
Capital One Financial Corp.(a)		53		4,809
Navient Corp.		338		4,614
				14,133
*Containers & Packaging – 0.9%*
International Paper Co.(a)		101		4,376
Westrock Co.		128		4,668
				9,044
*Diversified Financial Services – 1.0%*
AXA Equitable Holdings, Inc.(a)		213		4,452
Voya Financial, Inc.		96		5,309
				9,761
*Diversified Telecommunication Services – 0.9%*
AT&T, Inc.		154		5,160
CenturyLink, Inc.(a)		367		4,316
				9,476
*Electric Utilities – 3.4%*
Avangrid, Inc.(a)		88		4,444
Duke Energy Corp.(a)		58		5,118
Edison International(a)		83		5,595
Entergy Corp.(a)		52		5,352
Evergy, Inc.(a)		76		4,571
Exelon Corp.(a)		99		4,746
PPL Corp.		150		4,652
				34,478

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Value Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares		Value
*Electrical Equipment – 1.0%*
nVent Electric plc		174	$	4,313
Regal Beloit Corp.		67		5,475
				9,788
*Electronic Equipment, Instruments & Components – 4.0%*
Avnet, Inc.(a)		117		5,296
Belden, Inc.(a)		93		5,540
Coherent, Inc.*(a)		37		5,046
Corning, Inc.(a)		138		4,586
Jabil, Inc.(a)		193		6,099
SYNNEX Corp.		49		4,821
Tech Data Corp.*		47		4,916
Vishay Intertechnology, Inc.		234		3,866
				40,170
*Entertainment – 0.4%*
Viacom, Inc., Class B		152		4,540
*Equity Real Estate Investment Trusts (REITs) – 7.2%*
Apple Hospitality REIT, Inc.(a)		323		5,123
Brixmor Property Group, Inc.(a)		256		4,577
Colony Capital, Inc.(a)		842		4,210
CoreCivic, Inc.		201		4,173
EPR Properties(a)		56		4,177
GEO Group, Inc. (The)(a)		201		4,223
Hospitality Properties Trust(a)		191		4,775
Host Hotels & Resorts, Inc.(a)		242		4,409
Kimco Realty Corp.(a)		252		4,657
Medical Properties Trust, Inc.		247		4,308
Park Hotels & Resorts, Inc.		167		4,602
RLJ Lodging Trust		254		4,506
Sabra Health Care REIT, Inc.		265		5,218
Senior Housing Properties Trust		562		4,648
Spirit Realty Capital, Inc.		103		4,394
VICI Properties, Inc.		197		4,342
				72,342
*Food & Staples Retailing – 0.8%*
Kroger Co. (The)(a)		163		3,539
Walgreens Boots Alliance, Inc.		89		4,865
				8,404
*Food Products – 3.1%*
Conagra Brands, Inc.(a)		165		4,376
Darling Ingredients, Inc.*(a)		232		4,615
Ingredion, Inc.(a)		49		4,042
JM Smucker Co. (The)		36		4,147
Kraft Heinz Co. (The)(a)		161		4,997
TreeHouse Foods, Inc.*		80		4,328
Tyson Foods, Inc., Class A		58		4,683
				31,188


Investments	Number of Shares		Value
*Health Care Equipment & Supplies – 0.5%*
Zimmer Biomet Holdings, Inc.		46	$	5,416
*Health Care Providers & Services – 6.0%*
Acadia Healthcare Co., Inc.*(a)		136		4,753
AmerisourceBergen Corp.(a)		58		4,945
Cardinal Health, Inc.(a)		103		4,851
Centene Corp.*(a)		70		3,671
Cigna Corp.(a)		30		4,727
CVS Health Corp.(a)		68		3,705
DaVita, Inc.*(a)		81		4,557
Encompass Health Corp.(a)		76		4,815
Laboratory Corp. of America Holdings*		30		5,187
McKesson Corp.		38		5,107
MEDNAX, Inc.*		179		4,516
Quest Diagnostics, Inc.(a)		50		5,091
Universal Health Services, Inc., Class B		37		4,825
				60,750
*Hotels, Restaurants & Leisure – 1.3%*
Carnival Corp.(a)		87		4,050
Norwegian Cruise Line Holdings Ltd.*		80		4,290
Royal Caribbean Cruises Ltd.		42		5,091
				13,431
*Household Durables – 1.8%*
Lennar Corp., Class A		99		4,797
Newell Brands, Inc.		296		4,564
PulteGroup, Inc.		143		4,522
Toll Brothers, Inc.		127		4,651
				18,534
*Independent Power and Renewable Electricity Producers – 1.0%*
AES Corp.(a)		332		5,564
Vistra Energy Corp.		218		4,936
				10,500
*Insurance – 3.4%*
Athene Holding Ltd., Class A*(a)		121		5,210
Brighthouse Financial, Inc.*(a)		116		4,256
CNO Financial Group, Inc.(a)		269		4,487
Lincoln National Corp.		82		5,285
MetLife, Inc.		106		5,265
Prudential Financial, Inc.		51		5,151
Unum Group		140		4,697
				34,351
*Internet & Direct Marketing Retail – 0.4%*
Qurate Retail, Inc.*		351		4,349
*IT Services – 2.3%*
Alliance Data Systems Corp.(a)		26		3,644
DXC Technology Co.(a)		81		4,467
International Business Machines Corp.(a)		38		5,240
KBR, Inc.(a)		198		4,938

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Value Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares		Value
Perspecta, Inc.		204	$	4,776
				23,065
*Machinery – 3.1%*
AGCO Corp.(a)		66		5,119
Cummins, Inc.(a)		31		5,311
Kennametal, Inc.(a)		127		4,698
Oshkosh Corp.		61		5,093
PACCAR, Inc.		71		5,088
Timken Co. (The)		111		5,699
				31,008
*Media – 2.0%*
Discovery, Inc., Class C*(a)		172		4,893
DISH Network Corp., Class A*(a)		145		5,570
Liberty Media Corp.-Liberty SiriusXM, Class C*		128		4,861
TEGNA, Inc.		290		4,394
				19,718
*Metals & Mining – 2.0%*
Nucor Corp.		80		4,408
Reliance Steel & Aluminum Co.		53		5,015
Steel Dynamics, Inc.		174		5,255
United States Steel Corp.		374		5,726
				20,404
*Mortgage Real Estate Investment Trusts (REITs) – 2.3%*
AGNC Investment Corp.(a)		279		4,693
Annaly Capital Management, Inc.		515		4,702
Chimera Investment Corp.(a)		275		5,189
New Residential Investment Corp.		301		4,633
Two Harbors Investment Corp.		354		4,485
				23,702
*Multiline Retail – 0.9%*
Kohl’s Corp.(a)		90		4,279
Macy’s, Inc.		217		4,657
				8,936
*Multi-Utilities – 0.5%*
Avista Corp.(a)		106		4,728
*Oil, Gas & Consumable Fuels – 4.3%*
Delek US Holdings, Inc.(a)		130		5,268
EQT Corp.(a)		274		4,332
HollyFrontier Corp.(a)		94		4,350
Marathon Petroleum Corp.		96		5,364
Parsley Energy, Inc., Class A*		255		4,848
PBF Energy, Inc., Class A		154		4,820
PDC Energy, Inc.*		152		5,481
Phillips 66		50		4,677
Southwestern Energy Co.*		1,223		3,865
				43,005
*Paper & Forest Products – 0.5%*
Domtar Corp.		110		4,898


Investments	Number of Shares		Value
*Pharmaceuticals – 2.4%*
Allergan plc(a)		35	$	5,860
Bristol-Myers Squibb Co.(a)		97		4,399
Jazz Pharmaceuticals plc*(a)		34		4,847
Mylan NV*		262		4,988
Perrigo Co. plc		98		4,667
				24,761
*Professional Services – 0.9%*
ManpowerGroup, Inc.		55		5,313
Nielsen Holdings plc		180		4,068
				9,381
*Real Estate Management & Development – 0.4%*
Jones Lang LaSalle, Inc.(a)		29		4,080
*Road & Rail – 1.4%*
Genesee & Wyoming, Inc., Class A*(a)		46		4,600
Knight-Swift Transportation Holdings, Inc.(a)		143		4,696
Ryder System, Inc.		80		4,664
				13,960
*Semiconductors & Semiconductor Equipment – 3.4%*
Cypress Semiconductor Corp.(a)		246		5,471
Intel Corp.(a)		99		4,739
Micron Technology, Inc.*		135		5,210
MKS Instruments, Inc.		62		4,829
ON Semiconductor Corp.*		269		5,436
Qorvo, Inc.*		66		4,396
Skyworks Solutions, Inc.		58		4,482
				34,563
*Software – 1.5%*
j2 Global, Inc.(a)		56		4,978
LogMeIn, Inc.		60		4,421
Symantec Corp.		253		5,505
				14,904
*Specialty Retail – 1.4%*
AutoNation, Inc.*(a)		111		4,655
Dick’s Sporting Goods, Inc.(a)		147		5,091
Foot Locker, Inc.(a)		112		4,695
				14,441
*Technology Hardware, Storage & Peripherals – 2.6%*
Hewlett Packard Enterprise Co.(a)		355		5,307
NCR Corp.*		145		4,510
Seagate Technology plc		120		5,654
Western Digital Corp.		116		5,516
Xerox Corp.		155		5,489
				26,476
*Textiles, Apparel & Luxury Goods – 0.9%*
Capri Holdings Ltd.*(a)		137		4,751
PVH Corp.		42		3,975
				8,726

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Value Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
*Thrifts & Mortgage Finance – 0.9%*
MGIC Investment Corp.*		325		$	4,270
Radian Group, Inc.		196			4,479
					8,749
*Trading Companies & Distributors – 1.5%*
Air Lease Corp.(a)		119			4,919
GATX Corp.(a)		63			4,995
United Rentals, Inc.*		36			4,775
					14,689
*Transportation Infrastructure – 0.4%*
Macquarie Infrastructure Corp.		109			4,419
*Wireless Telecommunication Services – 0.5%*
Telephone & Data Systems, Inc.		152			4,621
Total Common Stocks (Cost $985,160)					956,194
Total Long Positions (Cost $985,160)					956,194
Short Positions – (93.5)%
Common Stocks – (93.5)%
*Aerospace & Defense – (2.3)%*
Axon Enterprise, Inc.*		(64	)		(4,109	)
BWX Technologies, Inc.		(90	)		(4,689	)
HEICO Corp.		(36	)		(4,817	)
Lockheed Martin Corp.		(13	)		(4,726	)
TransDigm Group, Inc.*		(11	)		(5,322	)
					(23,663	)
*Air Freight & Logistics – (0.5)%*
Expeditors International of Washington, Inc.		(72	)		(5,462	)
*Automobiles – (0.5)%*
Tesla, Inc.*		(23	)		(5,140	)
*Banks – (0.9)%*
First Financial Bankshares, Inc.		(156	)		(4,803	)
Glacier Bancorp, Inc.		(108	)		(4,380	)
					(9,183	)
*Beverages – (1.5)%*
Brown-Forman Corp., Class B		(97	)		(5,377	)
Coca-Cola Co. (The)		(87	)		(4,430	)
Monster Beverage Corp.*		(84	)		(5,362	)
					(15,169	)
*Biotechnology – (5.7)%*
ACADIA Pharmaceuticals, Inc.*		(178	)		(4,758	)
Agios Pharmaceuticals, Inc.*		(93	)		(4,639	)
Alnylam Pharmaceuticals, Inc.*		(62	)		(4,499	)
BioMarin Pharmaceutical, Inc.*		(51	)		(4,368	)
Exact Sciences Corp.*		(51	)		(6,020	)
FibroGen, Inc.*		(120	)		(5,421	)
Immunomedics, Inc.*		(255	)		(3,537	)


Investments	Number of Shares			Value
Neurocrine Biosciences, Inc.*		(58	)	$	(4,897	)
Sage Therapeutics, Inc.*		(25	)		(4,577	)
Sarepta Therapeutics, Inc.*		(39	)		(5,926	)
Seattle Genetics, Inc.*		(66	)		(4,568	)
Ultragenyx Pharmaceutical, Inc.*		(74	)		(4,699	)
					(57,909	)
*Building Products – (1.9)%*
Allegion plc		(44	)		(4,864	)
Armstrong World Industries, Inc.		(48	)		(4,666	)
Lennox International, Inc.		(19	)		(5,225	)
Trex Co., Inc.*		(63	)		(4,517	)
					(19,272	)
*Capital Markets – (6.7)%*
Cboe Global Markets, Inc.		(39	)		(4,042	)
Charles Schwab Corp. (The)		(114	)		(4,582	)
CME Group, Inc.		(27	)		(5,241	)
Eaton Vance Corp.		(125	)		(5,391	)
FactSet Research Systems, Inc.		(15	)		(4,298	)
Interactive Brokers Group, Inc., Class A		(88	)		(4,770	)
Intercontinental Exchange, Inc.		(62	)		(5,328	)
LPL Financial Holdings, Inc.		(63	)		(5,139	)
MarketAxess Holdings, Inc.		(15	)		(4,821	)
Moody’s Corp.		(23	)		(4,492	)
MSCI, Inc.		(19	)		(4,537	)
Nasdaq, Inc.		(56	)		(5,386	)
S&P Global, Inc.		(20	)		(4,556	)
SEI Investments Co.		(84	)		(4,712	)
					(67,295	)
*Chemicals – (3.8)%*
Dow, Inc.		(91	)		(4,487	)
Ecolab, Inc.		(23	)		(4,541	)
Ingevity Corp.*		(41	)		(4,312	)
NewMarket Corp.		(13	)		(5,212	)
RPM International, Inc.		(76	)		(4,644	)
Scotts Miracle-Gro Co. (The)		(48	)		(4,728	)
Sensient Technologies Corp.		(74	)		(5,438	)
Sherwin-Williams Co. (The)		(10	)		(4,583	)
					(37,945	)
*Commercial Services & Supplies – (1.7)%*
Cintas Corp.		(19	)		(4,509	)
Copart, Inc.*		(60	)		(4,484	)
Healthcare Services Group, Inc.		(122	)		(3,699	)
Rollins, Inc.		(120	)		(4,304	)
					(16,996	)
*Consumer Finance – (1.9)%*
American Express Co.		(45	)		(5,555	)
Credit Acceptance Corp.*		(9	)		(4,354	)
FirstCash, Inc.		(46	)		(4,601	)
Green Dot Corp., Class A*		(92	)		(4,499	)
					(19,009	)

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Value Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
*Containers & Packaging – (1.0)%*
AptarGroup, Inc.		(38	)	$	(4,725	)
Avery Dennison Corp.		(44	)		(5,090	)
					(9,815	)
*Distributors – (0.5)%*
Pool Corp.		(24	)		(4,584	)
*Diversified Consumer Services – (0.9)%*
Bright Horizons Family Solutions, Inc.*		(31	)		(4,677	)
frontdoor, Inc.*		(107	)		(4,660	)
					(9,337	)
*Electric Utilities – (1.0)%*
Alliant Energy Corp.		(103	)		(5,055	)
NextEra Energy, Inc.		(25	)		(5,122	)
					(10,177	)
*Electrical Equipment – (1.0)%*
AMETEK, Inc.		(60	)		(5,450	)
Rockwell Automation, Inc.		(31	)		(5,079	)
					(10,529	)
*Electronic Equipment, Instruments & Components – (0.5)%*
Cognex Corp.		(95	)		(4,558	)
*Energy Equipment & Services – (2.3)%*
Apergy Corp.*		(124	)		(4,159	)
Core Laboratories NV		(90	)		(4,705	)
Ensco Rowan plc, Class A		(510	)		(4,350	)
National Oilwell Varco, Inc.		(170	)		(3,779	)
TechnipFMC plc		(221	)		(5,733	)
					(22,726	)
*Entertainment – (1.3)%*
Live Nation Entertainment, Inc.*		(71	)		(4,704	)
Madison Square Garden Co. (The), Class A*		(15	)		(4,199	)
Netflix, Inc.*		(12	)		(4,408	)
					(13,311	)
*Equity Real Estate Investment Trusts (REITs) – (7.5)%*
American Tower Corp.		(20	)		(4,089	)
Apartment Investment & Management Co., Class A		(100	)		(5,012	)
CoreSite Realty Corp.		(37	)		(4,261	)
Crown Castle International Corp.		(40	)		(5,214	)
CyrusOne, Inc.		(72	)		(4,156	)
EastGroup Properties, Inc.		(45	)		(5,219	)
Equinix, Inc.		(9	)		(4,539	)
Equity LifeStyle Properties, Inc.		(35	)		(4,247	)
Equity Residential		(64	)		(4,859	)
Essex Property Trust, Inc.		(17	)		(4,963	)
Extra Space Storage, Inc.		(40	)		(4,244	)
Federal Realty Investment Trust		(33	)		(4,249	)
Public Storage		(18	)		(4,287	)
SBA Communications Corp.*		(20	)		(4,497	)


Investments	Number of Shares			Value
Sun Communities, Inc.		(34	)	$	(4,358	)
Taubman Centers, Inc.		(79	)		(3,226	)
UDR, Inc.		(106	)		(4,758	)
					(76,178	)
*Food Products – (1.4)%*
Hershey Co. (The)		(33	)		(4,423	)
Lancaster Colony Corp.		(33	)		(4,904	)
McCormick & Co., Inc. (Non-Voting)		(34	)		(5,270	)
					(14,597	)
*Gas Utilities – (1.0)%*
New Jersey Resources Corp.		(105	)		(5,226	)
ONE Gas, Inc.		(55	)		(4,966	)
					(10,192	)
*Health Care Equipment & Supplies – (3.2)%*
ABIOMED, Inc.*		(14	)		(3,647	)
Align Technology, Inc.*		(15	)		(4,105	)
DexCom, Inc.*		(35	)		(5,244	)
IDEXX Laboratories, Inc.*		(20	)		(5,507	)
Insulet Corp.*		(39	)		(4,656	)
Intuitive Surgical, Inc.*		(9	)		(4,721	)
Penumbra, Inc.*		(30	)		(4,800	)
					(32,680	)
*Health Care Providers & Services – (0.4)%*
HealthEquity, Inc.*		(58	)		(3,793	)
*Health Care Technology – (0.5)%*
Veeva Systems, Inc., Class A*		(28	)		(4,539	)
*Hotels, Restaurants & Leisure – (3.4)%*
Chipotle Mexican Grill, Inc.*		(8	)		(5,863	)
Domino’s Pizza, Inc.		(17	)		(4,731	)
Dunkin’ Brands Group, Inc.		(58	)		(4,620	)
Hilton Worldwide Holdings, Inc.		(48	)		(4,691	)
McDonald’s Corp.		(27	)		(5,607	)
Planet Fitness, Inc., Class A*		(56	)		(4,057	)
Yum! Brands, Inc.		(42	)		(4,648	)
					(34,217	)
*Household Products – (1.3)%*
Church & Dwight Co., Inc.		(58	)		(4,237	)
Clorox Co. (The)		(31	)		(4,746	)
Colgate-Palmolive Co.		(62	)		(4,444	)
					(13,427	)
*Independent Power and Renewable Electricity Producers – (0.5)%*
NRG Energy, Inc.		(131	)		(4,601	)
*Industrial Conglomerates – (0.4)%*
Roper Technologies, Inc.		(12	)		(4,395	)
*Insurance – (5.1)%*
Aon plc		(24	)		(4,632	)
Arthur J Gallagher & Co.		(51	)		(4,467	)

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Value Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
Brown & Brown, Inc.		(136	)	$	(4,556	)
Cincinnati Financial Corp.		(44	)		(4,561	)
Erie Indemnity Co., Class A		(20	)		(5,086	)
Markel Corp.*		(4	)		(4,358	)
Marsh & McLennan Cos., Inc.		(51	)		(5,087	)
Primerica, Inc.		(43	)		(5,158	)
Progressive Corp. (The)		(54	)		(4,316	)
RLI Corp.		(50	)		(4,286	)
WR Berkley Corp.		(69	)		(4,549	)
					(51,056	)
*Interactive Media & Services – (1.5)%*
IAC/InterActiveCorp*		(22	)		(4,786	)
Snap, Inc., Class A*		(362	)		(5,177	)
Zillow Group, Inc., Class C*		(114	)		(5,288	)
					(15,251	)
*Internet & Direct Marketing Retail – (1.7)%*
Amazon.com, Inc.*		(2	)		(3,787	)
Etsy, Inc.*		(66	)		(4,051	)
GrubHub, Inc.*		(65	)		(5,069	)
Wayfair, Inc., Class A*		(29	)		(4,234	)
					(17,141	)
*IT Services – (2.8)%*
Gartner, Inc.*		(34	)		(5,472	)
Mastercard, Inc., Class A		(17	)		(4,497	)
Okta, Inc.*		(38	)		(4,693	)
Square, Inc., Class A*		(58	)		(4,207	)
Twilio, Inc., Class A*		(39	)		(5,318	)
VeriSign, Inc.*		(22	)		(4,601	)
					(28,788	)
*Leisure Products – (0.4)%*
Mattel, Inc.*		(348	)		(3,901	)
*Life Sciences Tools & Services – (0.5)%*
Illumina, Inc.*		(14	)		(5,154	)
*Machinery – (2.4)%*
Donaldson Co., Inc.		(91	)		(4,628	)
Flowserve Corp.		(98	)		(5,164	)
Graco, Inc.		(91	)		(4,566	)
IDEX Corp.		(28	)		(4,820	)
Toro Co. (The)		(69	)		(4,616	)
					(23,794	)
*Media – (0.9)%*
Cable One, Inc.		(4	)		(4,684	)
New York Times Co. (The), Class A		(143	)		(4,665	)
					(9,349	)
*Metals & Mining – (0.5)%*
Royal Gold, Inc.		(54	)		(5,535	)
*Multiline Retail – (0.4)%*
Ollie’s Bargain Outlet Holdings, Inc.*		(43	)		(3,746	)


Investments	Number of Shares			Value
*Multi-Utilities – (1.3)%*
CMS Energy Corp.		(76	)	$	(4,401	)
NiSource, Inc.		(155	)		(4,464	)
WEC Energy Group, Inc.		(53	)		(4,419	)
					(13,284	)
*Oil, Gas & Consumable Fuels – (2.1)%*
Cheniere Energy, Inc.*		(81	)		(5,545	)
Hess Corp.		(89	)		(5,658	)
ONEOK, Inc.		(77	)		(5,298	)
Williams Cos., Inc. (The)		(178	)		(4,991	)
					(21,492	)
*Personal Products – (0.5)%*
Estee Lauder Cos., Inc. (The), Class A		(27	)		(4,944	)
*Professional Services – (1.9)%*
CoStar Group, Inc.*		(8	)		(4,433	)
Insperity, Inc.		(37	)		(4,519	)
TransUnion		(78	)		(5,734	)
Verisk Analytics, Inc.		(31	)		(4,540	)
					(19,226	)
*Semiconductors & Semiconductor Equipment – (1.1)%*
Advanced Micro Devices, Inc.*		(156	)		(4,738	)
Universal Display Corp.		(32	)		(6,018	)
					(10,756	)
*Software – (10.2)%*
Adobe, Inc.*		(18	)		(5,304	)
Aspen Technology, Inc.*		(38	)		(4,723	)
Autodesk, Inc.*		(33	)		(5,376	)
Fair Isaac Corp.*		(15	)		(4,710	)
Guidewire Software, Inc.*		(43	)		(4,359	)
HubSpot, Inc.*		(28	)		(4,775	)
Intuit, Inc.		(19	)		(4,965	)
Manhattan Associates, Inc.*		(66	)		(4,576	)
New Relic, Inc.*		(44	)		(3,806	)
Nutanix, Inc., Class A*		(159	)		(4,124	)
Paycom Software, Inc.*		(20	)		(4,534	)
Pegasystems, Inc.		(59	)		(4,201	)
Proofpoint, Inc.*		(38	)		(4,570	)
PTC, Inc.*		(51	)		(4,578	)
RingCentral, Inc., Class A*		(36	)		(4,137	)
salesforce.com, Inc.*		(33	)		(5,007	)
ServiceNow, Inc.*		(16	)		(4,393	)
Splunk, Inc.*		(40	)		(5,030	)
Tableau Software, Inc., Class A*		(36	)		(5,977	)
VMware, Inc., Class A		(24	)		(4,013	)
Workday, Inc., Class A*		(24	)		(4,934	)
Zendesk, Inc.*		(60	)		(5,342	)
					(103,434	)
*Specialty Retail – (0.9)%*
Five Below, Inc.*		(39	)		(4,681	)

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Value Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
Ulta Beauty, Inc.*		(13	)	$	(4,509	)
					(9,190	)
*Textiles, Apparel & Luxury Goods – (2.0)%*
Lululemon Athletica, Inc.*		(26	)		(4,685	)
NIKE, Inc., Class B		(62	)		(5,205	)
Under Armour, Inc., Class A*		(188	)		(4,766	)
VF Corp.		(63	)		(5,503	)
					(20,159	)
*Trading Companies & Distributors – (0.9)%*
SiteOne Landscape Supply, Inc.*		(66	)		(4,574	)
Watsco, Inc.		(29	)		(4,742	)
					(9,316	)
*Water Utilities – (0.9)%*
American Water Works Co., Inc.		(38	)		(4,408	)
Aqua America, Inc.		(109	)		(4,509	)
					(8,917	)
Total Common Stocks (Proceeds $(769,620))					(945,132	)
Total Short Positions (Proceeds $(769,620))					(945,132	)


Investments	Value
Total Investments – 1.1% (Cost $215,540)	$	11,062
Other Assets Less Liabilities – 98.9%		999,650
Net Assets – 100.0%	$	1,010,712

Non-income producing security.

(a)

All or a portion of this security is segregated in connection with obligations for securities sold short with a total value of $483,169.



Aggregate gross unrealized appreciation	$	105,688
Aggregate gross unrealized depreciation		(348,091	)
Net unrealized depreciation	$	(242,403	)
Federal income tax cost of investments (including derivative contracts, if any)	$	225,663

OTC Total return swap contracts outstanding as of June 30, 2019


Notional Amount	Termination Date⁽¹⁾		Counterparty		Rate Paid (Received)⁽²⁾			Underlying Instrument⁽³⁾		Value and Unrealized Appreciation/ (Depreciation)⁽⁴⁾			Cash Collateral (Received) Pledged		Net Amount⁽⁵⁾
113,210 USD		10/3/2019		Morgan Stanley		2.80	%		Dow Jones U.S. Relative Value Total Return Index⁽⁶⁾	$	3,191		$	—	$	3,191
(106,896) USD		10/3/2019		Morgan Stanley		(2.00	)%		Dow Jones U.S. Short Relative Value Total Return Index⁽⁷⁾		(30,993	)		—		(30,993	)
										$	(27,802	)			$	(27,802	)

(1)

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

(2)

(3)

The 50 largest components of the referenced underlying Swap Index can be found at https://www.agf.com/us/resources

(4)

(5)

(6)

The Dow Jones U.S. Relative Value Total Return Index (DJLSVT) is designed to measure the performance of 200 companies ranked as undervalued based on fundamentals. Value is calculated using a ranking process based on book value to price ratio, projected earnings per share to price ratio, and trailing 12-month operating cash flow to price ratio. Dividends are reinvested.

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Value Fund
Schedule of Investments
June 30, 2019

(7)

The Dow Jones U.S. Short Relative Value Total Return Index (DJSSVT) is designed to measure the performance of 200 companies ranked as overvalued based on fundamentals. Value is calculated using a ranking process based on book value to price ratio, projected earnings per share to price ratio, and trailing 12-month operating cash flow to price ratio. Dividends are reinvested.


Abbreviations
USD		US Dollar

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Size Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares		Value
Long Positions – 94.0%
Common Stocks – 94.0%
*Airlines – 0.5%*
Spirit Airlines, Inc.*		174	$	8,305
*Auto Components – 0.6%*
Dana, Inc.(a)		552		11,008
*Banks – 6.8%*
Associated Banc-Corp.(a)		366		7,737
Bank of Hawaii Corp.(a)		106		8,788
Bank OZK		278		8,365
BankUnited, Inc.(a)		248		8,368
Cathay General Bancorp(a)		240		8,618
FNB Corp.(a)		728		8,569
Fulton Financial Corp.(a)		496		8,120
Glacier Bancorp, Inc.(a)		196		7,948
Hancock Whitney Corp.(a)		196		7,852
Home BancShares, Inc.(a)		440		8,474
Investors Bancorp, Inc.(a)		772		8,608
UMB Financial Corp.		118		7,767
Umpqua Holdings Corp.		468		7,764
United Bankshares, Inc.		238		8,827
Valley National Bancorp		796		8,581
				124,386
*Biotechnology – 1.8%*
Agios Pharmaceuticals, Inc.*(a)		174		8,679
Ligand Pharmaceuticals, Inc.*(a)		68		7,762
Ultragenyx Pharmaceutical, Inc.*		132		8,382
United Therapeutics Corp.*		96		7,494
				32,317
*Building Products – 1.0%*
Armstrong World Industries, Inc.(a)		90		8,748
Trex Co., Inc.*		134		9,608
				18,356
*Capital Markets – 2.9%*
Evercore, Inc., Class A(a)		104		9,211
Federated Investors, Inc., Class B(a)		286		9,295
Interactive Brokers Group, Inc., Class A(a)		148		8,022
Janus Henderson Group plc(a)		368		7,875
Legg Mason, Inc.(a)		224		8,575
Stifel Financial Corp.		156		9,213
				52,191
*Chemicals – 3.5%*
Element Solutions, Inc.*(a)		846		8,747
NewMarket Corp.		20		8,019
PolyOne Corp.		318		9,982
Scotts Miracle-Gro Co. (The)		90		8,865
Sensient Technologies Corp.		118		8,671


Investments	Number of Shares		Value
Valvoline, Inc.		458	$	8,945
Westlake Chemical Corp.		140		9,724
				62,953
*Commercial Services & Supplies – 2.9%*
Brink’s Co. (The)(a)		108		8,768
Clean Harbors, Inc.*(a)		130		9,243
Healthcare Services Group, Inc.(a)		256		7,762
MSA Safety, Inc.		78		8,220
Stericycle, Inc.*		192		9,168
Tetra Tech, Inc.		120		9,426
				52,587
*Communications Equipment – 1.0%*
CommScope Holding Co., Inc.*(a)		496		7,802
Lumentum Holdings, Inc.*(a)		198		10,575
				18,377
*Construction & Engineering – 1.0%*
MasTec, Inc.*		186		9,585
Valmont Industries, Inc.		66		8,369
				17,954
*Consumer Finance – 1.4%*
FirstCash, Inc.(a)		86		8,602
Green Dot Corp., Class A*(a)		172		8,411
Navient Corp.		616		8,408
				25,421
*Containers & Packaging – 0.5%*
Owens-Illinois, Inc.		502		8,670
*Diversified Consumer Services – 0.9%*
frontdoor, Inc.*(a)		200		8,710
Graham Holdings Co., Class B(a)		12		8,280
				16,990
*Electric Utilities – 1.4%*
ALLETE, Inc.(a)		98		8,155
PNM Resources, Inc.		172		8,756
Portland General Electric Co.		152		8,234
				25,145
*Electrical Equipment – 1.6%*
EnerSys(a)		144		9,864
Generac Holdings, Inc.*(a)		152		10,551
Regal Beloit Corp.		106		8,661
				29,076
*Electronic Equipment, Instruments & Components – 3.0%*
Belden, Inc.(a)		156		9,293
Coherent, Inc.*(a)		72		9,819
Dolby Laboratories, Inc., Class A(a)		128		8,269
Jabil, Inc.(a)		298		9,417
SYNNEX Corp.		86		8,462
Tech Data Corp.*		84		8,786
				54,046

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Size Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares		Value
*Energy Equipment & Services – 1.9%*
Apergy Corp.*(a)		258	$	8,653
Core Laboratories NV(a)		168		8,783
Patterson-UTI Energy, Inc.		756		8,702
Transocean Ltd.*		1,298		8,320
				34,458
*Entertainment – 0.4%*
Cinemark Holdings, Inc.(a)		222		8,014
*Equity Real Estate Investment Trusts (REITs) – 7.9%*
Brandywine Realty Trust(a)		540		7,733
Columbia Property Trust, Inc.(a)		372		7,715
CoreCivic, Inc.		374		7,764
Corporate Office Properties Trust		288		7,595
GEO Group, Inc. (The)(a)		370		7,774
National Health Investors, Inc.		102		7,959
Outfront Media, Inc.		324		8,356
Paramount Group, Inc.		602		8,434
Physicians Realty Trust(a)		436		7,604
Piedmont Office Realty Trust, Inc., Class A		394		7,853
Retail Properties of America, Inc., Class A		682		8,020
RLJ Lodging Trust		466		8,267
Spirit Realty Capital, Inc.		188		8,020
Sunstone Hotel Investors, Inc.		600		8,226
Taubman Centers, Inc.		182		7,431
Uniti Group, Inc.		890		8,455
Urban Edge Properties		464		8,041
Weingarten Realty Investors		310		8,500
				143,747
*Food & Staples Retailing – 1.4%*
Casey’s General Stores, Inc.(a)		64		9,983
Performance Food Group Co.*		222		8,887
Sprouts Farmers Market, Inc.*		372		7,027
				25,897
*Food Products – 1.8%*
Darling Ingredients, Inc.*(a)		396		7,877
Flowers Foods, Inc.(a)		360		8,377
Lancaster Colony Corp.(a)		54		8,024
TreeHouse Foods, Inc.*		142		7,682
				31,960
*Gas Utilities – 1.8%*
New Jersey Resources Corp.		178		8,859
ONE Gas, Inc.		92		8,308
Southwest Gas Holdings, Inc.		94		8,424
Spire, Inc.		96		8,056
				33,647
*Health Care Equipment & Supplies – 3.9%*
Avanos Medical, Inc.*(a)		214		9,333
Globus Medical, Inc., Class A*(a)		204		8,629


Investments	Number of Shares		Value
Haemonetics Corp.*(a)		82	$	9,868
ICU Medical, Inc.*(a)		36		9,069
Integra LifeSciences Holdings Corp.*(a)		158		8,824
LivaNova plc*(a)		112		8,059
NuVasive, Inc.*		144		8,430
Penumbra, Inc.*		56		8,960
				71,172
*Health Care Providers & Services – 2.3%*
Acadia Healthcare Co., Inc.*(a)		248		8,668
Chemed Corp.(a)		24		8,660
Covetrus, Inc.*(a)		322		7,876
HealthEquity, Inc.*(a)		122		7,979
MEDNAX, Inc.*(a)		328		8,275
				41,458
*Health Care Technology – 0.9%*
Medidata Solutions, Inc.*		88		7,965
Teladoc Health, Inc.*		136		9,032
				16,997
*Hotels, Restaurants & Leisure – 4.8%*
Choice Hotels International, Inc.(a)		98		8,527
Churchill Downs, Inc.(a)		82		9,436
Cracker Barrel Old Country Store, Inc.(a)		48		8,195
Extended Stay America, Inc.		472		7,972
Hyatt Hotels Corp., Class A(a)		120		9,136
Jack in the Box, Inc.(a)		102		8,302
Marriott Vacations Worldwide Corp.		88		8,483
Texas Roadhouse, Inc.		158		8,480
Wendy’s Co. (The)		476		9,320
Wyndham Destinations, Inc.		208		9,131
				86,982
*Household Durables – 0.9%*
Helen of Troy Ltd.*(a)		60		7,835
Tempur Sealy International, Inc.*		126		9,245
				17,080
*Household Products – 0.4%*
Energizer Holdings, Inc.(a)		192		7,419
*Insurance – 1.3%*
CNO Financial Group, Inc.(a)		502		8,373
ProAssurance Corp.		212		7,655
RLI Corp.		94		8,057
				24,085
*Interactive Media & Services – 0.5%*
Yelp, Inc.*		260		8,887
*IT Services – 2.9%*
CoreLogic, Inc.*(a)		212		8,868
KBR, Inc.(a)		362		9,028
LiveRamp Holdings, Inc.*		160		7,757
MAXIMUS, Inc.		122		8,850
Perspecta, Inc.		372		8,709

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Size Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares		Value
Science Applications International Corp.		104	$	9,002
				52,214
*Life Sciences Tools & Services – 1.0%*
Bio-Rad Laboratories, Inc., Class A*(a)		30		9,378
Bruker Corp.(a)		190		9,490
				18,868
*Machinery – 2.5%*
Barnes Group, Inc.(a)		156		8,789
Colfax Corp.*(a)		348		9,755
Kennametal, Inc.(a)		262		9,691
Timken Co. (The)		182		9,344
Trinity Industries, Inc.		416		8,632
				46,211
*Media – 2.7%*
AMC Networks, Inc., Class A*(a)		152		8,282
John Wiley & Sons, Inc., Class A(a)		192		8,805
Liberty Latin America Ltd., Class C*(a)		452		7,770
New York Times Co. (The), Class A		258		8,416
Sinclair Broadcast Group, Inc., Class A		150		8,045
TEGNA, Inc.		528		7,999
				49,317
*Metals & Mining – 0.5%*
Allegheny Technologies, Inc.*(a)		376		9,475
*Mortgage Real Estate Investment Trusts (REITs) – 1.4%*
Chimera Investment Corp.(a)		450		8,491
MFA Financial, Inc.		1,120		8,042
Two Harbors Investment Corp.		656		8,312
				24,845
*Multi-Utilities – 0.9%*
Black Hills Corp.(a)		106		8,286
NorthWestern Corp.		114		8,225
				16,511
*Oil, Gas & Consumable Fuels – 2.5%*
Chesapeake Energy Corp.*(a)		4,142		8,077
Continental Resources, Inc.*(a)		230		9,681
PBF Energy, Inc., Class A		310		9,703
PDC Energy, Inc.*		254		9,159
Whiting Petroleum Corp.*		438		8,182
				44,802
*Paper & Forest Products – 0.9%*
Domtar Corp.		184		8,193
Louisiana-Pacific Corp.(a)		336		8,810
				17,003
*Personal Products – 0.9%*
Coty, Inc., Class A(a)		652		8,737
Nu Skin Enterprises, Inc., Class A		174		8,581
				17,318


Investments	Number of Shares		Value
*Pharmaceuticals – 0.4%*
Horizon Therapeutics plc*(a)		338	$	8,132
*Professional Services – 1.0%*
ASGN, Inc.*(a)		158		9,575
FTI Consulting, Inc.*(a)		96		8,048
				17,623
*Road & Rail – 1.0%*
Knight-Swift Transportation Holdings, Inc.(a)		290		9,524
Ryder System, Inc.		158		9,211
				18,735
*Semiconductors & Semiconductor Equipment – 2.0%*
Cirrus Logic, Inc.*(a)		230		10,051
First Solar, Inc.*(a)		140		9,195
MKS Instruments, Inc.		112		8,724
Silicon Laboratories, Inc.*		86		8,892
				36,862
*Software – 4.4%*
2U, Inc.*		212		7,980
ACI Worldwide, Inc.*(a)		266		9,134
Blackbaud, Inc.(a)		110		9,185
FireEye, Inc.*(a)		510		7,553
j2 Global, Inc.(a)		96		8,533
LogMeIn, Inc.(a)		106		7,810
Manhattan Associates, Inc.*(a)		124		8,597
New Relic, Inc.*		80		6,921
Nutanix, Inc., Class A*		298		7,730
Verint Systems, Inc.*		142		7,637
				81,080
*Specialty Retail – 2.3%*
Aaron’s, Inc.(a)		156		9,580
American Eagle Outfitters, Inc.(a)		420		7,098
AutoNation, Inc.*(a)		204		8,556
Murphy USA, Inc.*		108		9,075
Urban Outfitters, Inc.*		360		8,190
				42,499
*Technology Hardware, Storage & Peripherals – 0.9%*
NCR Corp.*		264		8,210
Pure Storage, Inc., Class A*		506		7,727
				15,937
*Textiles, Apparel & Luxury Goods – 2.0%*
Carter’s, Inc.(a)		88		8,583
Deckers Outdoor Corp.*(a)		58		10,206
Skechers U.S.A., Inc., Class A*		288		9,069
Wolverine World Wide, Inc.		288		7,932
				35,790
*Trading Companies & Distributors – 1.9%*
Air Lease Corp.(a)		210		8,681
MSC Industrial Direct Co., Inc., Class A		114		8,466

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Size Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
Univar, Inc.*		398		$	8,772
WESCO International, Inc.*		158			8,003
					33,922
*Transportation Infrastructure – 0.4%*
Macquarie Infrastructure Corp.		190			7,703
*Wireless Telecommunication Services – 0.5%*
Telephone & Data Systems, Inc.		278			8,451
Total Common Stocks (Cost $1,667,527)					1,712,883
Total Long Positions (Cost $1,667,527)					1,712,883
Short Positions – (92.8)%
Common Stocks – (92.8)%
*Aerospace & Defense – (2.7)%*
Boeing Co. (The)		(20	)		(7,280	)
General Dynamics Corp.		(50	)		(9,091	)
Lockheed Martin Corp.		(24	)		(8,725	)
Northrop Grumman Corp.		(26	)		(8,401	)
Raytheon Co.		(46	)		(7,999	)
United Technologies Corp.		(62	)		(8,072	)
					(49,568	)
*Air Freight & Logistics – (0.9)%*
FedEx Corp.		(46	)		(7,553	)
United Parcel Service, Inc., Class B		(78	)		(8,055	)
					(15,608	)
*Airlines – (0.9)%*
Delta Air Lines, Inc.		(152	)		(8,626	)
Southwest Airlines Co.		(164	)		(8,328	)
					(16,954	)
*Automobiles – (1.4)%*
Ford Motor Co.		(832	)		(8,511	)
General Motors Co.		(214	)		(8,246	)
Tesla, Inc.*		(42	)		(9,385	)
					(26,142	)
*Banks – (3.3)%*
Bank of America Corp.		(306	)		(8,874	)
BB&T Corp.		(176	)		(8,647	)
Citigroup, Inc.		(134	)		(9,384	)
JPMorgan Chase & Co.		(76	)		(8,496	)
PNC Financial Services Group, Inc. (The)		(60	)		(8,237	)
US Bancorp		(162	)		(8,489	)
Wells Fargo & Co.		(166	)		(7,855	)
					(59,982	)
*Beverages – (0.9)%*
Coca-Cola Co. (The)		(170	)		(8,656	)
PepsiCo, Inc.		(62	)		(8,130	)
					(16,786	)


Investments	Number of Shares			Value
*Biotechnology – (1.8)%*
AbbVie, Inc.		(106	)	$	(7,708	)
Amgen, Inc.		(48	)		(8,846	)
Biogen, Inc.*		(36	)		(8,419	)
Gilead Sciences, Inc.		(118	)		(7,972	)
					(32,945	)
*Building Products – (0.5)%*
Johnson Controls International plc		(204	)		(8,427	)
*Capital Markets – (4.6)%*
Bank of New York Mellon Corp. (The)		(168	)		(7,417	)
BlackRock, Inc.		(20	)		(9,386	)
Charles Schwab Corp. (The)		(190	)		(7,636	)
CME Group, Inc.		(44	)		(8,541	)
Goldman Sachs Group, Inc. (The)		(40	)		(8,184	)
Intercontinental Exchange, Inc.		(104	)		(8,938	)
Moody’s Corp.		(42	)		(8,203	)
Morgan Stanley		(202	)		(8,850	)
S&P Global, Inc.		(36	)		(8,200	)
State Street Corp.		(142	)		(7,960	)
					(83,315	)
*Chemicals – (3.9)%*
Air Products & Chemicals, Inc.		(38	)		(8,602	)
Corteva, Inc.*		(86	)		(2,543	)
Dow, Inc.		(166	)		(8,186	)
DuPont de Nemours, Inc.		(86	)		(6,456	)
Ecolab, Inc.		(42	)		(8,293	)
Linde plc		(48	)		(9,638	)
LyondellBasell Industries NV, Class A		(106	)		(9,130	)
PPG Industries, Inc.		(78	)		(9,103	)
Sherwin-Williams Co. (The)		(18	)		(8,249	)
					(70,200	)
*Commercial Services & Supplies – (0.5)%*
Waste Management, Inc.		(72	)		(8,307	)
*Communications Equipment – (0.5)%*
Cisco Systems, Inc.		(164	)		(8,976	)
*Consumer Finance – (0.9)%*
American Express Co.		(68	)		(8,394	)
Capital One Financial Corp.		(90	)		(8,166	)
					(16,560	)
*Containers & Packaging – (0.4)%*
International Paper Co.		(184	)		(7,971	)
*Diversified Financial Services – (0.4)%*
Berkshire Hathaway, Inc., Class B*		(38	)		(8,100	)
*Diversified Telecommunication Services – (0.5)%*
AT&T, Inc.		(274	)		(9,182	)

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Size Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
*Electric Utilities – (2.2)%*
American Electric Power Co., Inc.		(92	)	$	(8,097	)
Duke Energy Corp.		(96	)		(8,471	)
Exelon Corp.		(164	)		(7,862	)
NextEra Energy, Inc.		(40	)		(8,194	)
Southern Co. (The)		(148	)		(8,182	)
					(40,806	)
*Electrical Equipment – (1.0)%*
Eaton Corp. plc		(114	)		(9,494	)
Emerson Electric Co.		(118	)		(7,873	)
					(17,367	)
*Electronic Equipment, Instruments & Components – (1.5)%*
Amphenol Corp., Class A		(98	)		(9,402	)
Corning, Inc.		(266	)		(8,839	)
TE Connectivity Ltd.		(94	)		(9,004	)
					(27,245	)
*Energy Equipment & Services – (0.5)%*
Schlumberger Ltd.		(228	)		(9,061	)
*Entertainment – (1.9)%*
Activision Blizzard, Inc.		(180	)		(8,496	)
Electronic Arts, Inc.*		(88	)		(8,911	)
Netflix, Inc.*		(24	)		(8,816	)
Walt Disney Co. (The)		(60	)		(8,378	)
					(34,601	)
*Equity Real Estate Investment Trusts (REITs) – (7.5)%*
American Tower Corp.		(38	)		(7,769	)
AvalonBay Communities, Inc.		(38	)		(7,721	)
Boston Properties, Inc.		(64	)		(8,256	)
Crown Castle International Corp.		(60	)		(7,821	)
Digital Realty Trust, Inc.		(66	)		(7,774	)
Equinix, Inc.		(16	)		(8,069	)
Equity Residential		(102	)		(7,744	)
Essex Property Trust, Inc.		(26	)		(7,590	)
HCP, Inc.		(248	)		(7,931	)
Prologis, Inc.		(106	)		(8,490	)
Public Storage		(34	)		(8,098	)
Realty Income Corp.		(112	)		(7,725	)
SBA Communications Corp.*		(36	)		(8,094	)
Simon Property Group, Inc.		(46	)		(7,349	)
Ventas, Inc.		(134	)		(9,159	)
Welltower, Inc.		(96	)		(7,827	)
Weyerhaeuser Co.		(322	)		(8,481	)
					(135,898	)
*Food & Staples Retailing – (1.4)%*
Costco Wholesale Corp.		(32	)		(8,457	)
Walgreens Boots Alliance, Inc.		(160	)		(8,747	)
Walmart, Inc.		(78	)		(8,618	)
					(25,822	)


Investments	Number of Shares			Value
*Food Products – (0.5)%*
Mondelez International, Inc., Class A		(154	)	$	(8,301	)
*Health Care Equipment & Supplies – (3.5)%*
Abbott Laboratories		(104	)		(8,746	)
Becton Dickinson and Co.		(34	)		(8,568	)
Boston Scientific Corp.*		(210	)		(9,026	)
Danaher Corp.		(66	)		(9,433	)
Intuitive Surgical, Inc.*		(16	)		(8,393	)
Medtronic plc		(92	)		(8,960	)
Stryker Corp.		(48	)		(9,868	)
					(62,994	)
*Health Care Providers & Services – (1.8)%*
Anthem, Inc.		(30	)		(8,466	)
Cigna Corp.		(54	)		(8,508	)
CVS Health Corp.		(146	)		(7,956	)
UnitedHealth Group, Inc.		(34	)		(8,296	)
					(33,226	)
*Hotels, Restaurants & Leisure – (3.2)%*
Carnival Corp.		(156	)		(7,262	)
Hilton Worldwide Holdings, Inc.		(88	)		(8,601	)
Las Vegas Sands Corp.		(136	)		(8,036	)
Marriott International, Inc., Class A		(64	)		(8,979	)
McDonald’s Corp.		(40	)		(8,307	)
Starbucks Corp.		(104	)		(8,718	)
Yum! Brands, Inc.		(78	)		(8,632	)
					(58,535	)
*Household Products – (0.9)%*
Colgate-Palmolive Co.		(114	)		(8,170	)
Procter & Gamble Co. (The)		(76	)		(8,334	)
					(16,504	)
*Industrial Conglomerates – (1.8)%*
3M Co.		(50	)		(8,667	)
General Electric Co.		(814	)		(8,548	)
Honeywell International, Inc.		(48	)		(8,380	)
Roper Technologies, Inc.		(22	)		(8,058	)
					(33,653	)
*Insurance – (4.6)%*
Aflac, Inc.		(154	)		(8,441	)
Allstate Corp. (The)		(82	)		(8,339	)
American International Group, Inc.		(154	)		(8,205	)
Aon plc		(44	)		(8,491	)
Chubb Ltd.		(54	)		(7,954	)
Marsh & McLennan Cos., Inc.		(82	)		(8,179	)
MetLife, Inc.		(188	)		(9,338	)
Progressive Corp. (The)		(100	)		(7,993	)
Prudential Financial, Inc.		(84	)		(8,484	)
Travelers Cos., Inc. (The)		(54	)		(8,074	)
					(83,498	)

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Size Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
*Interactive Media & Services – (0.9)%*
Alphabet, Inc., Class C*		(8	)	$	(8,647	)
Facebook, Inc., Class A*		(44	)		(8,492	)
					(17,139	)
*Internet & Direct Marketing Retail – (1.3)%*
Amazon.com, Inc.*		(4	)		(7,574	)
Booking Holdings, Inc.*		(4	)		(7,499	)
eBay, Inc.		(226	)		(8,927	)
					(24,000	)
*IT Services – (4.1)%*
Accenture plc, Class A		(44	)		(8,130	)
Automatic Data Processing, Inc.		(50	)		(8,267	)
Cognizant Technology Solutions Corp., Class A		(118	)		(7,480	)
Fidelity National Information Services, Inc.		(66	)		(8,097	)
Fiserv, Inc.*		(92	)		(8,387	)
International Business Machines Corp.		(68	)		(9,377	)
Mastercard, Inc., Class A		(32	)		(8,465	)
PayPal Holdings, Inc.*		(72	)		(8,241	)
Visa, Inc., Class A		(48	)		(8,330	)
					(74,774	)
*Life Sciences Tools & Services – (0.5)%*
Thermo Fisher Scientific, Inc.		(30	)		(8,810	)
*Machinery – (3.5)%*
Caterpillar, Inc.		(66	)		(8,995	)
Cummins, Inc.		(56	)		(9,595	)
Deere & Co.		(52	)		(8,617	)
Illinois Tool Works, Inc.		(60	)		(9,049	)
Ingersoll-Rand plc		(66	)		(8,360	)
PACCAR, Inc.		(132	)		(9,459	)
Parker-Hannifin Corp.		(52	)		(8,841	)
					(62,916	)
*Media – (0.9)%*
Charter Communications, Inc., Class A*		(20	)		(7,903	)
Comcast Corp., Class A		(192	)		(8,118	)
					(16,021	)
*Metals & Mining – (1.0)%*
Newmont Goldcorp Corp.		(248	)		(9,541	)
Nucor Corp.		(164	)		(9,036	)
					(18,577	)
*Multiline Retail – (1.4)%*
Dollar General Corp.		(62	)		(8,380	)
Dollar Tree, Inc.*		(78	)		(8,376	)
Target Corp.		(98	)		(8,488	)
					(25,244	)
*Multi-Utilities – (1.8)%*
Consolidated Edison, Inc.		(92	)		(8,067	)
Dominion Energy, Inc.		(114	)		(8,814	)
Public Service Enterprise Group, Inc.		(134	)		(7,882	)


Investments	Number of Shares			Value
Sempra Energy		(60	)	$	(8,246	)
					(33,009	)
*Oil, Gas & Consumable Fuels – (3.7)%*
Chevron Corp.		(68	)		(8,462	)
ConocoPhillips		(132	)		(8,052	)
EOG Resources, Inc.		(90	)		(8,385	)
Exxon Mobil Corp.		(110	)		(8,429	)
Kinder Morgan, Inc.		(394	)		(8,227	)
Marathon Petroleum Corp.		(172	)		(9,611	)
Occidental Petroleum Corp.		(158	)		(7,944	)
Phillips 66		(92	)		(8,606	)
					(67,716	)
*Pharmaceuticals – (2.8)%*
Allergan plc		(62	)		(10,380	)
Bristol-Myers Squibb Co.		(174	)		(7,891	)
Eli Lilly & Co.		(72	)		(7,977	)
Johnson & Johnson		(58	)		(8,078	)
Merck & Co., Inc.		(108	)		(9,056	)
Pfizer, Inc.		(184	)		(7,971	)
					(51,353	)
*Real Estate Management & Development – (0.5)%*
CBRE Group, Inc., Class A*		(170	)		(8,721	)
*Road & Rail – (1.3)%*
CSX Corp.		(106	)		(8,201	)
Norfolk Southern Corp.		(40	)		(7,973	)
Union Pacific Corp.		(50	)		(8,456	)
					(24,630	)
*Semiconductors & Semiconductor Equipment – (3.8)%*
Analog Devices, Inc.		(80	)		(9,030	)
Applied Materials, Inc.		(202	)		(9,072	)
Broadcom, Inc.		(30	)		(8,636	)
Intel Corp.		(160	)		(7,659	)
Micron Technology, Inc.*		(224	)		(8,644	)
NVIDIA Corp.		(52	)		(8,540	)
QUALCOMM, Inc.		(118	)		(8,976	)
Texas Instruments, Inc.		(78	)		(8,951	)
					(69,508	)
*Software – (3.3)%*
Adobe, Inc.*		(32	)		(9,429	)
Autodesk, Inc.*		(48	)		(7,819	)
Intuit, Inc.		(34	)		(8,885	)
Microsoft Corp.		(64	)		(8,574	)
Oracle Corp.		(162	)		(9,229	)
salesforce.com, Inc.*		(52	)		(7,890	)
ServiceNow, Inc.*		(30	)		(8,237	)
					(60,063	)
*Specialty Retail – (2.8)%*
AutoZone, Inc.*		(8	)		(8,796	)
Home Depot, Inc. (The)		(42	)		(8,735	)

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Size Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
Lowe’s Cos., Inc.		(82	)	$	(8,274	)
O’Reilly Automotive, Inc.*		(24	)		(8,864	)
Ross Stores, Inc.		(84	)		(8,326	)
TJX Cos., Inc. (The)		(164	)		(8,672	)
					(51,667	)
*Technology Hardware, Storage & Peripherals – (1.0)%*
Apple, Inc.		(48	)		(9,500	)
HP, Inc.		(422	)		(8,773	)
					(18,273	)
*Textiles, Apparel & Luxury Goods – (0.9)%*
NIKE, Inc., Class B		(98	)		(8,227	)
VF Corp.		(96	)		(8,386	)
					(16,613	)
*Tobacco – (0.9)%*
Altria Group, Inc.		(160	)		(7,576	)
Philip Morris International, Inc.		(106	)		(8,324	)
					(15,900	)
Total Common Stocks (Proceeds $(1,400,178))					(1,691,468	)
Total Short Positions (Proceeds $(1,400,178))					(1,691,468	)


Investments	Value
Total Investments – 1.2% (Cost $267,349)	$	21,415
Other Assets Less Liabilities – 98.8%		1,800,539
Net Assets – 100.0%	$	1,821,954

Non-income producing security.

(a)

All or a portion of this security is segregated in connection with obligations for securities sold short with a total value of $876,980.



Aggregate gross unrealized appreciation	$	221,321
Aggregate gross unrealized depreciation		(623,444	)
Net unrealized depreciation	$	(402,123	)
Federal income tax cost of investments (including derivative contracts, if any)	$	392,196

OTC Total return swap contracts outstanding as of June 30, 2019


Notional Amount	Termination Date⁽¹⁾		Counterparty		Rate Paid (Received)⁽²⁾			Underlying Instrument⁽³⁾		Value and Unrealized Appreciation/ (Depreciation)⁽⁴⁾			Cash Collateral (Received) Pledged			Net Amount⁽⁵⁾
217,783 USD		10/3/2019		Morgan Stanley		2.70	%		Dow Jones U.S. Thematic Long Size Total Return Index⁽⁶⁾	$	10,386		$	—		$	10,386
(220,814) USD		10/3/2019		Morgan Stanley		(2.00	)%		Dow Jones U.S. Thematic Short Size Total Return Index⁽⁷⁾		(41,728	)		10,000	⁽⁸⁾		(31,728	)
										$	(31,342	)				$	(21,342	)

(1)

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

(2)

(3)

The 50 largest components of the referenced underlying Swap Index can be found at https://www.agf.com/us/resources

(4)

(5)

(6)

The Dow Jones U.S. Thematic Long Size Total Return Index (DJTLSST) is designed to measure the performance of 200 companies ranked as the smallest in size. Size is determined by float-adjusted market capitalization at each rebalance. Dividends are reinvested.

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Size Fund
Schedule of Investments
June 30, 2019

(7)

The Dow Jones U.S. Thematic Short Size Total Return Index (DJTSSST) is designed to measure the performance of 200 companies ranked as the largest in size. Size is determined by float-adjusted market capitalization at each rebalance. Dividends are reinvested.

(8)


Abbreviations
USD		US Dollar

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Anti-Beta Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares		Value
Long Positions – 97.1%
Common Stocks – 97.1%
*Aerospace & Defense – 2.4%*
Axon Enterprise, Inc.*(a)		4,500	$	288,945
Harris Corp.		1,620		306,390
Lockheed Martin Corp.		900		327,186
Northrop Grumman Corp.		960		310,186
United Technologies Corp.		2,400		312,480
				1,545,187
*Air Freight & Logistics – 0.5%*
CH Robinson Worldwide, Inc.(a)		3,780		318,843
*Auto Components – 0.5%*
Autoliv, Inc.(a)		4,920		346,909
*Automobiles – 0.5%*
Tesla, Inc.*		1,620		362,005
*Banks – 0.5%*
Bank of Hawaii Corp.(a)		3,960		328,324
*Beverages – 0.5%*
Coca-Cola Co. (The)		6,120		311,631
*Biotechnology – 0.4%*
United Therapeutics Corp.*		3,600		281,016
*Building Products – 1.6%*
Allegion plc(a)		3,120		344,916
Lennox International, Inc.		1,140		313,500
Owens Corning		6,240		363,168
				1,021,584
*Capital Markets – 1.9%*
Cboe Global Markets, Inc.(a)		2,760		286,019
CME Group, Inc.(a)		1,560		302,812
Federated Investors, Inc., Class B(a)		9,840		319,800
MarketAxess Holdings, Inc.		1,020		327,848
				1,236,479
*Chemicals – 3.6%*
Axalta Coating Systems Ltd.*(a)		12,780		380,461
International Flavors & Fragrances, Inc.		2,220		322,100
Linde plc		1,680		337,344
NewMarket Corp.		780		312,733
RPM International, Inc.		5,640		344,660
Valvoline, Inc.		17,160		335,135
WR Grace & Co.		4,260		324,228
				2,356,661
*Commercial Services & Supplies – 2.1%*
Copart, Inc.*(a)		4,200		313,908
KAR Auction Services, Inc.		5,340		133,500
MSA Safety, Inc.		3,060		322,494
Republic Services, Inc.		3,600		311,904


Investments	Number of Shares		Value
Waste Management, Inc.		2,760	$	318,421
				1,400,227
*Communications Equipment – 1.5%*
F5 Networks, Inc.*(a)		2,280		332,036
Juniper Networks, Inc.		12,240		325,951
Motorola Solutions, Inc.		1,980		330,126
				988,113
*Containers & Packaging – 1.0%*
Berry Global Group, Inc.*(a)		6,420		337,628
Sonoco Products Co.		4,860		317,552
				655,180
*Distributors – 0.3%*
IAA, Inc.*		5,340		207,085
*Diversified Consumer Services – 1.0%*
Graham Holdings Co., Class B		420		289,813
H&R Block, Inc.		11,460		335,778
				625,591
*Diversified Telecommunication Services – 0.5%*
Verizon Communications, Inc.		5,520		315,358
*Electric Utilities – 2.4%*
Avangrid, Inc.(a)		6,000		303,000
Duke Energy Corp.(a)		3,540		312,370
Evergy, Inc.(a)		5,160		310,374
Hawaiian Electric Industries, Inc.		7,320		318,786
Pinnacle West Capital Corp.		3,240		304,851
				1,549,381
*Electronic Equipment, Instruments & Components – 2.1%*
Dolby Laboratories, Inc., Class A(a)		4,860		313,956
FLIR Systems, Inc.(a)		6,240		337,584
Jabil, Inc.		12,300		388,680
National Instruments Corp.		7,800		327,522
				1,367,742
*Energy Equipment & Services – 0.5%*
Baker Hughes a GE Co.(a)		14,160		348,761
*Entertainment – 2.8%*
Activision Blizzard, Inc.(a)		6,900		325,680
Cinemark Holdings, Inc.(a)		7,920		285,912
Electronic Arts, Inc.*(a)		3,240		328,082
Madison Square Garden Co. (The), Class A*		1,020		285,539
Take-Two Interactive Software, Inc.*		2,760		313,343
Walt Disney Co. (The)(a)		2,280		318,379
				1,856,935
*Equity Real Estate Investment Trusts (REITs) – 8.2%*
CubeSmart(a)		8,940		298,954
Equity Commonwealth(a)		9,240		300,485
Equity LifeStyle Properties, Inc.(a)		2,460		298,496
Extra Space Storage, Inc.(a)		2,820		299,202

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Anti-Beta Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares		Value
HCP, Inc.		9,480	$	303,170
Healthcare Realty Trust, Inc.		9,360		293,155
Healthcare Trust of America, Inc., Class A		10,440		286,369
Life Storage, Inc.		3,120		296,650
National Health Investors, Inc.		3,840		299,635
National Retail Properties, Inc.		5,640		298,977
Omega Healthcare Investors, Inc.		8,460		310,905
Public Storage		1,260		300,094
Realty Income Corp.		4,260		293,812
STORE Capital Corp.		8,760		290,744
Sun Communities, Inc.		2,400		307,656
Ventas, Inc.		4,620		315,777
Welltower, Inc.		3,660		298,400
WP Carey, Inc.		3,600		292,248
				5,384,729
*Food & Staples Retailing – 0.4%*
Sprouts Farmers Market, Inc.*		15,120		285,617
*Food Products – 3.4%*
Bunge Ltd.(a)		5,760		320,890
Campbell Soup Co.(a)		8,340		334,184
Flowers Foods, Inc.		13,560		315,541
Hershey Co. (The)		2,280		305,588
Hormel Foods Corp.		7,680		311,347
Lamb Weston Holdings, Inc.		5,040		319,335
Lancaster Colony Corp.		2,100		312,060
				2,218,945
*Gas Utilities – 0.5%*
Southwest Gas Holdings, Inc.		3,540		317,255
*Health Care Equipment & Supplies – 4.6%*
Baxter International, Inc.(a)		4,080		334,152
Cantel Medical Corp.(a)		4,380		353,203
DENTSPLY SIRONA, Inc.		5,580		325,649
Globus Medical, Inc., Class A*		7,620		322,326
ICU Medical, Inc.*		1,440		362,751
Integra LifeSciences Holdings Corp.*		6,480		361,908
Medtronic plc		3,240		315,544
NuVasive, Inc.*		5,160		302,066
ResMed, Inc.		2,640		322,159
				2,999,758
*Health Care Providers & Services – 2.4%*
Anthem, Inc.(a)		1,080		304,787
Chemed Corp.(a)		900		324,756
Henry Schein, Inc.*		4,680		327,132
MEDNAX, Inc.*		12,300		310,329
Quest Diagnostics, Inc.(a)		3,120		317,647
				1,584,651
*Hotels, Restaurants & Leisure – 3.4%*
Cracker Barrel Old Country Store, Inc.(a)		1,920		327,802
Darden Restaurants, Inc.(a)		2,580		314,063
Dunkin’ Brands Group, Inc.(a)		4,080		325,013


Investments	Number of Shares		Value
McDonald’s Corp.		1,500	$	311,490
Texas Roadhouse, Inc.		5,880		315,580
Wendy’s Co. (The)		16,380		320,720
Yum! Brands, Inc.		2,940		325,370
				2,240,038
*Household Durables – 2.5%*
DR Horton, Inc.(a)		7,080		305,360
Lennar Corp., Class A		6,120		296,575
NVR, Inc.*		120		404,430
PulteGroup, Inc.		9,780		309,244
Toll Brothers, Inc.		8,700		318,594
				1,634,203
*Industrial Conglomerates – 2.0%*
Carlisle Cos., Inc.(a)		2,280		320,135
General Electric Co.		32,160		337,680
Honeywell International, Inc.		1,860		324,737
Roper Technologies, Inc.		900		329,634
				1,312,186
*Insurance – 8.7%*
Arch Capital Group Ltd.*(a)		8,760		324,821
Arthur J Gallagher & Co.(a)		3,600		315,324
Assured Guaranty Ltd.(a)		7,380		310,551
Axis Capital Holdings Ltd.(a)		5,100		304,215
Brown & Brown, Inc.(a)		9,540		319,590
Chubb Ltd.(a)		2,040		300,472
Erie Indemnity Co., Class A(a)		1,440		366,163
Everest Re Group Ltd.		1,200		296,616
Fidelity National Financial, Inc.		7,860		316,758
First American Financial Corp.(a)		5,880		315,756
Hanover Insurance Group, Inc. (The)		2,460		315,618
Hartford Financial Services Group, Inc. (The)		5,760		320,947
Marsh & McLennan Cos., Inc.		3,180		317,205
Old Republic International Corp.		13,740		307,501
RenaissanceRe Holdings Ltd.		1,740		309,737
RLI Corp.		3,540		303,413
White Mountains Insurance Group Ltd.		300		306,438
WR Berkley Corp.		4,860		320,420
				5,671,545
*IT Services – 4.8%*
Amdocs Ltd.(a)		5,100		316,659
Black Knight, Inc.*(a)		5,340		321,201
Booz Allen Hamilton Holding Corp.(a)		4,740		313,835
CACI International, Inc., Class A*(a)		1,500		306,885
Euronet Worldwide, Inc.*(a)		1,920		323,021
Fidelity National Information Services, Inc.(a)		2,520		309,154
Fiserv, Inc.*(a)		3,480		317,237
Jack Henry & Associates, Inc.		2,280		305,337
MAXIMUS, Inc.		4,260		309,020

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Anti-Beta Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares		Value
Western Union Co. (The)		15,540	$	309,091
				3,131,440
*Life Sciences Tools & Services – 1.0%*
Bio-Techne Corp.		1,500		312,735
Waters Corp.*		1,500		322,860
				635,595
*Machinery – 1.0%*
Graco, Inc.		6,360		319,145
Ingersoll-Rand plc		2,520		319,208
				638,353
*Media – 0.5%*
Omnicom Group, Inc.		3,900		319,605
*Metals & Mining – 1.1%*
Newmont Goldcorp Corp.		9,060		348,538
Royal Gold, Inc.		3,420		350,516
				699,054
*Mortgage Real Estate Investment Trusts (REITs) – 3.8%*
AGNC Investment Corp.(a)		18,360		308,815
Annaly Capital Management, Inc.		34,080		311,150
Blackstone Mortgage Trust, Inc., Class A(a)		8,520		303,142
Chimera Investment Corp.(a)		16,500		311,355
MFA Financial, Inc.		42,900		308,022
New Residential Investment Corp.		19,680		302,875
Starwood Property Trust, Inc.		13,680		310,810
Two Harbors Investment Corp.		24,660		312,442
				2,468,611
*Multiline Retail – 0.5%*
Dollar Tree, Inc.*(a)		2,940		315,727
*Multi-Utilities – 1.9%*
Ameren Corp.(a)		4,080		306,449
Dominion Energy, Inc.(a)		4,020		310,826
NiSource, Inc.		10,860		312,768
WEC Energy Group, Inc.		3,720		310,137
				1,240,180
*Oil, Gas & Consumable Fuels – 3.9%*
Cabot Oil & Gas Corp.(a)		11,940		274,142
Cheniere Energy, Inc.*		4,740		324,453
ConocoPhillips(a)		5,100		311,100
EOG Resources, Inc.(a)		3,660		340,966
Kinder Morgan, Inc.		15,120		315,706
Occidental Petroleum Corp.		6,060		304,697
ONEOK, Inc.		4,740		326,159
Valero Energy Corp.		4,260		364,698
				2,561,921
*Pharmaceuticals – 2.3%*
Bristol-Myers Squibb Co.(a)		6,660		302,031
Eli Lilly & Co.		2,580		285,838
Johnson & Johnson		2,280		317,559


Investments	Number of Shares		Value
Merck & Co., Inc.		3,780	$	316,953
Pfizer, Inc.		7,200		311,904
				1,534,285
*Professional Services – 1.4%*
FTI Consulting, Inc.*(a)		3,600		301,824
IHS Markit Ltd.*		5,220		332,618
Verisk Analytics, Inc.		2,160		316,354
				950,796
*Road & Rail – 2.0%*
AMERCO		840		317,982
JB Hunt Transport Services, Inc.		3,540		323,591
Kansas City Southern		2,640		321,605
Landstar System, Inc.		3,120		336,929
				1,300,107
*Semiconductors & Semiconductor Equipment – 2.6%*
Broadcom, Inc.(a)		1,200		345,432
Qorvo, Inc.*		4,920		327,721
QUALCOMM, Inc.		4,500		342,315
Skyworks Solutions, Inc.		4,500		347,715
Xilinx, Inc.		2,940		346,685
				1,709,868
*Software – 3.8%*
Cadence Design Systems, Inc.*(a)		4,740		335,639
CDK Global, Inc.(a)		6,240		308,506
Citrix Systems, Inc.(a)		3,180		312,085
LogMeIn, Inc.		4,200		309,456
Nuance Communications, Inc.*		17,580		280,752
Oracle Corp.		5,940		338,402
Palo Alto Networks, Inc.*		1,500		305,640
Tyler Technologies, Inc.*		1,440		311,069
				2,501,549
*Specialty Retail – 1.4%*
AutoZone, Inc.*(a)		300		329,841
Gap, Inc. (The)		16,320		293,270
Urban Outfitters, Inc.*		13,500		307,125
				930,236
*Textiles, Apparel & Luxury Goods – 1.5%*
Capri Holdings Ltd.*(a)		9,420		326,686
Columbia Sportswear Co.(a)		3,240		324,518
Ralph Lauren Corp.		2,880		327,139
				978,343
*Trading Companies & Distributors – 0.9%*
HD Supply Holdings, Inc.*		7,260		292,433
Watsco, Inc.		1,920		313,977
				606,410
Total Common Stocks (Cost $61,108,451)				63,594,019
Total Long Positions (Cost $61,108,451)				63,594,019

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Anti-Beta Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
Short Positions – (101.2)%
Common Stocks – (101.2)%
*Aerospace & Defense – (0.5)%*
Arconic, Inc.		(13,860	)	$	(357,865	)
*Air Freight & Logistics – (1.0)%*
FedEx Corp.		(1,980	)		(325,096	)
XPO Logistics, Inc.*		(5,820	)		(336,454	)
					(661,550	)
*Airlines – (0.5)%*
American Airlines Group, Inc.		(11,100	)		(361,971	)
*Auto Components – (0.6)%*
Aptiv plc		(4,740	)		(383,134	)
*Automobiles – (1.0)%*
Harley-Davidson, Inc.		(9,300	)		(333,219	)
Thor Industries, Inc.		(5,940	)		(347,193	)
					(680,412	)
*Banks – (3.6)%*
Chemical Financial Corp.		(7,980	)		(328,058	)
CIT Group, Inc.		(6,360	)		(334,154	)
Citigroup, Inc.		(4,860	)		(340,346	)
Citizens Financial Group, Inc.		(9,300	)		(328,848	)
East West Bancorp, Inc.		(7,140	)		(333,938	)
Sterling Bancorp		(15,660	)		(333,245	)
SVB Financial Group*		(1,500	)		(336,885	)
					(2,335,474	)
*Beverages – (0.9)%*
Molson Coors Brewing Co., Class B		(5,580	)		(312,480	)
Monster Beverage Corp.*		(4,920	)		(314,044	)
					(626,524	)
*Biotechnology – (4.7)%*
Agios Pharmaceuticals, Inc.*		(6,600	)		(329,208	)
Alexion Pharmaceuticals, Inc.*		(2,640	)		(345,787	)
Alnylam Pharmaceuticals, Inc.*		(4,500	)		(326,520	)
Bluebird Bio, Inc.*		(2,520	)		(320,544	)
Exact Sciences Corp.*		(2,940	)		(347,038	)
Sage Therapeutics, Inc.*		(1,740	)		(318,577	)
Sarepta Therapeutics, Inc.*		(2,640	)		(401,148	)
Seattle Genetics, Inc.*		(4,620	)		(319,750	)
Ultragenyx Pharmaceutical, Inc.*		(5,460	)		(346,710	)
					(3,055,282	)
*Capital Markets – (5.4)%*
Ameriprise Financial, Inc.		(2,160	)		(313,545	)
Charles Schwab Corp. (The)		(7,260	)		(291,779	)
E*TRADE Financial Corp.		(6,720	)		(299,712	)
Eaton Vance Corp.		(7,920	)		(341,590	)
Evercore, Inc., Class A		(3,900	)		(345,423	)
Goldman Sachs Group, Inc. (The)		(1,680	)		(343,728	)
LPL Financial Holdings, Inc.		(3,780	)		(308,335	)


Investments	Number of Shares			Value
Moody’s Corp.		(1,680	)	$	(328,121	)
Raymond James Financial, Inc.		(3,660	)		(309,453	)
State Street Corp.		(5,460	)		(306,088	)
Stifel Financial Corp.		(5,640	)		(333,098	)
					(3,520,872	)
*Chemicals – (2.7)%*
Cabot Corp.		(7,560	)		(360,688	)
Huntsman Corp.		(17,280	)		(353,203	)
Ingevity Corp.*		(3,480	)		(365,992	)
Mosaic Co. (The)		(14,220	)		(355,926	)
Olin Corp.		(15,360	)		(336,538	)
					(1,772,347	)
*Commercial Services & Supplies – (0.5)%*
Clean Harbors, Inc.*		(4,740	)		(337,014	)
*Communications Equipment – (1.1)%*
Arista Networks, Inc.*		(1,260	)		(327,121	)
Lumentum Holdings, Inc.*		(7,440	)		(397,371	)
					(724,492	)
*Construction & Engineering – (1.1)%*
Fluor Corp.		(10,860	)		(365,874	)
MasTec, Inc.*		(6,540	)		(337,006	)
					(702,880	)
*Consumer Finance – (1.9)%*
Capital One Financial Corp.		(3,480	)		(315,775	)
Discover Financial Services		(4,080	)		(316,567	)
Green Dot Corp., Class A*		(6,540	)		(319,806	)
Navient Corp.		(23,340	)		(318,591	)
					(1,270,739	)
*Containers & Packaging – (1.0)%*
Crown Holdings, Inc.*		(5,520	)		(337,272	)
Westrock Co.		(9,300	)		(339,171	)
					(676,443	)
*Diversified Financial Services – (1.5)%*
AXA Equitable Holdings, Inc.		(14,700	)		(307,230	)
Jefferies Financial Group, Inc.		(16,980	)		(326,525	)
Voya Financial, Inc.		(5,940	)		(328,482	)
					(962,237	)
*Electric Utilities – (1.0)%*
PPL Corp.		(10,140	)		(314,441	)
Southern Co. (The)		(5,700	)		(315,096	)
					(629,537	)
*Electrical Equipment – (2.2)%*
Acuity Brands, Inc.		(2,460	)		(339,259	)
EnerSys		(5,400	)		(369,900	)
Generac Holdings, Inc.*		(5,520	)		(383,143	)
Hubbell, Inc.		(2,640	)		(344,256	)
					(1,436,558	)

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Anti-Beta Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
*Electronic Equipment, Instruments & Components – (2.7)%*
Belden, Inc.		(5,940	)	$	(353,846	)
Cognex Corp.		(7,440	)		(356,971	)
Coherent, Inc.*		(2,760	)		(376,381	)
Vishay Intertechnology, Inc.		(19,860	)		(328,087	)
Zebra Technologies Corp., Class A*		(1,800	)		(377,082	)
					(1,792,367	)
*Energy Equipment & Services – (2.0)%*
Core Laboratories NV		(6,360	)		(332,501	)
Ensco Rowan plc, Class A		(36,120	)		(308,104	)
Patterson-UTI Energy, Inc.		(28,560	)		(328,725	)
Transocean Ltd.*		(49,080	)		(314,603	)
					(1,283,933	)
*Entertainment – (0.5)%*
Netflix, Inc.*		(900	)		(330,588	)
*Equity Real Estate Investment Trusts (REITs) – (7.0)%*
Brixmor Property Group, Inc.		(17,640	)		(315,403	)
Colony Capital, Inc.		(58,560	)		(292,800	)
CoreSite Realty Corp.		(2,580	)		(297,139	)
CyrusOne, Inc.		(5,100	)		(294,372	)
Hospitality Properties Trust		(12,120	)		(303,000	)
Host Hotels & Resorts, Inc.		(16,680	)		(303,910	)
Outfront Media, Inc.		(12,240	)		(315,669	)
Park Hotels & Resorts, Inc.		(10,980	)		(302,609	)
Pebblebrook Hotel Trust		(10,920	)		(307,725	)
RLJ Lodging Trust		(17,640	)		(312,934	)
Sabra Health Care REIT, Inc.		(15,600	)		(307,164	)
SL Green Realty Corp.		(3,540	)		(284,510	)
Taubman Centers, Inc.		(6,900	)		(281,727	)
Uniti Group, Inc.		(31,380	)		(298,110	)
Weyerhaeuser Co.		(13,260	)		(349,268	)
					(4,566,340	)
*Food & Staples Retailing – (0.5)%*
Walgreens Boots Alliance, Inc.		(6,120	)		(334,580	)
*Food Products – (1.4)%*
Conagra Brands, Inc.		(11,340	)		(300,737	)
Darling Ingredients, Inc.*		(16,020	)		(318,638	)
Post Holdings, Inc.*		(2,880	)		(299,433	)
					(918,808	)
*Gas Utilities – (1.0)%*
New Jersey Resources Corp.		(6,420	)		(319,523	)
South Jersey Industries, Inc.		(9,720	)		(327,856	)
					(647,379	)
*Health Care Equipment & Supplies – (1.4)%*
ABIOMED, Inc.*		(1,140	)		(296,959	)
Align Technology, Inc.*		(1,080	)		(295,596	)
Intuitive Surgical, Inc.*		(660	)		(346,203	)
					(938,758	)


Investments	Number of Shares			Value
*Health Care Providers & Services – (1.1)%*
DaVita, Inc.*		(6,960	)	$	(391,570	)
HealthEquity, Inc.*		(4,620	)		(302,148	)
					(693,718	)
*Health Care Technology – (1.0)%*
Teladoc Health, Inc.*		(5,220	)		(346,660	)
Veeva Systems, Inc., Class A*		(1,920	)		(311,251	)
					(657,911	)
*Hotels, Restaurants & Leisure – (4.2)%*
Caesars Entertainment Corp.*		(34,260	)		(404,953	)
Hilton Grand Vacations, Inc.*		(11,880	)		(378,022	)
Las Vegas Sands Corp.		(5,460	)		(322,631	)
Marriott Vacations Worldwide Corp.		(3,360	)		(323,904	)
MGM Resorts International		(12,180	)		(347,983	)
Norwegian Cruise Line Holdings Ltd.*		(5,520	)		(296,037	)
Royal Caribbean Cruises Ltd.		(2,520	)		(305,449	)
Wynn Resorts Ltd.		(2,820	)		(349,652	)
					(2,728,631	)
*Household Durables – (0.5)%*
Newell Brands, Inc.		(22,740	)		(350,651	)
*Independent Power and Renewable Electricity Producers – (1.4)%*
AES Corp.		(19,200	)		(321,792	)
NRG Energy, Inc.		(8,940	)		(313,973	)
Vistra Energy Corp.		(12,900	)		(292,056	)
					(927,821	)
*Insurance – (3.0)%*
Brighthouse Financial, Inc.*		(8,520	)		(312,599	)
Lincoln National Corp.		(5,100	)		(328,695	)
MetLife, Inc.		(6,540	)		(324,842	)
Principal Financial Group, Inc.		(5,820	)		(337,094	)
Prudential Financial, Inc.		(3,240	)		(327,240	)
Unum Group		(9,600	)		(322,080	)
					(1,952,550	)
*Interactive Media & Services – (1.6)%*
Snap, Inc., Class A*		(25,620	)		(366,366	)
TripAdvisor, Inc.*		(7,140	)		(330,510	)
Zillow Group, Inc., Class C*		(7,020	)		(325,658	)
					(1,022,534	)
*Internet & Direct Marketing Retail – (2.0)%*
Amazon.com, Inc.*		(180	)		(340,854	)
Etsy, Inc.*		(4,860	)		(298,258	)
GrubHub, Inc.*		(4,680	)		(364,993	)
Wayfair, Inc., Class A*		(2,100	)		(306,600	)
					(1,310,705	)
*IT Services – (3.0)%*
Alliance Data Systems Corp.		(2,220	)		(311,089	)
EPAM Systems, Inc.*		(1,740	)		(301,194	)
KBR, Inc.		(13,680	)		(341,179	)

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Anti-Beta Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
Okta, Inc.*		(2,640	)	$	(326,066	)
Square, Inc., Class A*		(4,860	)		(352,496	)
Twilio, Inc., Class A*		(2,280	)		(310,878	)
					(1,942,902	)
*Leisure Products – (1.0)%*
Mattel, Inc.*		(30,420	)		(341,008	)
Polaris Industries, Inc.		(3,840	)		(350,323	)
					(691,331	)
*Life Sciences Tools & Services – (1.6)%*
Illumina, Inc.*		(960	)		(353,424	)
PRA Health Sciences, Inc.*		(3,480	)		(345,042	)
Syneos Health, Inc.*		(7,380	)		(377,044	)
					(1,075,510	)
*Machinery – (6.3)%*
Caterpillar, Inc.		(2,520	)		(343,451	)
Colfax Corp.*		(12,000	)		(336,360	)
Donaldson Co., Inc.		(6,360	)		(323,470	)
Flowserve Corp.		(6,540	)		(344,593	)
ITT, Inc.		(5,280	)		(345,734	)
Kennametal, Inc.		(9,900	)		(366,201	)
Oshkosh Corp.		(4,200	)		(350,658	)
Parker-Hannifin Corp.		(1,980	)		(336,620	)
Stanley Black & Decker, Inc.		(2,400	)		(347,064	)
Terex Corp.		(11,280	)		(354,192	)
Timken Co. (The)		(6,900	)		(354,246	)
Wabtec Corp.		(4,860	)		(348,753	)
					(4,151,342	)
*Media – (1.9)%*
Charter Communications, Inc., Class A*		(780	)		(308,240	)
DISH Network Corp., Class A*		(8,460	)		(324,949	)
Liberty Broadband Corp., Class C*		(3,120	)		(325,166	)
Nexstar Media Group, Inc., Class A		(3,000	)		(303,000	)
					(1,261,355	)
*Metals & Mining – (2.2)%*
Alcoa Corp.*		(14,340	)		(335,700	)
Allegheny Technologies, Inc.*		(14,160	)		(356,832	)
Carpenter Technology Corp.		(7,500	)		(359,850	)
Freeport-McMoRan, Inc.		(31,320	)		(363,625	)
					(1,416,007	)
*Multiline Retail – (0.4)%*
Ollie’s Bargain Outlet Holdings, Inc.*		(3,060	)		(266,557	)
*Multi-Utilities – (1.5)%*
Avista Corp.		(7,260	)		(323,796	)
MDU Resources Group, Inc.		(12,360	)		(318,888	)
Sempra Energy		(2,280	)		(313,363	)
					(956,047	)
*Oil, Gas & Consumable Fuels – (2.6)%*
Chesapeake Energy Corp.*		(156,600	)		(305,370	)


Investments	Number of Shares			Value
Delek US Holdings, Inc.		(10,080	)	$	(408,442	)
Hess Corp.		(5,400	)		(343,278	)
QEP Resources, Inc.*		(43,860	)		(317,108	)
WPX Energy, Inc.*		(28,020	)		(322,510	)
					(1,696,708	)
*Personal Products – (1.0)%*
Coty, Inc., Class A		(24,660	)		(330,444	)
Nu Skin Enterprises, Inc., Class A		(6,600	)		(325,512	)
					(655,956	)
*Pharmaceuticals – (1.6)%*
Mylan NV*		(18,060	)		(343,862	)
Nektar Therapeutics*		(9,780	)		(347,973	)
Perrigo Co. plc		(7,320	)		(348,578	)
					(1,040,413	)
*Professional Services – (0.5)%*
Robert Half International, Inc.		(5,640	)		(321,536	)
*Real Estate Management & Development – (1.6)%*
CBRE Group, Inc., Class A*		(6,600	)		(338,580	)
Howard Hughes Corp. (The)*		(2,940	)		(364,090	)
Jones Lang LaSalle, Inc.		(2,400	)		(337,656	)
					(1,040,326	)
*Road & Rail – (1.1)%*
Knight-Swift Transportation Holdings, Inc.		(10,980	)		(360,583	)
Ryder System, Inc.		(6,000	)		(349,800	)
					(710,383	)
*Semiconductors & Semiconductor Equipment – (2.7)%*
Advanced Micro Devices, Inc.*		(11,040	)		(335,285	)
Micron Technology, Inc.*		(9,240	)		(356,571	)
NVIDIA Corp.		(2,220	)		(364,591	)
ON Semiconductor Corp.*		(16,980	)		(343,166	)
Semtech Corp.*		(7,620	)		(366,141	)
					(1,765,754	)
*Software – (4.2)%*
2U, Inc.*		(7,980	)		(300,367	)
Autodesk, Inc.*		(1,860	)		(302,994	)
HubSpot, Inc.*		(1,740	)		(296,705	)
Manhattan Associates, Inc.*		(4,680	)		(324,465	)
Nutanix, Inc., Class A*		(11,280	)		(292,603	)
RingCentral, Inc., Class A*		(2,520	)		(289,598	)
salesforce.com, Inc.*		(1,980	)		(300,425	)
Splunk, Inc.*		(2,640	)		(331,980	)
Workday, Inc., Class A*		(1,500	)		(308,370	)
					(2,747,507	)
*Specialty Retail – (1.0)%*
Five Below, Inc.*		(2,340	)		(280,847	)
L Brands, Inc.		(13,620	)		(355,482	)
					(636,329	)

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Anti-Beta Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
*Technology Hardware, Storage & Peripherals – (1.4)%*
NCR Corp.*		(9,960	)	$	(309,756	)
Pure Storage, Inc., Class A*		(19,140	)		(292,268	)
Xerox Corp.		(9,960	)		(352,683	)
					(954,707	)
*Textiles, Apparel & Luxury Goods – (1.0)%*
Lululemon Athletica, Inc.*		(1,860	)		(335,191	)
Under Armour, Inc., Class A*		(13,320	)		(337,662	)
					(672,853	)
*Tobacco – (0.5)%*
Philip Morris International, Inc.		(3,900	)		(306,267	)
*Trading Companies & Distributors – (1.6)%*
Air Lease Corp.		(8,460	)		(349,737	)
United Rentals, Inc.*		(2,760	)		(366,059	)
Univar, Inc.*		(15,060	)		(331,922	)
					(1,047,718	)
Total Common Stocks (Proceeds $(64,719,946))					(66,310,113	)
Total Short Positions (Proceeds $(64,719,946))					(66,310,113	)


Investments	Value
Total Investments — (4.1)% (Cost $(3,611,495))	$	(2,716,094	)
Other Assets Less Liabilities — 104.1%		68,208,326
Net Assets – 100.0%	$	65,492,232

Non-income producing security.

(a)

All or a portion of this security is segregated in connection with obligations for securities sold short with a total value of $22,221,163.



Aggregate gross unrealized appreciation	$	4,856,682
Aggregate gross unrealized depreciation		(6,131,587	)
Net unrealized depreciation	$	(1,274,905	)
Federal income tax cost of investments (including derivative contracts, if any)	$	(822,053	)

OTC Total return swap contracts outstanding as of June 30, 2019


Notional Amount	Termination Date⁽¹⁾		Counterparty		Rate Paid (Received)⁽²⁾			Underlying Instrument⁽³⁾		Value and Unrealized Appreciation/ (Depreciation)⁽⁴⁾			Cash Collateral (Received) Pledged			Net Amount⁽⁵⁾
7,142,510 USD		10/3/2019		Morgan Stanley		2.75	%		Dow Jones U.S. Low Beta Total Return Index⁽⁶⁾	$	893,203		$	—		$	893,203
(7,613,552) USD		10/3/2019		Morgan Stanley		(2.00	)%		Dow Jones U.S. High Beta Total Return Index⁽⁷⁾		(274,067	)		274,067	⁽⁸⁾		—
										$	619,136					$	893,203

(1)

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

(2)

(3)

The 50 largest components of the referenced underlying Swap Index can be found at https://www.agf.com/us/resources

(4)

(5)

(6)

The Dow Jones U.S. Low Beta Total Return Index (DJTLABT) is designed to measure the performance of 200 companies ranked as having the lowest beta. Beta is calculated using weekly returns for the previous 52 weeks. Dividends are reinvested.

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ U.S. Market Neutral Anti-Beta Fund
Schedule of Investments
June 30, 2019

(7)

The Dow Jones U.S. High Beta Total Return Index (DJTSABT) is designed to measure the performance of 200 companies ranked as having the highest beta. Beta is calculated using weekly returns for the previous 52 weeks. Dividends are reinvested.

(8)

Reflects all or a portion of the amount disclosed on the Statement of Assets and Liabilities as “Segregated cash balance with custodian for swap agreements.” Under U.S. GAAP, the amount disclosed under this caption may not exceed the amount of the liability being collateralized for the benefit of the counterparty.

Abbreviations


USD		US Dollar

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ Hedged Dividend Income Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares		Value
Long Positions – 98.1%
Common Stocks – 88.3%
*Air Freight & Logistics – 1.0%*
United Parcel Service, Inc., Class B		452	$	46,678
*Automobiles – 1.9%*
Ford Motor Co.		4,576		46,813
General Motors Co.(a)		1,212		46,698
				93,511
*Banks – 4.9%*
First Hawaiian, Inc.		1,800		46,566
KeyCorp		2,652		47,073
PacWest Bancorp		1,208		46,907
People’s United Financial, Inc.		2,788		46,783
Umpqua Holdings Corp.		2,804		46,518
				233,847
*Biotechnology – 2.0%*
AbbVie, Inc.		648		47,123
Gilead Sciences, Inc.(a)		692		46,751
				93,874
*Chemicals – 1.0%*
Eastman Chemical Co.		600		46,698
*Consumer Finance – 1.0%*
Navient Corp.		3,428		46,792
*Containers & Packaging – 1.0%*
Packaging Corp. of America		488		46,516
*Diversified Consumer Services – 1.0%*
H&R Block, Inc.(a)		1,596		46,763
*Diversified Telecommunication Services – 2.0%*
AT&T, Inc.		1,408		47,182
Verizon Communications, Inc.		820		46,847
				94,029
*Electric Utilities – 6.9%*
Duke Energy Corp.(a)		528		46,591
Edison International(a)		700		47,187
Entergy Corp.(a)		456		46,936
FirstEnergy Corp.(a)		1,092		46,749
OGE Energy Corp.		1,104		46,986
PPL Corp.		1,508		46,763
Southern Co. (The)		848		46,877
				328,089
*Energy Equipment & Services – 1.0%*
Helmerich & Payne, Inc.(a)		928		46,975
*Entertainment – 1.0%*
Cinemark Holdings, Inc.(a)		1,308		47,219


Investments	Number of Shares		Value
*Equity Real Estate Investment Trusts (REITs) – 11.7%*
Apple Hospitality REIT, Inc.(a)		2,948	$	46,755
Brixmor Property Group, Inc.(a)		2,604		46,559
Gaming and Leisure Properties, Inc.		1,196		46,620
Hospitality Properties Trust(a)		1,864		46,600
Iron Mountain, Inc.(a)		1,500		46,950
Kimco Realty Corp.(a)		2,520		46,570
Macerich Co. (The)		1,396		46,752
Omega Healthcare Investors, Inc.		1,268		46,599
Park Hotels & Resorts, Inc.		1,700		46,852
RLJ Lodging Trust		2,620		46,479
Sabra Health Care REIT, Inc.		2,372		46,705
VEREIT, Inc.		5,188		46,744
				560,185
*Food & Staples Retailing – 1.0%*
Walgreens Boots Alliance, Inc.		856		46,798
*Food Products – 3.9%*
Archer-Daniels-Midland Co.(a)		1,148		46,838
Campbell Soup Co.(a)		1,168		46,802
General Mills, Inc.(a)		884		46,428
Kellogg Co.(a)		876		46,927
				186,995
*Health Care Providers & Services – 2.0%*
Cardinal Health, Inc.(a)		996		46,912
CVS Health Corp.(a)		856		46,643
				93,555
*Hotels, Restaurants & Leisure – 1.0%*
Las Vegas Sands Corp.(a)		792		46,799
*Household Durables – 1.9%*
Leggett & Platt, Inc.(a)		1,216		46,658
Whirlpool Corp.		328		46,694
				93,352
*Independent Power and Renewable Electricity Producers – 1.0%*
NextEra Energy Partners LP		964		46,513
*Industrial Conglomerates – 1.0%*
3M Co.		268		46,455
*Insurance – 1.0%*
Mercury General Corp.		744		46,500
*IT Services – 1.9%*
International Business Machines Corp.(a)		336		46,334
Western Union Co. (The)		2,360		46,941
				93,275
*Media – 1.0%*
Interpublic Group of Cos., Inc. (The)(a)		2,068		46,716

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ Hedged Dividend Income Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares		Value
*Mortgage Real Estate Investment Trusts (REITs) – 4.9%*
Blackstone Mortgage Trust, Inc., Class A(a)		1,308	$	46,538
Chimera Investment Corp.(a)		2,472		46,647
MFA Financial, Inc.(a)		6,488		46,584
New Residential Investment Corp.		3,028		46,601
Starwood Property Trust, Inc.		2,056		46,712
				233,082
*Multiline Retail – 1.0%*
Kohl’s Corp.(a)		984		46,789
*Multi-Utilities – 1.9%*
CenterPoint Energy, Inc.(a)		1,636		46,839
Dominion Energy, Inc.(a)		604		46,701
				93,540
*Oil, Gas & Consumable Fuels – 13.8%*
Apache Corp.		1,624		47,047
Chevron Corp.(a)		380		47,287
CVR Energy, Inc.(a)		936		46,791
EnLink Midstream LLC(a)		4,664		47,060
Exxon Mobil Corp.		612		46,897
Kinder Morgan, Inc.		2,252		47,022
Marathon Petroleum Corp.		844		47,163
Murphy Oil Corp.		1,896		46,736
Occidental Petroleum Corp.		936		47,062
ONEOK, Inc.		684		47,066
Phillips 66		504		47,144
Tallgrass Energy LP		2,216		46,780
Targa Resources Corp.		1,192		46,798
Viper Energy Partners LP		1,524		46,970
				657,823
*Pharmaceuticals – 2.0%*
Bristol-Myers Squibb Co.(a)		1,036		46,983
Pfizer, Inc.		1,084		46,959
				93,942
*Semiconductors & Semiconductor Equipment – 2.9%*
Broadcom, Inc.		164		47,209
Maxim Integrated Products, Inc.		776		46,420
QUALCOMM, Inc.		620		47,164
				140,793
*Specialty Retail – 2.9%*
Gap, Inc. (The)(a)		2,596		46,650
Penske Automotive Group, Inc.		984		46,543
Williams-Sonoma, Inc.		712		46,280
				139,473
*Textiles, Apparel & Luxury Goods – 2.0%*
Hanesbrands, Inc.(a)		2,716		46,770
Tapestry, Inc.		1,476		46,833
				93,603


Investments	Number of Shares			Value
*Thrifts & Mortgage Finance – 1.0%*
New York Community Bancorp, Inc.		4,688		$	46,786
*Tobacco – 1.9%*
Altria Group, Inc.		980			46,403
Philip Morris International, Inc.		600			47,118
					93,521
*Trading Companies & Distributors – 1.9%*
MSC Industrial Direct Co., Inc., Class A		632			46,932
Watsco, Inc.		284			46,443
					93,375
Total Common Stocks (Cost $4,124,810)					4,210,861
Master Limited Partnerships – 9.8%
*Gas Utilities – 0.9%*
AmeriGas Partners LP		1,336			46,546
*Industrial Conglomerates – 1.0%*
Icahn Enterprises LP		652			47,211
*Oil, Gas & Consumable Fuels – 7.9%*
DCP Midstream LP(a)		1,612			47,232
Energy Transfer LP		3,328			46,858
Enterprise Products Partners LP(a)		1,628			47,000
EQM Midstream Partners LP(a)		1,056			47,182
Magellan Midstream Partners LP(a)		736			47,104
Phillips 66 Partners LP		952			46,981
Shell Midstream Partners LP		2,276			47,159
Western Midstream Partners LP		1,520			46,771
					376,287
Total Master Limited Partnerships (Cost $458,706)					470,044
Total Long Positions (Cost $4,583,516)					4,680,905
Short Positions – (49.0)%
Common Stocks – (48.3)%
*Aerospace & Defense – (0.5)%*
Teledyne Technologies, Inc.*		(44	)		(12,051	)
TransDigm Group, Inc.*		(24	)		(11,611	)
					(23,662	)
*Airlines – (0.2)%*
United Continental Holdings, Inc.*		(132	)		(11,557	)
*Automobiles – (0.2)%*
Tesla, Inc.*		(52	)		(11,620	)
*Banks – (2.2)%*
First Citizens BancShares, Inc., Class A		(24	)		(10,806	)
First Financial Bankshares, Inc.		(376	)		(11,577	)
First Republic Bank		(120	)		(11,718	)
Pinnacle Financial Partners, Inc.		(200	)		(11,496	)

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ Hedged Dividend Income Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
Sterling Bancorp		(548	)	$	(11,661	)
SVB Financial Group*		(52	)		(11,679	)
Texas Capital Bancshares, Inc.*		(188	)		(11,538	)
Western Alliance Bancorp*		(260	)		(11,627	)
Wintrust Financial Corp.		(160	)		(11,706	)
					(103,808	)
*Beverages – (0.5)%*
Boston Beer Co., Inc. (The), Class A*		(32	)		(12,088	)
Monster Beverage Corp.*		(180	)		(11,490	)
					(23,578	)
*Capital Markets – (3.4)%*
Cboe Global Markets, Inc.		(112	)		(11,607	)
Charles Schwab Corp. (The)		(292	)		(11,735	)
E*TRADE Financial Corp.		(260	)		(11,596	)
FactSet Research Systems, Inc.		(40	)		(11,462	)
Interactive Brokers Group, Inc., Class A		(212	)		(11,490	)
Intercontinental Exchange, Inc.		(136	)		(11,688	)
LPL Financial Holdings, Inc.		(144	)		(11,746	)
MarketAxess Holdings, Inc.		(36	)		(11,571	)
Moody’s Corp.		(60	)		(11,719	)
Morningstar, Inc.		(80	)		(11,571	)
MSCI, Inc.		(48	)		(11,462	)
S&P Global, Inc.		(52	)		(11,845	)
SEI Investments Co.		(208	)		(11,669	)
Stifel Financial Corp.		(196	)		(11,576	)
					(162,737	)
*Chemicals – (0.3)%*
Ingevity Corp.*		(112	)		(11,779	)
*Commercial Services & Supplies – (0.2)%*
Copart, Inc.*		(156	)		(11,659	)
*Consumer Finance – (1.2)%*
American Express Co.		(96	)		(11,850	)
Credit Acceptance Corp.*		(24	)		(11,612	)
FirstCash, Inc.		(116	)		(11,602	)
OneMain Holdings, Inc.		(344	)		(11,631	)
SLM Corp.		(1,200	)		(11,664	)
					(58,359	)
*Containers & Packaging – (0.5)%*
Berry Global Group, Inc.*		(224	)		(11,780	)
Crown Holdings, Inc.*		(192	)		(11,731	)
					(23,511	)
*Distributors – (0.3)%*
LKQ Corp.*		(440	)		(11,708	)
*Diversified Consumer Services – (0.5)%*
Bright Horizons Family Solutions, Inc.*		(76	)		(11,466	)
ServiceMaster Global Holdings, Inc.*		(224	)		(11,668	)
					(23,134	)


Investments	Number of Shares			Value
*Diversified Financial Services – (0.5)%*
Berkshire Hathaway, Inc., Class B*		(56	)	$	(11,937	)
Voya Financial, Inc.		(212	)		(11,724	)
					(23,661	)
*Electric Utilities – (1.5)%*
Eversource Energy		(156	)		(11,819	)
IDACORP, Inc.		(116	)		(11,650	)
NextEra Energy, Inc.		(56	)		(11,472	)
PNM Resources, Inc.		(228	)		(11,607	)
Portland General Electric Co.		(216	)		(11,701	)
Xcel Energy, Inc.		(196	)		(11,660	)
					(69,909	)
*Energy Equipment & Services – (1.1)%*
Baker Hughes a GE Co.		(724	)		(17,832	)
Halliburton Co.		(788	)		(17,919	)
National Oilwell Varco, Inc.		(816	)		(18,140	)
					(53,891	)
*Entertainment – (0.7)%*
Electronic Arts, Inc.*		(116	)		(11,746	)
Liberty Media Corp-Liberty Formula One, Class C*		(312	)		(11,672	)
Netflix, Inc.*		(32	)		(11,754	)
					(35,172	)
*Equity Real Estate Investment Trusts (REITs) – (0.7)%*
American Homes 4 Rent, Class A		(476	)		(11,571	)
Equity Commonwealth		(360	)		(11,707	)
SBA Communications Corp.*		(52	)		(11,692	)
					(34,970	)
*Food & Staples Retailing – (1.2)%*
BJ’s Wholesale Club Holdings, Inc.*		(444	)		(11,722	)
Casey’s General Stores, Inc.		(76	)		(11,855	)
Costco Wholesale Corp.		(44	)		(11,627	)
Performance Food Group Co.*		(292	)		(11,689	)
US Foods Holding Corp.*		(324	)		(11,586	)
					(58,479	)
*Food Products – (1.2)%*
Darling Ingredients, Inc.*		(584	)		(11,616	)
J&J Snack Foods Corp.		(72	)		(11,588	)
Post Holdings, Inc.*		(112	)		(11,645	)
Sanderson Farms, Inc.		(84	)		(11,471	)
TreeHouse Foods, Inc.*		(216	)		(11,685	)
					(58,005	)
*Gas Utilities – (1.5)%*
Atmos Energy Corp.		(112	)		(11,823	)
New Jersey Resources Corp.		(232	)		(11,547	)
ONE Gas, Inc.		(128	)		(11,558	)
Southwest Gas Holdings, Inc.		(128	)		(11,471	)

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ Hedged Dividend Income Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
Spire, Inc.		(140	)	$	(11,749	)
UGI Corp.		(220	)		(11,750	)
					(69,898	)
*Health Care Equipment & Supplies – (1.3)%*
Align Technology, Inc.*		(44	)		(12,043	)
Boston Scientific Corp.*		(276	)		(11,862	)
Edwards Lifesciences Corp.*		(64	)		(11,823	)
IDEXX Laboratories, Inc.*		(44	)		(12,115	)
Intuitive Surgical, Inc.*		(24	)		(12,589	)
					(60,432	)
*Health Care Providers & Services – (0.5)%*
Centene Corp.*		(224	)		(11,747	)
Laboratory Corp. of America Holdings*		(68	)		(11,757	)
					(23,504	)
*Health Care Technology – (0.5)%*
Cerner Corp.		(160	)		(11,728	)
Veeva Systems, Inc., Class A*		(72	)		(11,672	)
					(23,400	)
*Hotels, Restaurants & Leisure – (0.7)%*
Caesars Entertainment Corp.*		(996	)		(11,773	)
Chipotle Mexican Grill, Inc.*		(16	)		(11,726	)
Planet Fitness, Inc., Class A*		(160	)		(11,590	)
					(35,089	)
*Household Durables – (0.8)%*
Mohawk Industries, Inc.*		(80	)		(11,798	)
NVR, Inc.*		(4	)		(13,481	)
Roku, Inc.*		(128	)		(11,594	)
					(36,873	)
*Household Products – (0.3)%*
Church & Dwight Co., Inc.		(160	)		(11,690	)
*Independent Power and Renewable Electricity Producers – (0.5)%*
NRG Energy, Inc.		(336	)		(11,801	)
Vistra Energy Corp.		(516	)		(11,682	)
					(23,483	)
*Insurance – (2.7)%*
Alleghany Corp.*		(16	)		(10,898	)
Brighthouse Financial, Inc.*		(320	)		(11,741	)
Brown & Brown, Inc.		(348	)		(11,658	)
Kemper Corp.		(136	)		(11,735	)
Loews Corp.		(212	)		(11,590	)
Markel Corp.*		(12	)		(13,075	)
Primerica, Inc.		(96	)		(11,515	)
RLI Corp.		(136	)		(11,656	)
Selective Insurance Group, Inc.		(156	)		(11,683	)
Torchmark Corp.		(132	)		(11,809	)
WR Berkley Corp.		(176	)		(11,604	)
					(128,964	)


Investments	Number of Shares			Value
*Interactive Media & Services – (1.0)%*
Alphabet, Inc., Class A*		(12	)	$	(12,994	)
Facebook, Inc., Class A*		(60	)		(11,580	)
Match Group, Inc.		(172	)		(11,570	)
Twitter, Inc.*		(336	)		(11,726	)
					(47,870	)
*Internet & Direct Marketing Retail – (1.0)%*
Amazon.com, Inc.*		(4	)		(7,574	)
Booking Holdings, Inc.*		(8	)		(14,998	)
Etsy, Inc.*		(188	)		(11,538	)
Wayfair, Inc., Class A*		(80	)		(11,680	)
					(45,790	)
*IT Services – (0.7)%*
Fiserv, Inc.*		(128	)		(11,668	)
PayPal Holdings, Inc.*		(104	)		(11,904	)
Worldpay, Inc., Class A*		(96	)		(11,765	)
					(35,337	)
*Life Sciences Tools & Services – (0.7)%*
Illumina, Inc.*		(32	)		(11,781	)
IQVIA Holdings, Inc.*		(72	)		(11,585	)
Mettler-Toledo International, Inc.*		(12	)		(10,080	)
					(33,446	)
*Machinery – (0.5)%*
Gardner Denver Holdings, Inc.*		(340	)		(11,764	)
Middleby Corp. (The)*		(88	)		(11,942	)
					(23,706	)
*Media – (0.2)%*
Charter Communications, Inc., Class A*		(28	)		(11,065	)
*Metals & Mining – (0.3)%*
Alcoa Corp.*		(504	)		(11,799	)
*Multiline Retail – (0.5)%*
Dollar Tree, Inc.*		(108	)		(11,598	)
Ollie’s Bargain Outlet Holdings, Inc.*		(132	)		(11,499	)
					(23,097	)
*Multi-Utilities – (1.5)%*
Ameren Corp.		(156	)		(11,717	)
Black Hills Corp.		(148	)		(11,569	)
CMS Energy Corp.		(200	)		(11,582	)
NiSource, Inc.		(404	)		(11,635	)
Sempra Energy		(84	)		(11,545	)
WEC Energy Group, Inc.		(140	)		(11,672	)
					(69,720	)
*Oil, Gas & Consumable Fuels – (9.4)%*
Anadarko Petroleum Corp.		(252	)		(17,781	)
Antero Midstream Corp.		(1,552	)		(17,786	)
Cabot Oil & Gas Corp.		(784	)		(18,001	)
Cheniere Energy, Inc.*		(260	)		(17,797	)

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ Hedged Dividend Income Fund
Schedule of Investments
June 30, 2019


Investments	Number of Shares			Value
Chesapeake Energy Corp.*		(9,244	)	$	(18,026	)
Cimarex Energy Co.		(304	)		(18,036	)
Concho Resources, Inc.		(172	)		(17,747	)
ConocoPhillips		(292	)		(17,812	)
Devon Energy Corp.		(632	)		(18,025	)
Diamondback Energy, Inc.		(164	)		(17,871	)
EOG Resources, Inc.		(192	)		(17,887	)
EQT Corp.		(1,136	)		(17,960	)
Equitrans Midstream Corp.		(908	)		(17,897	)
Hess Corp.		(284	)		(18,054	)
HollyFrontier Corp.		(388	)		(17,957	)
Marathon Oil Corp.		(1,268	)		(18,018	)
Noble Energy, Inc.		(808	)		(18,099	)
Parsley Energy, Inc., Class A*		(948	)		(18,021	)
PBF Energy, Inc., Class A		(580	)		(18,154	)
Pioneer Natural Resources Co.		(116	)		(17,848	)
Plains GP Holdings LP, Class A*		(724	)		(18,078	)
Texas Pacific Land Trust		(24	)		(18,888	)
Valero Energy Corp.		(212	)		(18,149	)
Williams Cos., Inc. (The)		(640	)		(17,946	)
WPX Energy, Inc.*		(1,556	)		(17,909	)
					(449,747	)
*Personal Products – (0.3)%*
Estee Lauder Cos., Inc. (The), Class A		(64	)		(11,719	)
*Professional Services – (0.2)%*
CoStar Group, Inc.*		(20	)		(11,081	)
*Real Estate Management & Development – (0.7)%*
CBRE Group, Inc., Class A*		(228	)		(11,696	)
Howard Hughes Corp. (The)*		(96	)		(11,889	)
Jones Lang LaSalle, Inc.		(84	)		(11,818	)
					(35,403	)
*Road & Rail – (0.3)%*
AMERCO		(32	)		(12,114	)
*Semiconductors & Semiconductor Equipment – (0.2)%*
Micron Technology, Inc.*		(300	)		(11,577	)
*Software – (1.2)%*
Adobe, Inc.*		(40	)		(11,786	)
Autodesk, Inc.*		(72	)		(11,729	)
salesforce.com, Inc.*		(76	)		(11,531	)
ServiceNow, Inc.*		(40	)		(10,983	)
Workday, Inc., Class A*		(56	)		(11,513	)
					(57,542	)
*Specialty Retail – (1.7)%*
AutoZone, Inc.*		(12	)		(13,194	)
Burlington Stores, Inc.*		(68	)		(11,570	)
CarMax, Inc.*		(136	)		(11,809	)


Investments	Number of Shares			Value
Carvana Co.*		(188	)	$	(11,767	)
Five Below, Inc.*		(96	)		(11,522	)
O’Reilly Automotive, Inc.*		(32	)		(11,818	)
Ulta Beauty, Inc.*		(32	)		(11,100	)
					(82,780	)
*Technology Hardware, Storage & Peripherals – (0.2)%*
Dell Technologies, Inc., Class C*		(228	)		(11,582	)
*Textiles, Apparel & Luxury Goods – (0.3)%*
Under Armour, Inc., Class A*		(460	)		(11,661	)
*Thrifts & Mortgage Finance – (0.7)%*
LendingTree, Inc.*		(28	)		(11,761	)
MGIC Investment Corp.*		(888	)		(11,668	)
Radian Group, Inc.		(516	)		(11,791	)
					(35,220	)
*Trading Companies & Distributors – (0.5)%*
HD Supply Holdings, Inc.*		(288	)		(11,601	)
United Rentals, Inc.*		(88	)		(11,671	)
					(23,272	)
*Water Utilities – (0.5)%*
American Water Works Co., Inc.		(100	)		(11,600	)
Aqua America, Inc.		(284	)		(11,749	)
					(23,349	)
Total Common Stocks (Proceeds $(2,163,128))					(2,303,409	)
Master Limited Partnerships – (0.7)%
*Oil, Gas & Consumable Fuels – (0.7)%*
Buckeye Partners LP		(436	)		(17,898	)
Plains All American Pipeline LP		(740	)		(18,019	)
Total Master Limited Partnerships (Proceeds $(28,961))					(35,917	)
Total Short Positions (Proceeds $(2,192,089))					(2,339,326	)
Total Investments — 49.1% (Cost $2,391,427)					2,341,579
Other Assets Less Liabilities — 50.9%					2,428,787
Net Assets — 100.0%				$	4,770,366

Non-income producing security.

(a)

All or a portion of this security is segregated in connection with obligations for securities sold short with a total value of $1,785,614.

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ Hedged Dividend Income Fund
Schedule of Investments
June 30, 2019


Aggregate gross unrealized appreciation	$	169,542
Aggregate gross unrealized depreciation		(412,531	)
Net unrealized depreciation	$	(242,989	)
Federal income tax cost of investments (including derivative contracts, if any)	$	2,584,568

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ Global Infrastructure ETF
Schedule of Investments
June 30, 2019


Investments	Number of Shares		Value
Common Stocks – 96.0%
Construction & Engineering – 3.0%
Vinci SA		758	$	77,741
*Diversified Telecommunication Services – 3.7%*
China Tower Corp. Ltd., Class H		362,702		95,173
*Electric Utilities – 14.6%*
AusNet Services		7,744		10,189
Cia de Transmissao de Energia Eletrica Paulista (Preference)		2,154		13,904
Duke Energy Corp.		418		36,884
Edison International		444		29,930
Elia System Operator SA/NV		88		6,494
Endesa SA		744		19,157
Fortis, Inc.		1,376		54,450
Mercury NZ Ltd.		3,842		11,999
OGE Energy Corp.		812		34,559
Power Assets Holdings Ltd.		2,848		20,487
PPL Corp.		750		23,258
Southern Co. (The)		712		39,359
SSE plc		986		14,080
Terna Rete Elettrica Nazionale SpA		2,558		16,313
Xcel Energy, Inc.		750		44,618
				375,681
*Equity Real Estate Investment Trusts (REITs) – 15.5%*
American Tower Corp.		904		184,823
Crown Castle International Corp.		1,122		146,253
Digital Realty Trust, Inc.		210		24,736
Rexford Industrial Realty, Inc.		484		19,539
STAG Industrial, Inc.		806		24,373
				399,724
*Gas Utilities – 4.8%*
Atmos Energy Corp.		570		60,169
China Resources Gas Group Ltd.		2,426		12,033
Hong Kong & China Gas Co. Ltd.		12,705		28,167
Naturgy Energy Group SA		506		13,962
Spire, Inc.		120		10,070
				124,401
*Independent Power and Renewable Electricity Producers – 2.3%*
Capital Power Corp.		550		12,690
CGN Power Co. Ltd., Class H		69,286		19,067
Engie Brasil Energia SA		2,294		26,019
				57,776
*Machinery – 0.2%*
Cargotec OYJ, Class B		126		4,790
*Media – 0.9%*
SES SA, FDR		1,454		22,767


Investments	Number of Shares		Value
*Multi-Utilities – 12.5%*
A2A SpA		6,104	$	10,608
AGL Energy Ltd.		502		7,049
DTE Energy Co.		244		31,203
E.ON SE		2,790		30,346
National Grid plc		6,996		74,418
NorthWestern Corp.		470		33,911
REN – Redes Energeticas Nacionais SGPS SA		3,650		10,017
Sempra Energy		526		72,293
Veolia Environnement SA		430		10,489
WEC Energy Group, Inc.		498		41,518
				321,852
*Oil, Gas & Consumable Fuels – 22.8%*
Cheniere Energy, Inc.*		324		22,178
Enagas SA		1,022		27,316
Enbridge, Inc.		4,578		165,708
EnLink Midstream LLC		754		7,608
Kinder Morgan, Inc.		3,976		83,019
ONEOK, Inc.		974		67,021
Pembina Pipeline Corp.		1,412		52,676
Targa Resources Corp.		274		10,757
TC Energy Corp.		1,748		86,842
Williams Cos., Inc. (The)		2,254		63,202
				586,327
*Road & Rail – 4.6%*
CSX Corp.		170		13,153
Kyushu Railway Co.		770		22,441
MTR Corp. Ltd.		3,362		22,636
Norfolk Southern Corp.		166		33,089
Union Pacific Corp.		158		26,719
				118,038
*Transportation Infrastructure – 9.5%*
Aena SME SA		302		59,945
Airports of Thailand PCL		4,812		11,533
Atlantia SpA		498		12,993
Auckland International Airport Ltd.		2,216		14,661
COSCO SHIPPING Ports Ltd.		11,206		11,059
Grupo Aeroportuario del Pacifico SAB de CV, ADR		242		25,243
Jiangsu Expressway Co. Ltd., Class H		7,254		10,325
Macquarie Infrastructure Corp.		412		16,702
Shenzhen Expressway Co. Ltd., Class H		11,032		13,260
Societa Iniziative Autostradali e Servizi SpA		492		9,138
Sydney Airport		4,740		26,743
Transurban Group		2,598		26,873
Westshore Terminals Investment Corp.		372		6,257
				244,732

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ Global Infrastructure ETF
Schedule of Investments
June 30, 2019


Investments	Number of Shares		Value
*Water Utilities – 1.6%*
American Water Works Co., Inc.		134	$	15,544
United Utilities Group plc		2,626		26,162
				41,706
Total Common Stocks (Cost $2,409,778)				2,470,708
Exchange Traded Funds – 2.1%
SPDR S&P Global Infrastructure ETF (Cost $51,300)		1,000		53,130
Master Limited Partnerships – 0.8%
*Oil, Gas & Consumable Fuels – 0.8%*
Energy Transfer LP (Cost $22,739)		1,522		21,430
Total Investments — 98.9% (Cost $2,483,817)				2,545,268
Other Assets Less Liabilities — 1.1%				29,382
Net Assets — 100.0%			$	2,574,650

Non-income producing security.


Abbreviations
ADR		American Depositary Receipt
FDR		Fiduciary Depositary Receipt
OYJ		Public Limited Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.


Aggregate gross unrealized appreciation	$	78,373
Aggregate gross unrealized depreciation		(17,610	)
Net unrealized appreciation	$	60,763
Federal income tax cost of investments (including derivative contracts, if any)	$	2,484,505

AGFiQ Global Infrastructure ETF invested, as a percentage of net assets, in the following countries as of June 30, 2019:


Australia	2.8	%
Belgium	0.3	%
Brazil	1.5	%
Canada	14.7	%
China	6.2	%
Finland	0.2	%
France	3.4	%
Germany	1.2	%
Hong Kong	2.8	%
Italy	1.9	%
Japan	0.9	%
Luxembourg	0.9	%
Mexico	1.0	%
New Zealand	1.0	%
Portugal	0.4	%
Spain	4.7	%
Thailand	0.4	%
United Kingdom	4.5	%
United States	50.1	%
Other⁽¹⁾	1.1	%
	100.0	%

(1)

Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust
AGFiQ Dynamic Hedged U.S. Equity ETF
Schedule of Investments
June 30, 2019


Investments	Number of Shares		Value
*Exchange Traded Funds – 99.3%*
AGFiQ U.S. Market Neutral Anti-Beta Fund(a)		22,538	$	494,146
Communication Services Select Sector SPDR Fund		1,756		86,430
Consumer Discretionary Select Sector SPDR Fund		1,778		211,937
Consumer Staples Select Sector SPDR Fund		2,572		149,356
Energy Select Sector SPDR Fund		314		20,005
Financial Select Sector SPDR Fund		11,638		321,209
Health Care Select Sector SPDR Fund		3,120		289,037
Industrial Select Sector SPDR Fund		3,872		299,770
Materials Select Sector SPDR Fund		2,844		166,374
Real Estate Select Sector SPDR Fund		3,088		113,546
Technology Select Sector SPDR Fund		4,840		377,714
Utilities Select Sector SPDR Fund		336		20,036
Total Exchange Traded Funds (Cost $2,491,271)				2,549,560
Total Investments — 99.3% (Cost $2,491,271)				2,549,560
Other Assets Less Liabilities — 0.7%				17,650
Net Assets — 100.0%			$	2,567,210

(a)

Affiliated company as defined under the Investment Company Act of 1940.



Aggregate gross unrealized appreciation	$	64,036
Aggregate gross unrealized depreciation		(5,747	)
Net unrealized appreciation	$	58,289
Federal income tax cost of investments (including derivative contracts, if any)	$	2,491,271

Investment in a company which was affiliated for the period ended June 30, 2019, was as follows:


Security	Value May 23, 2019*		Purchases at Cost		Sales Proceeds		Shares June 30, 2019		Value June 30, 2019		Change in Unrealized Appreciation (Depreciation)			Dividend Income		Realized Gain/(Loss)
AGFiQ U.S. Market Neutral Anti-Beta Fund	$	—	$	499,893	$	—		22,538	$	494,146	$	(5,747	)	$	—	$	—

Commencement of investment operations.

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust

Statements of Assets and Liabilities
June 30, 2019


	AGFiQ U.S. Market Neutral Momentum Fund			AGFiQ U.S. Market Neutral Value Fund			AGFiQ U.S. Market Neutral Size Fund			AGFiQ U.S. Market Neutral Anti-Beta Fund			AGFiQ Hedged Dividend Income Fund
ASSETS
Investments in securities, at value⁽¹⁾	$	2,446,190		$	956,194		$	1,712,883		$	63,594,019		$	4,680,905
Cash		48,640			91,082			131,017			328,453			66,033
Segregated cash balance with custodian for swap agreements (Note 2)		280,000			—			10,000			1,180,000			—
Segregated cash balance with broker for securities sold short (Note 2)		7,384,301			958,967			1,707,250			65,994,362			2,473,904
Unrealized appreciation on swap agreements		94,892			3,191			10,386			893,203			—
Receivables:
Securities sold		4,850,574			—			—			—			1,802,177
Dividends and interest		19,567			3,888			5,443			237,326			21,062
Receivable for capital shares issued		2,869			—			—			—			—
Investment adviser (Note 4)		19,358			22,767			29,022			124			25,044
Prepaid expenses		5,382			5,382			5,382			5,382			3,924
Total Assets		15,151,773			2,041,471			3,611,383			132,232,869			9,073,049
LIABILITIES
Securities sold short, at value⁽²⁾		2,571,991			945,132			1,691,468			66,310,113			2,339,326
Unrealized depreciation on swap agreements		18,834			30,993			41,728			274,067			—
Payables:
Securities purchased		5,084,485			—			—			—			1,880,982
Capital shares redeemed		4,945,954			—			—			—			—
Income distributions		—			—			—			—			21,461
Trustees fees		2,518			2,518			2,518			2,518			2,518
Dividends on securities sold short		12,706			822			2,310			88,431			1,751
Accrued expenses and other liabilities		54,838			51,294			51,405			65,508			56,645
Total Liabilities		12,691,326			1,030,759			1,789,429			66,740,637			4,302,683
Net Assets	$	2,460,447		$	1,010,712		$	1,821,954		$	65,492,232		$	4,770,366
NET ASSETS CONSIST OF:
Paid-in capital	$	4,603,717		$	2,762,440		$	3,638,033		$	83,621,799		$	5,627,088
Distributable earnings (loss) (Note 2)		(2,143,270	)		(1,751,728	)		(1,816,079	)		(18,129,567	)		(856,722	)
Net Assets	$	2,460,447		$	1,010,712		$	1,821,954		$	65,492,232		$	4,770,366
The Funds have an unlimited number of shares authorized with no par value. Net asset value is calculated by dividing the net assets by the number of outstanding shares.
Shares Outstanding		100,000			50,000			100,000			3,000,000			200,000
Net Asset Value	$	24.60		$	20.21		$	18.22		$	21.83		$	23.85
⁽¹⁾ Investments in securities, at cost	$	2,345,257		$	985,160		$	1,667,527		$	61,108,451		$	4,583,516
⁽²⁾ Securities sold short, proceeds		2,863,112			769,620			1,400,178			64,719,946			2,192,089

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust

Statements of Assets and Liabilities
June 30, 2019


	AGFiQ Global Infrastructure ETF		AGFiQ Dynamic Hedged U.S. Equity ETF
ASSETS
Investments in securities, at value⁽¹⁾	$	2,545,268	$	2,055,414
Investments in affiliates, at value⁽³⁾		—		494,146
Cash		25,035		22,642
Foreign cash		425		—
Receivables:
Dividends and interest		10,490		—
Investment adviser (Note 4)		33,971		30,264
Total Assets		2,615,189		2,602,466
LIABILITIES
Payables:
Trustees fees		939		939
Accrued expenses and other liabilities		39,600		34,317
Total Liabilities		40,539		35,256
Net Assets	$	2,574,650	$	2,567,210
NET ASSETS CONSIST OF:
Paid-in capital	$	2,500,025	$	2,500,025
Distributable earnings (loss) (Note 2)		74,625		67,185
Net Assets	$	2,574,650	$	2,567,210
The Funds have an unlimited number of shares authorized with no par value. Net asset value is calculated by dividing the net assets by the number of outstanding shares.
Shares Outstanding		100,001		100,001
Net Asset Value	$	25.75	$	25.67
⁽¹⁾ Investments in securities, at cost	$	2,483,817	$	1,991,378
⁽³⁾ Investments in affiliates, at cost		—		499,893

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust

Statements of Operations
For the Year Ended June 30, 2019


	AGFiQ U.S. Market Neutral Momentum Fund			AGFiQ U.S. Market Neutral Value Fund			AGFiQ U.S. Market Neutral Size Fund			AGFiQ U.S. Market Neutral Anti-Beta Fund			AGFiQ Hedged Dividend Income Fund
INVESTMENT INCOME
Dividend income	$	73,341		$	25,142		$	27,249		$	623,313		$	144,026
Special dividends (Note 3)		—			—			—			9,558			548
Interest income		107,808			19,989			35,017			547,999			28,884
Foreign withholding tax on dividends		—			(3	)		(19	)		(116	)		—
Total Investment Income		181,149			45,128			62,247			1,180,754			173,458
EXPENSES
Dividends on securities sold short		125,637			12,873			40,045			543,276			19,866
Investment management fees (Note 4)		33,541			5,549			9,673			150,163			15,170
Professional fees		92,152			91,952			98,773			94,523			92,273
Custody fees		8,250			2,434			2,791			11,608			4,032
Index fees		12,477			12,477			12,477			12,477			14,977
CCO fees		13,367			13,367			13,367			13,367			13,367
Treasurer fees		9,350			9,350			9,350			9,350			9,350
Listing fees		4,980			4,980			4,980			4,980			4,980
Accounting fees		31,893			31,849			31,981			31,822			31,536
Trustees fees		10,903			10,903			10,903			10,903			10,903
Administration fees (Note 5)		65,000			65,000			65,000			65,000			65,000
Other fees		10,537			9,790			9,761			14,671			11,316
Total Expenses before Adjustments		418,087			270,524			309,101			962,140			292,770
Less: waivers and/or reimbursements by Adviser (Note 4)		(242,138	)		(249,332	)		(254,550	)		(255,129	)		(255,140	)
Total Expenses after Adjustments		175,949			21,192			54,551			707,011			37,630
Net Investment Income (Loss)		5,200			23,936			7,696			473,743			135,828
NET REALIZED GAIN (LOSS) FROM:
Transactions in Investment securities		(207,680	)		(6,981	)		17,508			587,174			48,900
In-kind redemptions of investments		1,393,924			—			—			2,432,128			—
Securities sold short		(596,625	)		(117,004	)		(89,120	)		(3,219,468	)		(70,005	)
Expiration or closing of swap agreements		(83,133	)		(2,337	)		(2,495	)		(456,579	)		—
Net Realized Gain (Loss)		506,486			(126,322	)		(74,107	)		(656,745	)		(21,105	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM:
Investments in securities		(493,063	)		(42,503	)		(73,892	)		2,152,603			80,714
Securities sold short		(53,829	)		2,048			(45,322	)		(1,596,973	)		(79,076	)
Swap agreements		74,242			(18,833	)		(29,793	)		581,198			—
Net Change in Unrealized Appreciation (Depreciation)		(472,650	)		(59,288	)		(149,007	)		1,136,828			1,638
Net Realized and Unrealized Gain (Loss)		33,836			(185,610	)		(223,114	)		480,083			(19,467	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	39,036		$	(161,674	)	$	(215,418	)	$	953,826		$	116,361

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust

Statements of Operations
For the Period 5/23/2019^(a) – 6/30/2019


	AGFiQ Global Infrastructure ETF			AGFiQ Dynamic Hedged U.S. Equity ETF
INVESTMENT INCOME
Dividend income	$	16,369		$	9,879
Foreign withholding tax on dividends		(839	)		—
Total Investment Income		15,530			9,879
EXPENSES
Investment management fees (Note 4)		1,219			1,213
Professional fees		26,355			24,178
Custody fees		3,000			1,000
Index fees		521			521
CCO fees		1,206			1,206
Treasurer fees		853			853
Listing fees		8,021			8,021
Accounting fees		67			67
Trustees fees		939			939
Administration fees (Note 5)		82			82
Other fees		3,602			2,495
Total Expenses before Adjustments		45,865			40,575
Less: waivers and/or reimbursements by Adviser (Note 4)		(44,646	)		(39,592	)
Total Expenses after Adjustments		1,219			983
Net Investment Income (Loss)		14,311			8,896
NET REALIZED GAIN (LOSS) FROM:
Transactions in Investment securities		74			—
Foreign currency transactions		(1,260	)		—
Net Realized Gain (Loss)		(1,186	)		—
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM:
Investments in securities		61,451			64,036
Investments in Affiliated Underlying Funds		—			(5,747	)
Translation of assets and liabilities denominated in foreign currencies		49			—
Net Change in Unrealized Appreciation (Depreciation)		61,500			58,289
Net Realized and Unrealized Gain (Loss)		60,314			58,289
Net Increase (Decrease) in Net Assets Resulting from Operations	$	74,625		$	67,185

^(a)

Commencement of investment operations.

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust

Statements of Changes in Net Assets


	AGFiQ U.S. Market Neutral Momentum Fund						AGFiQ U.S. Market Neutral Value Fund
	Year Ended June 30, 2019			Year Ended June 30, 2018			Year Ended June 30, 2019			Year Ended June 30, 2018
OPERATIONS
Net investment income (loss)	$	5,200		$	(45,066	)	$	23,936		$	7,915
Net realized gain (loss)		506,486			(529,270	)		(126,322	)		43,899
Net change in unrealized appreciation (depreciation)		(472,650	)		672,433			(59,288	)		(170,573	)
Net Increase (Decrease) in Net Assets Resulting from Operations		39,036			98,097			(161,674	)		(118,759	)
DISTRIBUTIONS (Note 2)
Distributable earnings		—			—			(8,604	)		—
Total Distributions		—			—			(8,604	)		—
CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		6,203,473			6,250,111			—			—
Cost of shares redeemed		(12,371,559	)		(23	)		—			—
Net Increase (Decrease) from Capital Transactions		(6,168,086	)		6,250,088			—			—
Total Increase (Decrease) in Net Assets		(6,129,050	)		6,348,185			(170,278	)		(118,759	)
NET ASSETS
Beginning of year	$	8,589,497		$	2,241,312		$	1,180,990		$	1,299,749
End of Year	$	2,460,447		$	8,589,497		$	1,010,712		$	1,180,990
SHARE TRANSACTIONS
Beginning of year		350,000			100,001			50,000			50,000
Shares issued in-kind		250,000			250,000			—			—
Shares redeemed		—			(1	)		—			—
Shares redeemed in-kind		(500,000	)		—			—			—
Shares Outstanding, End of Year		100,000			350,000			50,000			50,000

⁽¹⁾

Capital transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 7 to the Financial Statements.

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust

Statements of Changes in Net Assets


	AGFiQ U.S. Market Neutral Size Fund						AGFiQ U.S. Market Neutral Anti-Beta Fund
	Year Ended June 30, 2019			Year Ended June 30, 2018			Year Ended June 30, 2019			Year Ended June 30, 2018
OPERATIONS
Net investment income (loss)	$	7,696		$	(3,625	)	$	473,743		$	83,465
Net realized gain (loss)		(74,107	)		5,637			(656,745	)		68,833
Net change in unrealized appreciation (depreciation)		(149,007	)		(52,258	)		1,136,828			(155,196	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(215,418	)		(50,246	)		953,826			(2,898	)
DISTRIBUTIONS (Note 2)
Distributable earnings		—			—			(128,640	)		—
Total Distributions		—			—			(128,640	)		—
CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		—			—			87,843,626			—
Cost of shares redeemed		—			(20	)		(32,200,019	)		(973,644	)
Net Increase (Decrease) from Capital Transactions		—			(20	)		55,643,607			(973,644	)
Total Increase (Decrease) in Net Assets		(215,418	)		(50,266	)		56,468,793			(976,542	)
NET ASSETS
Beginning of year	$	2,037,372		$	2,087,638		$	9,023,439		$	9,999,981
End of Year	$	1,821,954		$	2,037,372		$	65,492,232		$	9,023,439
SHARE TRANSACTIONS
Beginning of year		100,000			100,001			450,000			500,001
Shares issued		—			—			450,000			—
Shares issued in-kind		—			—			3,600,000			—
Shares redeemed		—			(1	)		(50,000	)		(1	)
Shares redeemed in-kind		—			—			(1,450,000	)		(50,000	)
Shares Outstanding, End of Year		100,000			100,000			3,000,000			450,000

⁽¹⁾

Capital transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 7 to the Financial Statements.

See accompanying notes to the financial statements.

TABLE OF CONTENTS

FQF Trust

Statements of Changes in Net Assets


	AGFiQ Hedged Dividend Income Fund						AGFiQ Global Infrastructure ETF			AGFiQ Dynamic Hedged U.S. Equity ETF
	Year Ended June 30, 2019			Year Ended June 30, 2018			For the period 05/23/19* – 06/30/19			For the period 05/23/19* – 06/30/19
OPERATIONS
Net investment income (loss)	$	135,828		$	253,858		$	14,311		$	8,896
Net realized gain (loss)		(21,105	)		(196,083	)		(1,186	)		—
Net change in unrealized appreciation (depreciation)		1,638			(61,857	)		61,500			58,289
Net Increase (Decrease) in Net Assets Resulting from Operations		116,361			(4,082	)		74,625			67,185
DISTRIBUTIONS (Note 2)
Distributable earnings		(117,526	)		(441,463	)⁽²⁾		—			—
Total Distributions		(117,526	)		(441,463	)		—			—
CAPITAL TRANSACTIONS⁽¹⁾
Proceeds from shares issued		2,415,200			—			2,500,025			2,500,025
Cost of shares redeemed		—			(8,632,490	)		—			—
Net Increase (Decrease) from Capital Transactions		2,415,200			(8,632,490	)		2,500,025			2,500,025
Total Increase (Decrease) in Net Assets		2,414,035			(9,078,035	)		2,574,650			2,567,210
NET ASSETS
Beginning of year	$	2,356,331		$	11,434,366		$	—		$	—
End of Year	$	4,770,366		$	2,356,331		$	2,574,650		$	2,567,210
SHARE TRANSACTIONS
Beginning of year		100,000			450,004			—			—
Shares issued		—			—			100,001			100,001
Shares issued in-kind		100,000			—			—			—
Shares redeemed		—			(4	)		—			—
Shares redeemed in-kind		—			(350,000	)		—			—
Shares Outstanding, End of Year		200,000			100,000			100,001			100,001

Commencement of investment operations.

⁽¹⁾

Capital transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 7 to the Financial Statements.

⁽²⁾

Prior year distributions to shareholders were made up of dividends from net investment income of $185,948 and dividend from net realized capital gains of $255,515.

See accompanying notes to the financial statements.

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FQF Trust

Financial Highlights for a share outstanding throughout the period


			PER SHARE OPERATING PERFORMANCE
			Investment Operations												Distributions
	Net asset value, beginning of period		Net investment income (loss)⁽¹⁾			Net realized and unrealized gain (loss)			Transaction fees⁽¹¹⁾			Total investment operations			Net investment income			Net realized gains			Tax return of capital		Total distributions			Net asset value, end of period
AGFiQ U.S. Market Neutral Momentum Fund
Year ended June 30, 2019	$	24.54	$	0.02		$	—	⁽¹⁰⁾	$	0.04		$	0.06		$	—		$	—		$	—	$	—		$	24.60
Year ended June 30, 2018		22.41		(0.21	)		2.34			—	⁽¹⁰⁾		2.13			—			—			—		—			24.54
Year ended June 30, 2017		26.73		(0.21	)		(4.12	)		0.01			(4.32	)		—			—			—		—			22.41
Year ended June 30, 2016		24.99		(0.63	)		2.37	⁽⁸⁾		—			1.74			—			—			—		—			26.73
Year ended June 30, 2015		24.86		(0.55	)		0.68	⁽⁹⁾		—			0.13			—			—			—		—			24.99
AGFiQ U.S. Market Neutral Value Fund
Year ended June 30, 2019		23.62		0.48			(3.72	)		—			(3.24	)		(0.17	)		—			—		(0.17	)		20.21
Year ended June 30, 2018		25.99		0.16			(2.53	)		—			(2.37	)		—			—			—		—			23.62
Year ended June 30, 2017		23.42		(0.04	)		2.60			0.01			2.57			—			—			—		—			25.99
Year ended June 30, 2016		25.96		(0.24	)		(2.30	)		—			(2.54	)		—			—			—		—			23.42
Year ended June 30, 2015		28.15		(0.39	)		(1.80	)⁽⁹⁾		—			(2.19	)		—			—			—		—			25.96
AGFiQ U.S. Market Neutral Size Fund
Year ended June 30, 2019		20.37		0.08			(2.23	)		—			(2.15	)		—			—			—		—			18.22
Year ended June 30, 2018		20.88		(0.04	)		(0.47	)		—			(0.51	)		—			—			—		—			20.37
Year ended June 30, 2017		21.36		(0.23	)		(0.25	)		—			(0.48	)		—			—			—		—			20.88
Year ended June 30, 2016		24.42		(0.44	)		(2.62	)		—			(3.06	)		—			—			—		—			21.36
Year ended June 30, 2015		25.67		(0.51	)		(0.74	)⁽⁹⁾		—			(1.25	)		—			—			—		—			24.42
AGFiQ U.S. Market Neutral Anti-Beta Fund
Year ended June 30, 2019		20.05		0.31			1.52			0.04			1.87			(0.09	)		—			—		(0.09	)		21.83
Year ended June 30, 2018		20.00		0.18			(0.13	)		—			0.05			—			—			—		—			20.05
Year ended June 30, 2017		23.30		(0.02	)		(3.30	)		0.02			(3.30	)		—			—			—		—			20.00
Year ended June 30, 2016		19.34		(0.13	)		4.09	⁽⁸⁾		—			3.96			—			—			—		—			23.30
Year ended June 30, 2015		19.30		(0.13	)		0.17	⁽⁸⁾⁽⁹⁾		—			0.04			—			—			—		—			19.34
AGFiQ Hedged Dividend Income Fund
Year ended June 30, 2019		23.56		1.00			0.16			—	⁽¹⁰⁾		1.16			(0.87	)		—			—		(0.87	)		23.85
Year ended June 30, 2018		25.41		0.90			(0.99	)		—			(0.09	)		(1.19	)		(0.57	)		—		(1.76	)		23.56
Year ended June 30, 2017		25.43		1.04			0.44	⁽⁸⁾		0.01			1.49			(0.91	)		(0.60	)		—		(1.51	)		25.41
Year ended June 30, 2016		23.87		0.86			1.93			—			2.79			(0.83	)		(0.40	)		—		(1.23	)		25.43
For the period 01/15/15* – 06/30/15		25.00		0.21			(1.21	)		—			(1.00	)		(0.13	)		—			—		(0.13	)		23.87
AGFiQ Global Infrastructure ETF
For the period 05/23/19* – 06/30/19		25.00		0.14			0.61			—			0.75			—			—			—		—			25.75
AGFiQ Dynamic Hedged U.S. Equity ETF
For the period 05/23/19* – 06/30/19		25.00		0.09			0.58			—			0.67			—			—			—		—			25.67

Commencement of investment operations.

(1)

Net investment income (loss) per share is based on average shares outstanding.

(2)

Annualized for periods less than one year.

(3)

Not annualized for periods less than one year.

(4)

Had certain expenses not been waived/reimbursed during the periods, if applicable, total returns would have been lower.

(5)

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value.

(6)

Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at market value. The market value is determined by the mid point of the bid/ask spread at 4:00 p.m. from the NYSE Arca, Inc. Exchange. Market value returns may vary from net asset value returns.

(7)

In-kind transactions are not included in portfolio turnover calculations.

(8)

The amount shown for a share outstanding throughout the period is not in accordance with the aggregate net realized and unrealized gain (loss) for that period because of the timing of sales and repurchases of the Fund shares in relation to fluctuating market value of the investments in the Fund.

(9)

FFCM reimbursed the Funds for losses incurred related to either a failure to rebalance at month-end or a trade error. The impact was an increase of $0.10, $0.05, $0.08, and $0.02 to the net realized and unrealized gains (losses) on investments per share and an increase of 0.39%, 0.17%, 0.21%, and 0.11% to the Funds total returns for AGFiQ U.S. Market Neutral Momentum Fund, AGFiQ U.S. Market Neutral Value Fund, AGFiQ U.S. Market Neutral Size Fund and AGFiQ U.S. Market Neutral Anti-Beta Fund, respectively. Had these reimbursements not been made, the total returns would have been lower.

(10)

Per share amount is less than $0.01.

(11)

Includes transaction fees associated with the issuance and redemption of Creation Units.

(12)

This ratio reflects the exclusion of large, non-recurring dividends (special dividends) recognized by the Funds during each period. If a special dividend was received during a period, this ratio will be lower than the net investment income (loss) per share ratio presented for the same period herein.

(13)

This ratio reflects the exclusion of large, non-recurring dividends (special dividends)recognized by the Funds during the period. If a special dividend was received during a period, this ratio will be lower than the net investment income (loss) of average net assets ratio presented for the same period herein.

(14)

The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

(15)

The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not reflect the indirect expenses of the underlying non-affiliated Funds in which it invests. Additionally, the adviser has contractually agreed to reduce its management fees in an amount equal to any acquired fund fees and expense incurred by the Fund from its investments in a Fund advised by the Adviser. If the ratio had included these affiliated indirect expenses, the ratio would have been higher.

See accompanying notes to the financial statements.

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	RATIOS/SUPPLEMENTAL DATA
	Ratios to Average Net Assets of⁽²⁾																					Total Return⁽³⁾⁽⁴⁾
	Expenses, after waivers and/or reimbursements and before securities sold short			Expenses, after waivers and/or reimbursements and securities sold short			Expenses, before waivers and/or reimbursements and after securities sold short			Net investment income (loss)			Net investment income (loss), before waivers			Net investment income (loss) net of reimbursements excluding special dividends⁽¹²⁾			Net investment income (loss) per share excluding special dividends⁽¹³⁾			Net asset value⁽⁵⁾			Market value⁽⁶⁾			Portfolio turnover rate (excluding short sales)⁽³⁾⁽⁷⁾			Portfolio turnover rate (including short sales)⁽³⁾⁽⁷⁾			Ending net assets (thousands)
AGFiQ U.S. Market Neutral Momentum Fund
Year ended June 30, 2019		0.75	%		2.62	%		6.23	%		0.08	%		(3.53	)%		0.08	%	$	0.02			0.24	%		0.29	%		137	%		384	%	$	2,460
Year ended June 30, 2018		0.75			1.88			5.81			(0.82	)		(4.76	)		(0.82	)		(0.21	)		9.50			9.41			184			402			8,589
Year ended June 30, 2017		0.99			2.31			10.55			(0.90	)		(9.14	)		(1.02	)		(0.24	)		(16.16	)		(16.12	)		172			380			2,241
Year ended June 30, 2016		1.49			3.67			7.77			(2.34	)		(6.44	)		(2.37	)		(0.63	)		6.96			7.01			210			647			4,009
Year ended June 30, 2015		1.49			3.43			22.80			(2.24	)		(21.62	)		(2.24	)		(0.55	)		0.52	⁽⁹⁾		0.36			196			398			1,250
AGFiQ U.S. Market Neutral Value Fund
Year ended June 30, 2019		0.75			1.91			24.39			2.16			(20.32	)		2.16		$	0.48			(13.77	)		(13.73	)		59			123			1,011
Year ended June 30, 2018		0.75			1.12			18.34			0.63			(16.60	)		0.61			0.15			(9.12	)		(9.19	)		81			152			1,181
Year ended June 30, 2017		0.97			2.09			12.00			(0.15	)		(10.06	)		(0.15	)		(0.04	)		10.97			11.11			79			246			1,300
Year ended June 30, 2016		1.49			3.05			10.14			(0.95	)		(8.03	)		(0.97	)		(0.24	)		(9.78	)		(10.38	)		95			195			2,342
Year ended June 30, 2015		1.49			3.20			11.72			(1.45	)		(9.96	)		(1.45	)		(0.39	)		(7.78	)⁽⁹⁾		(7.41	)		150			351			2,596
AGFiQ U.S. Market Neutral Size Fund
Year ended June 30, 2019		0.75			2.82			15.98			0.40			(12.76	)		0.40		$	0.08			(10.55	)		(10.83	)		53			71			1,822
Year ended June 30, 2018		0.75			1.71			12.62			(0.18	)		(11.09	)		(0.18	)		(0.04	)		(2.44	)		(1.98	)		66			105			2,037
Year ended June 30, 2017		0.94			2.65			12.56			(1.08	)		(10.99	)		(1.19	)		(0.26	)		(2.25	)		(2.54	)		71			106			2,088
Year ended June 30, 2016		1.49			3.72			11.78			(1.97	)		(10.03	)		(2.01	)		(0.44	)		(12.53	)		(12.79	)		113			197			2,136
Year ended June 30, 2015		1.49			3.67			18.26			(2.08	)		(16.67	)		(2.15	)		(0.53	)		(4.87	)⁽⁹⁾		(4.58	)		78			108			2,442
AGFiQ U.S. Market Neutral Anti-Beta Fund
Year ended June 30, 2019		0.50			2.16			2.94			1.45			0.67			1.42		$	0.30			9.30			9.66			116			341			65,492
Year ended June 30, 2018		0.75			1.06			3.39			0.93			(1.41	)		0.93			0.18			0.25			0.20			166			347			9,023
Year ended June 30, 2017		0.84			2.02			3.60			(0.07	)		(1.66	)		(0.17	)		(0.04	)		(14.16	)		(14.16	)		98			273			10,000
Year ended June 30, 2016		0.99			2.71			3.13			(0.61	)		(1.03	)		(0.84	)		(0.18	)		20.48			20.48			168			974			26,793
Year ended June 30, 2015		0.99			2.39			8.01			(0.65	)		(6.27	)		(0.68	)		(0.14	)		(0.21	)⁽⁹⁾		0.78			123			577			3,868
AGFiQ Hedged Dividend Income Fund
Year ended June 30, 2019		0.55			1.16			8.99			4.17			(3.66	)		4.15		$	1.00			5.02			5.28			132			185			4,770
Year ended June 30, 2018		0.75			1.00			3.98			3.60			0.62			3.53			0.88			(0.26	)		(0.39	)		100			141			2,356
Year ended June 30, 2017		0.79			1.16			3.73			4.04			1.47			4.04			1.04			5.88			6.05			108			168			11,434
Year ended June 30, 2016		0.99			1.75			5.31			3.61			0.06			3.60			0.85			12.21			11.84			130			192			3,815
For the period 01/15/15* – 06/30/15		0.99			1.81			8.14			1.89			(4.43	)		1.89			0.21			(4.02	)		(3.74	)		50			74			3,581
AGFiQ Global Infrastructure ETF
For the period 05/23/19* – 06/30/19		0.45	⁽¹⁴⁾		0.45	⁽¹⁴⁾		16.91	⁽¹⁴⁾		5.28			(11.19	)		5.28		$	0.14			3.00			3.00			—			—			2,575
AGFiQ Dynamic Hedged U.S. Equity ETF
For the period 05/23/19* – 06/30/19		0.36	⁽¹⁵⁾		0.36	⁽¹⁵⁾		15.05	⁽¹⁵⁾		3.30			(11.38	)		3.30		$	0.09			2.68			2.72			—			—			2,567

See accompanying notes to the financial statements.

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FQF Trust
Notes to Financial Statements
June 30, 2019

1. Organization

FQF Trust (the “Trust”), a Delaware statutory trust, was formed on November 19, 2009. The Trust currently includes seven operational series of the AGFiQ Funds: AGFiQ U.S. Market Neutral Momentum Fund, AGFiQ U.S. Market Neutral Value Fund, AGFiQ U.S. Market Neutral Size Fund, AGFiQ U.S. Market Neutral Anti-Beta Fund, AGFiQ Hedged Dividend Income Fund, AGFiQ Global Infrastructure ETF, and AGFiQ Dynamic Hedged U.S. Equity ETF (each, a “Fund”; collectively, the “Funds”). AGF Investments LLC (formerly known as FFCM, LLC) (the “Adviser”) is the investment adviser to each Fund. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940 (the “1940 Act”), as amended.

Both AGFiQ Global Infrastructure ETF and AGFiQ Dynamic Hedged U.S. Equity ETF (each, an “Active ETF”) commenced operations on May 23, 2019.

The investment objective of AGFiQ U.S. Market Neutral Momentum Fund, AGFiQ U.S. Market Neutral Value Fund, AGFiQ U.S. Market Neutral Size Fund, AGFiQ U.S. Market Neutral Anti-Beta Fund, and AGFiQ Hedged Dividend Income Fund (collectively, the “Target Index Funds”) 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”). The AGFiQ Global Infrastructure ETF seeks to achieve its investment objective by investing, under normal circumstances in securities of infrastructure-related companies located throughout the world, including the U.S. and infrastructure-related investments. The AGFiQ Dynamic Hedged U.S. Equity ETF will operate as a “fund-of-funds” by investing primarily in sector-based ETFs and other ETFs. Each Fund is classified as a “diversified” Fund. There can be no assurance that the Funds will achieve their respective investment objectives.

The Target Index Funds had no operations from their initial seeding date until each Fund’s respective commencement of operations date other than matters related to their organization and sale and issuance of 4,000 shares of beneficial interest in AGFiQ U.S. Market Neutral Value Fund to the Adviser at the net asset value (“NAV”) of $25.00 per share.

2. Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements 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 financial statements may differ from the value the Funds ultimately realize upon sale of the securities.

Investment Company Modernization

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and new forms (Form N-PORT and Form N-CEN), as well as amendments to existing forms and rules, including Regulation S-X, to modernize the reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X include, among other changes, requiring standardized, enhanced disclosures about derivatives in investment company financial statements. The Funds have included disclosures in these financial statements to reflect the amendments to Regulation S-X. These amendments had no effect on the Funds’ net assets or results of operations. The filing compliance date for the Funds for Form N-PORT is no later than April 30, 2020, reflecting data as of March 31, 2020.

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements that have become duplicative, overlapping, or outdated in light of other Commission disclosure requirements, GAAP, or changes in

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FQF Trust
Notes to Financial Statements (continued)
June 30, 2019

the information environment. The amendments include, among other items, to require presentation of the total, rather than the components, of distributable earnings on the balance sheet, and to require presentation of the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions and to delete the requirement for disclosure of undistributed net investment income on the statement of changes in net assets. The amendments are intended to simplify and update the disclosure of information to investors. The amendments were effective on November 5, 2018. The adoption had no effect on the Funds’ net assets or results of operations. In connection with implementing the changes noted above, the distributions to shareholders during the fiscal year ended June 30, 2018, which were previously reported as distributions from net investment income & net realized gain (where applicable), have been reclassified as distributions from distributable earnings to conform to the current period presentation on the Statements of Changes in Net Assets.

Investment Valuation

The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange (“NYSE”), generally 4:00 p.m., Eastern Time. NAV per share is computed by dividing a Fund’s net assets (i.e. total assets, less liabilities) by the number of shares it has outstanding.

The value of each Fund’s securities held long and securities held short is based on such securities’ closing price on local markets when available. Such valuations would typically be categorized as Level 1 in the fair value hierarchy described below. If a security’s market price is not readily available, or if the value of a security the Funds hold has been materially affected by events occurring before the Funds’ pricing time but after the close of the primary markets or exchanges on which the security is traded, the security will be fair valued by Pricing Procedures the Funds’ Valuation Committee adheres to in accordance with the Trust’s procedures which were 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. Such valuations would typically be categorized as Level 2 or Level 3 in the fair value hierarchy described below. 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 NAV and the prices used by the Fund’s Target Index. This may adversely affect a Fund’s ability to track its Target Index. Securities of non-exchange traded and exchange traded investment companies are valued at their NAV and market value, respectively.

Generally, each Fund prices, except the Active ETFs, its swap agreements daily using industry standard models that may incorporate quotations from market makers or pricing vendors (unless the underlying reference security is closed or the official closing time of the underlying index occurs prior to the close of the NYSE due to time zone differences, in which case the quotations will be adjusted, to the extent practicable and available, based on inputs from an independent pricing source approved by the Trustees) and records the change in value, if any, as unrealized gain or loss. Such valuations would typically be categorized as Level 2 in the fair value hierarchy described below. Gains or losses are realized upon termination of the swap agreements or reset dates, as appropriate.

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:

•

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

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FQF Trust
Notes to Financial Statements (continued)
June 30, 2019

•

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 June 30, 2019 for each Fund based upon the three levels defined above:


	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs		Total
AGFiQ U.S. Market Neutral Momentum Fund
Investments
Assets
Common Stocks*	$	2,446,190		$	—		$	—	$	2,446,190
Liabilities
Common Stocks*	$	(2,571,991	)	$	—		$	—	$	(2,571,991	)
Total Investments	$	(125,801	)	$	—		$	—	$	(125,801	)
Other Financial Instruments
Assets
Swap Agreements**	$	—		$	94,892		$	—	$	94,892
Liabilities
Swap Agreements**	$	—		$	(18,834	)	$	—	$	(18,834	)
Total Other Financial Instruments	$	—		$	76,058		$	—	$	76,058
AGFiQ U.S. Market Neutral Value Fund
Investments
Assets
Common Stocks*	$	956,194		$	—		$	—	$	956,194
Liabilities
Common Stocks*	$	(945,132	)	$	—		$	—	$	(945,132	)
Total Investments	$	11,062		$	—		$	—	$	11,062
Other Financial Instruments
Assets
Swap Agreements**	$	—		$	3,191		$	—	$	3,191
Liabilities
Swap Agreements**	$	—		$	(30,993	)	$	—	$	(30,993	)
Total Other Financial Instruments	$	—		$	(27,802	)	$	—	$	(27,802	)
AGFiQ U.S. Market Neutral Size Fund
Investments
Assets
Common Stocks*	$	1,712,883		$	—		$	—	$	1,712,883
Liabilities
Common Stocks*	$	(1,691,468	)	$	—		$	—	$	(1,691,468	)
Total Investments	$	21,415		$	—		$	—	$	21,415
Other Financial Instruments
Assets
Swap Agreements**	$	—		$	10,386		$	—	$	10,386
Liabilities
Swap Agreements**	$	—		$	(41,728	)	$	—	$	(41,728	)
Total Other Financial Instruments	$	—		$	(31,342	)	$	—	$	(31,342	)

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Notes to Financial Statements (continued)
June 30, 2019


	Level 1 – Quoted Prices			Level 2 – Other Significant Observable Inputs			Level 3 – Significant Unobservable Inputs		Total
AGFiQ U.S. Market Neutral Anti-Beta Fund
Investments
Assets
Common Stocks*	$	63,594,019		$	—		$	—	$	63,594,019
Liabilities
Common Stocks*	$	(66,310,113	)	$	—		$	—	$	(66,310,113	)
Total Investments	$	(2,716,094	)	$	—		$	—	$	(2,716,094	)
Other Financial Instruments
Assets
Swap Agreements**	$	—		$	893,203		$	—	$	893,203
Liabilities
Swap Agreements**	$	—		$	(274,067	)	$	—	$	(274,067	)
Total Other Financial Instruments	$	—		$	619,136		$	—	$	619,136
AGFiQ Hedged Dividend Income Fund
Investments
Assets
Common Stocks*	$	4,680,905		$	—		$	—	$	4,680,905
Liabilities
Common Stocks*	$	(2,339,326	)	$	—		$	—	$	(2,339,326	)
Total Investments	$	2,341,579		$	—		$	—	$	2,341,579
AGFiQ Global Infrastructure ETF
Investments
Common Stocks*	$	2,492,138		$	—		$	—	$	2,492,138
Exchange Traded Funds		53,130			—			—		53,130
Total Investments	$	2,545,268		$	—		$	—	$	2,545,268
AGFIQ Dynamic Hedged U.S. Equity ETF
Investments
Exchange Traded Funds	$	2,549,560		$	—		$	—	$	2,549,560
Total Investments	$	2,549,560		$	—		$	—	$	2,549,560

See Schedules of Investments for segregation by industry type.

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 NAV than the uncertainties surrounding inputs for a non-derivative security with the same market value.

Real Estate Investment Trusts (“REITs”)

Each Fund, except AGFiQ Dynamic Hedged U.S. Equity ETF, may invest in 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 be exempt from registration as a registered investment company under the 1940 Act.

Distributions from REIT investments may be comprised of return of capital, capital gains and income. The actual character of amounts received during the year is not known until after the REIT’s fiscal year end. The Funds

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June 30, 2019

record the character of distributions received from REITs during the year based on estimates available. The characterization of distributions received by the Funds may be subsequently revised based on information received from the REITs after their tax reporting periods have concluded.

Short Sales

Each Fund, except the Active ETFs, enters into 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.

Swap Agreements

Each Fund, except the Active ETFs, may enter into swap agreements. Certain Funds currently 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. Although some swap agreements may be exchange-traded, others are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. Most, if not all, swap agreements entered into by the Funds will be two-party contracts. In connection with the Funds’ positions in a swaps contract, each Fund will segregate liquid assets or will otherwise cover its position in accordance with applicable SEC requirements. In such 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 which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

A 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

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Notes to Financial Statements (continued)
June 30, 2019

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 will generally 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.

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 periods 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 Funds’ ISDA agreements contain provisions that require the Funds to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Funds’ NAV over specific periods of time, which may or may not be exclusive of redemptions. If the Funds 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 Funds will have already collateralized its liability under such agreements, in some cases only in excess of certain threshold amounts.

The Funds noted below used swap contracts to simulate full investment in each respective Fund’s Target Index. The following represents the average monthly outstanding swap contracts for the year ended June 30, 2019:


Fund	Average Contract Long		Average Contract Short
AGFiQ U.S. Market Neutral Momentum Fund	$	875,827	$	(893,714	)
AGFiQ U.S. Market Neutral Value Fund		116,507		(126,845	)
AGFiQ U.S. Market Neutral Size Fund		226,514		(244,973	)
AGFiQ U.S. Market Neutral Anti-Beta Fund		3,922,065		(3,940,034	)

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Notes to Financial Statements (continued)
June 30, 2019

The following table indicates the location of derivative-related items on the Statements of Assets and Liabilities as well as the effect of derivative instruments on the Statements of Operations for the year ended June 30, 2019:


Fair Value of Derivative Instruments as of June 30, 2019
Fund	Derivatives not accounted for as hedging instruments under ASC 815		Location		Assets Value		Liabilities Value
		Swap agreements		Statements of Assets and Liabilities
AGFiQ U.S. Market Neutral Momentum Fund					$	94,892	$	18,834
AGFiQ U.S. Market Neutral Value Fund						3,191		30,993
AGFiQ U.S. Market Neutral Size Fund						10,386		41,728
AGFiQ U.S. Market Neutral Anti-Beta Fund						893,203		274,067


The Effect of Derivative Instruments on the Statements of Operations as of June 30, 2019
Fund	Derivatives not accounted for as hedging instruments under ASC 815		Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation) on Derivatives
		Swap agreements
AGFiQ U.S. Market Neutral Momentum Fund			$	(83,133	)	$	74,242
AGFiQ U.S. Market Neutral Value Fund				(2,337	)		(18,833	)
AGFiQ U.S. Market Neutral Size Fund				(2,495	)		(29,793	)
AGFiQ U.S. Market Neutral Anti-Beta Fund				(456,579	)		581,198

Expenses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among all series of the Trust.

Taxes and Distributions

Each of the Funds intends to qualify (or continue to qualify) as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute substantially all of its net investment income and net capital gains to shareholders. Accordingly, no provision for federal income taxes is required in the financial statements.

As of June 30, 2019 (the Funds’ tax year end), management of the Funds has reviewed the open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months. On an ongoing basis, management will monitor the tax positions taken to determine if adjustment to conclusions are necessary based on factors including but not limited to further implementation on guidance expected from FASB and ongoing analysis of tax law, regulation, and interpretations thereof.

Distributions to shareholders from net investment income, if any, are distributed annually. Dividends may be declared and paid more frequently to improve a Fund’s tracking to its Target Index or to comply with the distribution requirements of the Internal Revenue Code. Net capital gains are distributed at least annually.

The tax character of distributions paid may differ from the character of distributions shown on the Financial Highlights due to short-term capital gains being treated as ordinary income for tax purposes.

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Notes to Financial Statements (continued)
June 30, 2019

The tax character of the distributions paid for the tax years ended June 30, 2019 and 2018 were as follows:


	Year Ended June 30, 2019						Year Ended June 30, 2018
Fund	Distributions Paid from Ordinary Income		Distributions Paid from Net Long Term Capital Gains		Total Distributions		Distributions Paid from Ordinary Income		Distributions Paid from Net Long Term Capital Gains		Total Distributions
AGFiQ U.S. Market Neutral Momentum Fund	$	—	$	—	$	—	$	—	$	—	$	—
AGFiQ U.S. Market Neutral Value Fund		8,604		—		8,604		—		—		—
AGFiQ U.S. Market Neutral Size Fund		—		—		—		—		—		—
AGFiQ U.S. Market Neutral Anti-Beta Fund		128,640		—		128,640		—		—		—
AGFiQ Hedged Dividend Income Fund		117,526		—		117,526		337,811		103,652		441,463
AGFiQ Global Infrastructure ETF		—		—		—		—		—		—
AGFiQ Dynamic Hedged U.S. Equity ETF		—		—		—		—		—		—

As of June 30, 2019, the components of accumulated earnings (deficit) on a tax basis were as follows:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)
AGFiQ U.S. Market Neutral Momentum Fund	$	—	$	—	$	(2,251,259	)	$	107,989
AGFiQ U.S. Market Neutral Value Fund		22,169		—		(1,531,494	)		(242,403	)
AGFiQ U.S. Market Neutral Size Fund		7,522		—		(1,421,477	)		(402,124	)
AGFiQ U.S. Market Neutral Anti-Beta Fund		440,636		—		(17,295,298	)		(1,274,905	)
AGFiQ Hedged Dividend Income Fund		88,852		—		(702,586	)		(242,988	)
AGFiQ Global Infrastructure ETF		13,781		32		—			60,812
AGFiQ Dynamic Hedged U.S. Equity ETF		8,896		—		—			58,289

The differences between the book and tax basis unrealized appreciation (depreciation) is attributable to tax deferral of losses on wash sales, loss deferrals on unsettled short sales, non-table special dividends, Passive Foreign Investment Company and investments in partnerships.

Permanent differences, primarily due to gain (loss) on in-kind redemptions, foreign currency gains/(losses), swaps, dividend expense for securities sold short, non-taxable special dividends, net operating loss, investments in partnerships, and distributions from investments in real estate investment trusts as of June 30, 2019, among the Funds’ components of net assets.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period; however, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry on expiration date. Post-enactment capital loss carry forwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous law. For the tax year ended June 30, 2019, the following Funds had

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June 30, 2019

available capital loss carryforwards to offset future net capital gains to the extent provided by regulations and utilized capital loss carryforwards to offset net capital gains:


Fund	Capital Loss Carryforwards		Utilized Capital Loss Carryforwards
AGFiQ U.S. Market Neutral Momentum Fund	$	1,800,468	$	—
AGFiQ U.S. Market Neutral Value Fund		1,425,747		—
AGFiQ U.S. Market Neutral Size Fund		1,309,748		—
AGFiQ U.S. Market Neutral Anti-Beta Fund		16,728,908		—
AGFiQ Hedged Dividend Income Fund		689,486		20,144
AGFiQ Global Infrastructure ETF		—		—
AGFiQ Dynamic Hedged U.S. Equity ETF		—		—

Under current tax rules, Regulated Investment Companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of June 30, 2019, the following Funds will elect to treat the following late-year ordinary losses and post-October capital losses as arising on July 1, 2019:


Fund	Post-October Capital Losses
AGFiQ U.S. Market Neutral Momentum Fund	$	450,791
AGFiQ U.S. Market Neutral Value Fund		105,747
AGFiQ U.S. Market Neutral Size Fund		111,729
AGFiQ U.S. Market Neutral Anti-Beta Fund		566,390
AGFiQ Hedged Dividend Income Fund		13,100
AGFiQ Global Infrastructure ETF		—
AGFiQ Dynamic Hedged U.S. Equity ETF		—

3. Investment Transactions and Related Income

Throughout the reporting period, investment transactions are accounted for one business day following the trade date. For financial reporting purposes, investment transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premiums and accretion of discounts. Dividend income, net of any applicable foreign withholding taxes, is recorded on the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the asset received. Large, non-recurring dividends recognized by the Funds are presented separately on the Statements of Operations as “Special Dividends” and the impact of these dividends is presented in the Financial Highlights. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds.

4. Investment Management Fees

Pursuant to the Advisory Agreement (“Advisory Agreement”), the Adviser manages the investment and reinvestment of the Funds’ assets and administers the affairs of the Funds under the oversight of the Board. Under the Advisory Agreement, the AGFiQ U.S. Market Neutral Momentum Fund, AGFiQ U.S. Market Neutral Value Fund, and AGFiQ U.S. Market Neutral Size Fund each pay the Adviser a management fee for its services payable on a monthly basis at the annual rate of 0.50% of the Fund’s average daily net assets. The AGFiQ U.S. Market Neutral Anti-Beta Fund, AGFiQ Hedged Dividend Income Fund, AGFiQ Global Infrastructure ETF, and AGFiQ Hedged U.S. Equity ETF each pay the Adviser a management fee for its services payable on a monthly basis at the annual rate of 0.45% of the Fund’s average daily net assets.

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Notes to Financial Statements (continued)
June 30, 2019

Prior to December 6, 2018, the AGFiQ U.S. Market Neutral Anti-Beta Fund and the AGFiQ Hedged Dividend Income Fund each paid the Adviser a management fee at the annual rate of 0.50% of the Fund’s average daily net assets.

The Adviser has contractually agreed to waive the fees and reimburse expenses of each Target Index Fund until at least November 1, 2019, and each Active ETF until May 15, 2022, so that the total annual operating expenses (excluding interest, taxes, brokerage commissions and other expenses that are capitalized in accordance with generally accepted accounting principles, dividend, interest and brokerage expenses for short positions, acquired fund fees and expenses (“AFFE”), and extraordinary expenses) (“Operating Expenses”) are limited to 0.75% of average daily net assets for each of the AGFiQ U.S. Market Neutral Momentum Fund, AGFiQ U.S. Market Neutral Value Fund, and AGFiQ U.S. Market Neutral Size Fund and 0.45% for each of the AGFiQ U.S. Market Neutral Anti-Beta Fund, AGFiQ Hedged Dividend Income Fund, AGFiQ Global Infrastructure ETF, and AGFiQ Dynamic Hedged U.S. Equity ETF (collectively, the “Expense Caps”). In addition, the Adviser has contractually agreed to reduce its management fees in an amount equal to any AFFE incurred by the Fund from its investments in a fund advised by the Adviser. AFFE are expenses incurred indirectly by the Fund through its ownership of share in other investment companies. Because AFFE are not direct expenses of the Fund, they are not reflected on the Funds’ financial statements. This undertaking can only be changed with the approval of the Trustees.

Prior to December 6, 2018, the Operating Expenses were limited to 0.75% of average daily net assets for each of the AGFiQ U.S. Market Neutral Anti-Beta Fund and the AGFiQ Hedged Dividend Income Fund.

For the year ended June 30, 2019, management fee waivers and expense reimbursements were as follows:


Fund	Management Fees Waived		Expense Reimbursements
AGFiQ U.S. Market Neutral Momentum Fund	$	33,541	$	208,597
AGFiQ U.S. Market Neutral Value Fund		5,549		243,783
AGFiQ U.S. Market Neutral Size Fund		9,673		244,877
AGFiQ U.S. Market Neutral Anti-Beta Fund		150,163		104,966
AGFiQ Hedged Dividend Income Fund		15,170		239,970
AGFiQ Global Infrastructure ETF		1,219		43,427
AGFiQ Dynamic Hedged U.S. Equity ETF		1,213		38,379

Each Fund has agreed that it will repay the Adviser for fees and expenses forgone or reimbursed for the Fund pursuant to the contractual expense limitation described above. Such repayment would increase a Fund’s expenses, and would appear on the Statements of Operations as “Repayment of prior expenses waived and/or reimbursed by the Adviser.” However, repayment would only occur up to the point of each Fund’s expense cap.

Any such repayment must be made within three years from the date the expense was borne by the Adviser. Any such repayment made under any prior expense cap cannot cause the Fund’s Operating Expenses to exceed the lower of 0.75% of average daily net assets for the AGFiQ U.S. Market Neutral Momentum Fund, AGFiQ U.S. Market Neutral Value Fund, and AGFiQ U.S. Market Neutral Size Fund and 0.45% for the AGFiQ U.S. Market Neutral Anti-Beta Fund, AGFiQ Hedged Dividend Income Fund, AGFiQ Global Infrastructure ETF, and AGFiQ Dynamic Hedged U.S. Equity ETF or the annual rate of daily net assets for the Fund under the terms of a prior expense cap. For the year ended June 30, 2019, none of the Funds repaid expenses to the Adviser.

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Notes to Financial Statements (continued)
June 30, 2019

As of June 30, 2019, the amounts eligible for repayment and the associated period of expiration are as follows:


	Expires June 30,						Total Eligible for Recoupment
Fund	2020		2021		2022		Total Eligible for Recoupment
AGFiQ U.S. Market Neutral Momentum Fund	$	200,803	$	214,161	$	242,138	$	657,102
AGFiQ U.S. Market Neutral Value Fund		200,913		215,970		249,332		666,215
AGFiQ U.S. Market Neutral Size Fund		210,235		218,868		254,550		683,653
AGFiQ U.S. Market Neutral Anti-Beta Fund		166,394		208,882		255,129		630,405
AGFiQ Hedged Dividend Income Fund		145,741		210,337		255,140		611,218
AGFiQ Global Infrastructure ETF		—		—		44,646		44,646
AGFiQ Dynamic Hedged U.S. Equity ETF		—		—		39,362		39,362

During the fiscal year ended June 30, 2018, it was determined that the Funds had been overcharged by JPMorgan Chase Bank, N.A. (“JPMorgan”), the Funds’ administrator and custodian, for class action filing fees spanning over several years and that the Funds were entitled to a reimbursement for these charges. Since the Funds were operating over the expense limitation, and the Adviser was reimbursing each Fund for expenses in excess of the limitation during the periods of overbilling, the reimbursement amounts were paid directly to the Adviser.

Management fee waivers and expense reimbursements amounts eligible for repayment were reduced accordingly. The difference in the management fee waivers and expense reimbursements amount totals for the fiscal year ended June 30, 2018 and the amounts eligible for repayment in 2021 are due to this reimbursement.

Below are the reimbursement totals that were applied against each year’s amounts eligible for repayment:


Fund	2020			2021
AGFiQ U.S. Market Neutral Momentum Fund	$	(2,500	)	$	(1,000	)
AGFiQ U.S. Market Neutral Value Fund		(4,000	)		(1,000	)
AGFiQ U.S. Market Neutral Size Fund		(3,000	)		—
AGFiQ U.S. Market Neutral Anti-Beta Fund		—			(1,000	)

5. Administration and Custodian Fees

JPMorgan acts as administrator (the “Administrator”) and custodian to the Funds. The Administrator provides the Funds with all required general administrative services. For these services, each Fund shall pay the Administrator monthly, a fee accrued daily and based on average net assets and subject to certain minimum levels. The Administrator pays all fees and expenses that are directly related to the services provided by the Administrator to the Funds; each Fund reimburses the Administrator for all fees and expenses incurred by the Administrator which are not directly related to the services the Administrator provides to the Funds under the service agreement. Each Fund may also reimburse the Administrator for such out-of-pocket expenses as incurred by the Administrator in the performance of its duties. As custodian, JPMorgan holds cash, securities and other assets of the Funds as required by the 1940 Act.

6. Distribution, Service Plan and Fund Officers

Foreside Fund Services, LLC (the “Distributor”) serves as the Funds’ Distributor. The Trust has adopted a distribution and service plan (“Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, each Fund is authorized to pay distribution fees to the Distributor and other firms that provide distribution and shareholder services (“Service Providers”). If a Service Provider provides such services, the Funds may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act.

No distribution or service fees are currently paid by the Funds and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Funds and may cost you more than other types of sales charges.

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Notes to Financial Statements (continued)
June 30, 2019

Foreside Fund Officer Services, LLC (“FFOS”) (formerly Foreside Compliance Services, LLC), an affiliate of the Distributor, provides a Chief Compliance Officer as well as certain additional compliance support functions to the Funds. Foreside Management Services, LLC (“FMS”), an affiliate of the Distributor, provides a Principal Financial Officer and Treasurer to the Funds. Neither FFOS nor FMS have a role in determining the investment policies of the Trust or Funds, or which securities are to be purchased or sold by the Trust or a Fund.

7. Issuance and Redemption of Fund Shares

The Funds are exchange-traded funds or ETFs. Individual Fund shares may only be purchased and sold on a national securities exchange through a broker-dealer and investors may pay a commission to such broker-dealers in connection with their purchase or sale. The price of Fund shares is based on market price, and because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Information regarding how often the shares of the Funds traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds for the most recently completed five fiscal years and the most recently completed calendar quarters can be found at www.agf.com/us. This information represents past performance and cannot be used to predict future results.

The Fund will only issue or redeem shares aggregated into blocks of 50,000 shares or multiples thereof (“Creation Units”) to Authorized Participants who have entered into agreements with the Funds’ Distributor. An Authorized Participant is either (1) a “Participating Party,” (i.e., a broker-dealer or other participant in the clearing process of the Continuous Net Settlement System of the NSCC) (“Clearing Process”), or (2) a participant of DTC (“DTC Participant”), and, in each case, must have executed an agreement (“Participation Agreement”) with the distributor with respect to creations and redemptions of Creation Units. The Funds will issue or redeem Creation Units in return for a basket of assets that the Funds specify each day.

Shares are listed on the NYSE Arca, Inc.^TM and are publicly traded. If you buy or sell Fund shares on the secondary market, you will pay or receive the market price, which may be higher or lower than NAV. Your transaction will be priced at NAV if you purchase or redeem Fund shares in Creation Units.

Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Funds’ Administrator to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Additionally a portion of the transaction fee is used to offset transactional costs typically accrued in the Funds’ custody expenses directly related to the issuance and redemption of Creation Units. An additional variable fee may be charged for certain transactions. Such fees would be included in the receivable for capital shares issued on the Statements of Assets and Liabilities. Transaction fees assessed during the period, which are included in the proceeds or cost from shares issued or redeemed on the Statements of Changes in Net Assets, were as follows:


Fund	Year Ended June 30, 2019
AGFiQ U.S. Market Neutral Momentum Fund	$	10,061
AGFiQ U.S. Market Neutral Anti-Beta Fund		54,739
AGFiQ Hedged Dividend Income Fund		314

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FQF Trust
Notes to Financial Statements (continued)
June 30, 2019

8. Investment Transactions

For the year ended June 30, 2019, the cost of securities purchased and proceeds from sales of securities, excluding short-term securities, derivatives and in-kind transactions, were as follows:


	Purchases				Sales
Fund	Long		Short Covers		Long		Short
AGFiQ U.S. Market Neutral Momentum Fund	$	8,290,459	$	19,144,745	$	7,719,143	$	13,982,005
AGFiQ U.S. Market Neutral Value Fund		587,152		851,158		637,887		595,246
AGFiQ U.S. Market Neutral Size Fund		894,465		513,743		900,373		309,281
AGFiQ U.S. Market Neutral Anti-Beta Fund		46,568,456		51,579,931		33,203,198		105,352,074
AGFiQ Hedged Dividend Income Fund		4,189,792		1,678,167		4,213,467		2,710,889
AGFiQ Global Infrastructure ETF		2,484,314		—		—		—
AGFiQ Dynamic Hedged U.S. Equity ETF		2,491,271		—		—		—

9. In-Kind Transactions

During the period presented in this report, certain Funds of the Trust delivered securities of the Funds in exchange for the redemption of shares (redemption-in-kind). Cash and securities were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each transaction.

For the year ended June 30, 2019, the value of the securities transferred for redemptions, and the net realized gains recorded in connection with the transactions were as follows:


Fund	Value		Realized Gain
AGFiQ U.S. Market Neutral Momentum Fund	$	11,075,187	$	1,393,924
AGFiQ U.S. Market Neutral Anti-Beta Fund		27,272,545		2,432,128

During the period, certain Funds of the Trust received cash and securities in exchange for subscriptions of shares (subscriptions-in-kind). For the year ended June 30, 2019, the value of the securities received for subscriptions were as follows:


Fund	Value
AGFiQ U.S. Market Neutral Momentum Fund	$	5,104,073
AGFiQ U.S. Market Neutral Anti-Beta Fund		64,588,820
AGFiQ Hedged Dividend Income Fund		2,293,766

10. Principal Risks

Some principal risks apply to all Funds, while others are specific to the investment strategy of certain Funds. Each Fund may be subject to other principal risks in addition to these identified principal risks. This section discusses certain principal risks encountered by the Funds. A more complete description of the principal risks to which each Fund is subject is included in the Funds’ prospectus.

Asset Allocation Risk: If the Fund’s strategy for allocating assets among underlying ETFs does not work as intended, the Fund may not achieve its objective or may underperform other funds with similar investment strategies. The investment styles employed by the underlying ETFs may not be complementary, which could adversely affect the performance of the Fund.

Investments in Exchange-Traded Funds Risk: The risks of investing in securities of ETFs typically reflect the risks of the types of instruments in which the underlying ETF invests. ETFs in which the AGFiQ Dynamic Hedged U.S. Equity ETF invests are also generally subject to the ETF Risks described above. In addition, the Fund bears its proportionate share of the fees and expenses of the underlying ETF, which may have an adverse

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FQF Trust
Notes to Financial Statements (continued)
June 30, 2019

impact on the Fund’s operating expenses and performance and may affect the value of your investment. To the extent the Fund invests significantly in the AGFiQ U.S. Market Neutral Anti-Beta Fund (the “Market Neutral ETF”), which is also managed by the Adviser, or similar lower beta ETFs available in the marketplace, it will be subject to Anti-Beta Risk, Leverage Risk, Market Neutral Risk, Passive Investment Risk, Short Sale Risk (each as defined below), in addition to the following risks applicable to investing in the Market Neutral ETF:

Single Factor Risk: The Market Neutral ETF invests in securities based on a single investment factor and is designed to be used as part of broader asset allocation strategies. An investment in the Market Neutral ETF is not a complete investment program.

Tracking Error Risk: The investment performance of the Market Neutral ETF may diverge from that of its target index due to, among other things, fees and expenses paid by the Market Neutral ETF that are not reflected in its target index. If the Market Neutral ETF is small, it may experience greater tracking error. If the value of short positions exceeds the value of the long positions, the investment performance of the Market Neutral ETF will likely diverge from that of its target index.

Anti-Beta Risk: For AGFiQ U.S. Market Neutral Anti-Beta Fund and AGFiQ Dynamic Hedged U.S. Equity ETF, 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 the less volatile securities in the universe. In addition, the Fund may be more 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. Volatile stocks are subject to sharp swings in value.

High Dividend Risk: For AGFiQ Hedged Dividend Income Fund, a company may reduce or eliminate its dividend. As a result, the present and future dividend of a security may not be the same as it has historically been and the Fund may not end up invested in high dividend securities. The Fund may be more volatile than the universe since it will have short exposure to low dividend paying stocks in the universe. In addition, there may be periods when the high dividend style is out of favor, and during which the investment performance of a fund using a high dividend strategy may suffer.

Momentum Risk: For the AGFiQ U.S. Market Neutral Momentum Fund, momentum investing emphasizes investing in securities that have had better recent performance compared to other securities. 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. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.

REIT Risk: Through its investments in REITs, a Fund will be subject to the risks of investing in the real estate market, including decreases in property values and revenues and increases in interest rates.

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. 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.

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 securities

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FQF Trust
Notes to Financial Statements (continued)
June 30, 2019

with the lowest momentum within each sector) outperforms the long portfolio (made up of the securities with the highest momentum within each sector), the performance of a Fund would be negatively affected. In addition, when a Fund is selling a stock short, it must maintain a segregated account of cash and/or liquid assets with its custodian to satisfy collateral and regulatory requirements. As a result, a Fund may maintain high levels of cash or liquid assets.

Size Risk: For the AGFiQ U.S. Market Neutral Size Fund, size investing entails investing in securities within the universe that have smaller market capitalizations and shorting securities within the universe that have larger market capitalizations. The Fund seeks to capture excessive returns of smaller firms (by market capitalization) relative to their larger counterparts. 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.

Value Risk: For the AGFiQ U.S. Market Neutral Value Fund, value investing entails investing in securities issued by companies that may be perceived as undervalued may fail to appreciate for long periods of time and may never realize their full potential value. The index provider may be unsuccessful in creating an index that emphasizes undervalued securities. Value securities have generally performed better than non-value securities during periods of economic recovery. Value securities may go in and out of favor over time.

Secondary Market Trading Risk: Investors buying or selling Fund shares in the secondary market may pay brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Fund shares. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Fund shares on the Exchange may be halted.

Infrastructure Investment Risk: The Fund’s investments in infrastructure-related securities will expose the Fund to potential adverse economic, regulatory, political, legal and other changes affecting such investments. Issuers of securities in infrastructure-related businesses are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental or other regulations and the effects of economic slowdowns. Rising interest rates could lead to higher financing costs and reduced earnings for infrastructure companies.

Authorized Participants Concentration Risk: The Funds have a limited number of Authorized Participants. To the extent they cannot or are otherwise unwilling to engage in creation and redemption transactions with the Funds and no other Authorized Participant steps in, shares of the Funds may trade like closed-end fund shares at a significant discount to NAV and may face delisting from the securities exchange.

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

Equity Investing Risk: An investment in a Fund involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations. In addition, securities may decline in value due to factors affecting a specific issuer, market or securities markets generally.

Hedging Risk: The Fund’s hedging strategies against declines in security prices, financial markets, exchange rates and interest rates may not be successful, and even if they are successful, the Fund’s exposure to a certain risk may not be fully hedged at all times and the Fund may still lose money on a hedged position.

Foreign Securities Risk: Investments in foreign securities involve risks that differ from investments in securities of U.S. issuers because of unique political, economic and market conditions. Foreign markets, especially those in less developed economies, are generally more illiquid than U.S. markets, meaning that it could be harder for the Fund to dispose of a particular security than if it were traded on a U.S. exchange.

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FQF Trust
Notes to Financial Statements (continued)
June 30, 2019

Foreign securities markets may also have high transaction costs, limited legal recourse, and unreliable or untimely information. The value of foreign securities may also be adversely affected by changes in currency exchange rates.

Foreign Currency Risk: Investing in securities that trade in and receive revenues in foreign currencies creates risk because foreign currencies may decline relative to the U.S. dollar, resulting in a potential loss to the Fund. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. A stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase those returns.

Depositary Receipts Risk: Depositary receipts subject the Fund generally to the same risks as if it were investing in the underlying foreign securities directly, including political and economic risks that differ from investing in securities of U.S. issuers. In addition, because the underlying securities may be trading on a non-U.S. market, the value of the underlying security may decline, sometimes rapidly, at a time when U.S. markets are closed and the Adviser may not be able to take appropriate actions to mitigate losses to the Fund.

Emerging Markets Risk: Investments in securities of issuers located in emerging market economies (including frontier market economies) are generally riskier than investments in securities of issuers from more developed economies. Emerging market economies generally have less developed and more volatile securities trading markets with untimely and unreliable information. Emerging market economies also generally have less developed legal and accounting systems, and a greater likelihood of nationalization or confiscation of assets and companies than do developed economies. These same risks exist and may be greater in frontier markets.

Cash Transactions Risk: The Fund may effect creations and redemptions partly or wholly for cash, rather than through in-kind distributions of securities. Accordingly, the Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds and it may subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that primarily or wholly effects creations and redemptions in-kind. Moreover, cash transactions may have to be carried out over several days if the securities markets are relatively illiquid at the time the Fund must sell securities and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares principally in-kind, will be passed on to Authorized Participants in the form of creation and redemption transaction fees. As a result of these factors, the spreads between the bid and the offered prices of the Fund’s shares may be wider than those of shares of ETFs that primarily or wholly transact in-kind.

Flash Crash Risk: Sharp price declines in securities owned by a Fund may trigger trading halts, which may result in a Fund’s shares trading in the market at an increasingly large discount to NAV during part (or all) of a trading day.

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 to more than its NAV by a significant amount. Use of leverage tends to magnify increases or decreases in a Fund’s returns and may lead to a more volatile share price. Leverage may magnify a Fund’s gains or losses.

Market Neutral Style Risk: During a “bull” market, when most equity securities and long-only equity ETFs are increasing in value, a Fund’s short positions will likely cause the 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.

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FQF Trust
Notes to Financial Statements (continued)
June 30, 2019

Master Limited Partnership Risk: Master Limited Partnerships (“MLPs”) are commonly taxed as partnerships and publicly traded on national securities exchanges. For AGFiQ Hedged Dividend Income Fund investments in common units of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters that affect the MLP. MLPs are commonly treated as partnerships that are “qualified publicly traded partnerships” for federal income tax purposes, which commonly pertain to the use of natural resources. Changes in U.S. tax laws could revoke the pass-through attributes that provide the tax efficiencies that make MLPs attractive investment structures.

Passive Investment Risk: The Funds are managed with a passive investment strategy, attempting to track a Fund’s Target Index. As a result, a Fund expects to hold constituent securities of its Target Index regardless of their current or projected performance. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause a Fund’s return to be lower than if the Fund employed an active strategy.

Portfolio Management Risk: The investment strategies, practices and risk analysis used by the Adviser may not produce the desired results. In addition, the Fund may not achieve its investment objective, including during a period in which the Adviser takes temporary positions in response to unusual or adverse market, economic or political conditions, or other unusual or abnormal circumstances. There is also the inherent risk in the portfolio manager’s ability to anticipate changing market conditions that can adversely affect the value of the Fund’s holdings.

Portfolio Turnover Risk: A Fund’s investment strategy may result in higher portfolio turnover rates. A high portfolio turnover rate (e.g., over 100%) may result in higher transaction costs to a Fund, including brokerage commissions, and negatively impact a Fund’s performance. Such portfolio turnover also may generate net short-term capital gains.

Premium-Discount Risk: Fund shares may trade above or below their NAV. The market prices of Fund shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Fund shares.

The Funds’ prospectuses contain additional information regarding the principal risks associated with an investment in a Fund.

11. Guarantees and Indemnifications

In the normal course of business, a Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Funds’ organizational documents, the officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. The Funds’ maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds. Based on experience, the Adviser is of the view that the risk of loss to the Funds in connection with the Funds’ indemnification obligations is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Funds.

12. New Accounting Pronouncements

On August 28, 2018, the FASB issued ASU 2018-13, “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement,” which amends the fair value measurement disclosure requirements of ASC 820. The amendments of ASU 2018-13 include new, eliminated, and modified disclosure requirements of ASC 820. In addition, the amendments clarify that materiality is an appropriate consideration of entities when evaluating disclosure requirements. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted for any eliminated or modified disclosure upon issuance of this ASU. The Funds have early adopted ASU 2018-13 for these financial statements.

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FQF Trust
Notes to Financial Statements (continued)
June 30, 2019

13. Subsequent Events

Subsequent events occurring after the date of this report have been evaluated for potential impact to this report through the date the report was issued.

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FQF Trust
Report of Independent Registered Public Accounting Firm
June 30, 2019

To the Board of Trustees of FQF Trust and the Shareholders of the AGFIQ U.S. Market Neutral Momentum Fund, AGFIQ U.S. Market Neutral Value Fund, AGFIQ U.S. Market Neutral Size Fund, AGFIQ U.S. Market Neutral Anti-Beta Fund, AGFIQ Hedged Dividend Income Fund, AGFIQ Global Infrastructure ETF and AGFIQ Dynamic Hedged U.S. Equity ETF

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of AGFIQ U.S. Market Neutral Momentum Fund, AGFIQ U.S. Market Neutral Value Fund, AGFIQ U.S. Market Neutral Size Fund, AGFIQ U.S. Market Neutral Anti-Beta Fund, AGFIQ Hedged Dividend Income Fund, AGFIQ Dynamic Hedged U.S. Equity ETF and AGFIQ Global Infrastructure ETF (seven of the funds constituting FQF Trust, hereafter collectively referred to as the “Funds”) as of June 30, 2019, the related statements of operations for the year ended June 30, 2019, (or for AGFIQ Dynamic Hedged U.S. Equity ETF and AGFIQ Global Infrastructure ETF for the period May 23, 2019 (commencement of operations) through June 30, 2019), the statements of changes in net assets for each of the two years in the period ended June 30, 2019 (or for AGFIQ Dynamic Hedged U.S. Equity ETF and AGFIQ Global Infrastructure ETF for the period May 23, 2019 (commencement of operations) through June 30, 2019), including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of June 30, 2019, the results of their operations for the year ended June 30, 2019, (or for AGFIQ Dynamic Hedged U.S. Equity ETF and AGFIQ Global Infrastructure ETF for the period May 23, 2019 (commencement of operations) through June 30, 2019), and the changes in their net assets for each of the two years in the period ended June 30, 2019 (or for AGFIQ Dynamic Hedged U.S. Equity ETF and AGFIQ Global Infrastructure ETF for the period May 23, 2019 (commencement of operations) through June 30, 2019), and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2019 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
August 26, 2019

We have served as the auditor of one or more investment companies in FQF Trust since 2012.

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FQF Trust
Expense Example (Unaudited)
June 30, 2019

As a shareholder, you incur two types of costs: (1) transaction costs for, such as brokerage commissions, purchasing and selling shares and (2) ongoing costs, including management fees, other operational and investment related expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses

The actual expense examples are based on an investment of $1,000 invested at the beginning of a six month period and held through the period ended June 30, 2019.

The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The hypothetical expense examples are based on an investment of $1,000 invested at the beginning of a six month period and held through the period ended June 30, 2019.

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as brokerage commissions on the purchases and sales of Fund shares. Therefore, the second line for each Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

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FQF Trust
Expense Example (Unaudited)
June 30, 2019


	Beginning Account Value 01/01/19		Ending Account Value 06/30/19		Expenses Paid During the Period*		Annualized Expense Ratio During Period
AGFiQ U.S. Market Neutral Momentum Fund
Actual	$	1,000.00	$	999.20	$	11.50		2.32	%
Hypothetical	$	1,000.00	$	1,013.29	$	11.58		2.32	%
AGFiQ U.S. Market Neutral Value Fund
Actual	$	1,000.00	$	924.10	$	7.25		1.52	%
Hypothetical	$	1,000.00	$	1,017.26	$	7.60		1.52	%
AGFiQ U.S. Market Neutral Size Fund
Actual	$	1,000.00	$	972.80	$	12.28		2.51	%
Hypothetical	$	1,000.00	$	1,012.35	$	12.52		2.51	%
AGFiQ U.S. Market Neutral Anti-Beta Fund
Actual	$	1,000.00	$	993.20	$	9.39		1.90	%
Hypothetical	$	1,000.00	$	1,015.37	$	9.49		1.90	%
AGFiQ Hedged Dividend Income Fund
Actual	$	1,000.00	$	1,041.80	$	4.96		0.98	%
Hypothetical	$	1,000.00	$	1,019.93	$	4.91		0.98	%
AGFiQ Global Infrastructure ETF^(a)(b)
Actual	$	1,000.00	$	1,030.00	$	0.49		0.45	%
Hypothetical	$	1,000.00	$	1,022.56	$	2.26		0.45	%
AGFiQ Dynamic Hedged U.S. Equity ETF^(a)(c)
Actual	$	1,000.00	$	1,026.80	$	0.39		0.36	%
Hypothetical	$	1,000.00	$	1,023.01	$	1.81		0.36	%

Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by 181 days in the most recent fiscal half-year divided by 365 days in the fiscal year (to reflect the one half year period)

(a)

The Fund commenced operations on May 23, 2019. Actual Expenses Paid During the Period are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 39 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period).

(b)

The annualized expense ratio does not reflect the indirect expenses of the underlying Fund in which it invests.

(c)

The annualized expense ratio does not reflect the indirect expenses of the underlying non-affiliated Funds in which it invests. Additionally, the adviser has contractually agreed to reduce its management fees in an amount equal to any acquired fund fees and expense incurred by the Fund from its investments in a Fund advised by the Adviser. If the ratio had included these affiliated indirect expenses, the annualized expense ratio would have been 0.45% for both the Actual and Hypothetical expense examples.

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FQF Trust
Board Consideration of the Investment Advisory Agreement

At a meeting held on February 22, 2019, the Board of Trustees (“Board”) of FQF Trust (“Trust”), including the Trustees who are not “interested persons” of the Trust or FFCM, LLC (“FFCM” or the “Adviser”) (including its affiliates) (such Trustees, the “Independent Trustees”), approved the renewal of the Investment Advisory Agreement (the “Agreement”) between FFCM and the Trust, on behalf of the AGFiQ U.S. Market Neutral Momentum Fund, AGFiQ U.S. Market Neutral Value Fund, AGFiQ U.S. Market Neutral Size Fund, AGFiQ U.S. Market Neutral Anti-Beta Fund (“BTAL”) (such four series, the “Market Neutral ETFs”), AGFiQ Hedged Dividend Income Fund (“DIVA”), AGFiQ Equal Weighted High Momentum Factor Fund, AGFiQ Equal Weighted Low Beta Factor Fund, AGFiQ Equal Weighted Value Factor Fund (such three series, the “Long-Only ETFs”) (collectively, the “ETFs”).

In evaluating the Agreement, the Board, including the Independent Trustees, reviewed materials furnished by FFCM and met with senior representatives of FFCM. The Board also considered materials that they had received at past meetings, including routine quarterly meetings, relating to the nature, extent and quality of FFCM’s services, including information concerning each ETF’s advisory fee, net expense ratio, and performance. Generally, the Board considered the following factors, among others, in connection with its renewal of the Agreement: (1) the nature, extent, and quality of the services provided by FFCM; (2) the investment performance of each ETF; (3) the costs of the services provided; (4) the extent to which economies of scale might be realized as each ETF grows; (5) whether fee levels reflect such potential economies of scale, if any, for the benefit of investors; and (6) any other benefits derived by FFCM from its relationship with the ETFs.

Nature, Extent and Quality of Services; Investment Performance

With respect to the nature, extent and quality of the services provided, the Board considered the portfolio management and other personnel of FFCM who perform services for the ETFs, the compliance function of FFCM, and the financial condition of FFCM. In this regard, among other things, the Board noted FFCM’s history of compliance as well as enhancements it had made to its compliance function in connection with its transaction with AGF Management Limited (“AGF”). In addition, the Board considered the successful integration to date of many of FFCM’s operations into AGF. Further, the Board evaluated the integrity of FFCM’s personnel, the experience of the portfolio management team, including in managing long-only, long-short and market neutral strategies, and the management of each operational ETF in accordance with its investment objective and policies. The Board also considered the demonstrated ability of the portfolio managers to manage each ETF to closely track a target index.

With respect to the performance of each Market Neutral ETF, the Board considered each Market Neutral ETF’s performance since inception and for the last quarter, one-year, three-year and five-year periods. In this regard, among other things, the Board considered each Market Neutral ETF’s total returns compared to the total returns of its target index and one or more broad-based benchmark indexes, as well as one or more funds identified by FFCM as somewhat comparable (“Comparator Funds”). With respect to the Market Neutral ETFs’ performance relative to the Comparator Funds, the Board considered that the Comparator Funds do not employ comparable investment strategies inasmuch as the Comparator Funds do not pursue market neutral strategies, but rather only long-short strategies and do not pursue single-“factor” strategies (i.e., momentum, value, size, low beta), but rather multi-factor strategies (i.e., a combination of value, momentum, etc.). The Board also considered FFCM’s explanation that such differences adversely impacted the performance of the Market Neutral ETFs as compared to their Comparator Funds over the periods reviewed. The Board then observed that, based on these comparisons, the Market Neutral ETFs performed variably relative to their Comparator Funds and the broad-based benchmark indexes for the periods considered. In determining to renew the Agreement, the Board observed that each Market Neutral ETF closely tracked its target index before fees and expenses. With respect to the absolute performance of the Market Neutral ETFs, the Board acknowledged FFCM’s explanation that, since the Market Neutral ETFs’ inception in 2011, the market had generally moved upward and, as a result, market neutral strategies had generally underperformed.

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FQF Trust
Board Consideration of the Investment Advisory Agreement (continued)

With respect to the performance of DIVA, the Board considered its performance since inception and for the last quarter, one-year, and three-year periods. In this regard, among other things, the Board considered DIVA’s total returns compared to the total returns its target index and of its Comparator Funds. The Board observed that, based on the comparisons provided, DIVA had underperformed its Comparator Funds for certain periods reviewed. In determining to renew the Agreement, the Board observed that DIVA closely tracked its target index before fees and expenses and considered FFCM’s representation that DIVA’s strategy was designed to be, and was, less volatile than Comparator Funds.

Because the ETFs are index-based funds, the Board considered the quality of each ETF’s target index and each ETF’s tracking error relative to such index. In this context, the Board considered the performance of each Market Neutral ETF’s target index and data showing that each Market Neutral ETF’s target index appropriately identifies component securities that are representative of the relevant investment factor (i.e., momentum, value, size, low beta). In light of this information, the Board considered the likelihood that the target indexes of the Long-Only Funds would also be high quality and appropriate for their Funds. In addition, the Board considered each operational ETF’s tracking error vis-à-vis its target index before and after fees and expenses, as well as FFCM’s explanation of the disproportionate impact fees and expenses have on the ETFs due to their assets under management. The Board also noted management’s assertion that the ETFs provide investors with unique investment solutions that appeal to asset allocators for inclusion in model portfolios, notwithstanding their absolute performance, due to their passive nature and predictable performance in the various market conditions that have prevailed since their inception. Based on the information considered, the Board concluded that the nature, extent and quality of services supported renewal of the Agreement.

Fund Expenses; Cost of Services; Economies of Scale; Related Benefits

The Board reviewed information comparing each operational ETF’s contractual management fee rate, as a percentage of average net assets, to Comparator Funds. The Board also reviewed information comparing each operational ETF’s net expense ratio to the net expense ratios of Comparator Funds, taking into account, as applicable, dividend and interest expenses on short sales, expense waivers and reimbursements. The Board considered the reduction in advisory fees for BTAL and DIVA during the most recent year and FFCM’s explanation that the recent reduction in management fees for DIVA and BTAL would make each Fund more competitive from a pricing perspective. The Board also noted that FFCM did not provide advisory services to any other fund or account pursuing an investment objective substantially similar to any of the ETFs. Based on the information described, the Board concluded that each ETF’s advisory fee and total expense ratio were reasonable.

The Board also reviewed the overall profitability to FFCM of the ETFs and evaluated the services that FFCM provides to each ETF for potential economies of scale. In this regard, the Board noted that since the ETFs’ inception, the Funds have not gathered significant assets and FFCM has generally subsidized the expense of their operations by reimbursing expenses and waiving fees. Based on this and other information, the Board determined that economies of scale were not a material factor to be considered in connection with the renewal of the Agreement.

With respect to ancillary (or fall-out) benefits being received by FFCM as a result of its relationship with the ETFs, the Board considered FFCM’s accrual of soft dollars in connection with trading transactions for the ETFs. Based on the information considered, the Board did not deem such benefits to be material to their consideration of the renewal of the Agreement.

Based on their review of the facts and circumstances related to the Agreement, the Board concluded that each ETF and its shareholders could benefit from FFCM’s continued management of its portfolio. Thus, the Board determined that the renewal of the Agreement with respect to each ETF was appropriate and in the best interest of each ETF and its shareholders. In their deliberations, the Board did not identify any particular information that was all-important or controlling, and each Trustee may have attributed different weights to different factors. After

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FQF Trust
Board Consideration of the Investment Advisory Agreement (continued)

reviewing a memorandum from Independent Trustee counsel discussing the legal standards applicable to the Board’s consideration of the Agreement, and after the Independent Trustees met privately with such counsel, the Board determined, in the exercise of its reasonable business judgment, that the advisory arrangement, as outlined in the Agreement, was fair and reasonable in light of the services performed, expenses incurred and such other matters as the Board considered relevant.

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FQF Trust
Board Consideration of the Investment Advisory Agreement (continued)

At its regular meeting on May 13, 2019 the Board of Trustees (“Board”) of FQF Trust (“Trust”), including the Trustees who are not “interested persons” of the Trust or AGF Investments, LLC (“AGFI” or the “Adviser”) (including its affiliates) (such Trustees, the “Independent Trustees”), approved the Investment Advisory Agreement (“Agreement”) for two new series of the Trust: the AGFiQ Global Infrastructure ETF (“GLIF”) and AGFiQ Dynamic Hedged U.S. Equity ETF (“USHG”) (each a “New ETF,” and together the “New ETFs”). GLIF is an actively-managed global infrastructure equity exchange-traded fund (“ETF”), and USHG is actively-managed, U.S. equity dynamic hedge ETF that operates as a “fund of funds” through its investments in other ETFs. In evaluating the Agreement, the Board, including the Independent Trustees, reviewed materials furnished by AGFI and met with senior representatives of AGFI regarding their personnel and operations. Generally, the Board considered the following factors, among others, in connection with its approval of the Agreement: (1) the nature, extent, and quality of the services provided by AGFI; (2) the investment performance of accounts managed by the AGFI (or its affiliates) with investment strategies comparable to those of each New ETF; (3) the costs of the services to be provided; (4) the extent to which economies of scale might be realized as each New ETF grows; (5) whether fee levels reflect such potential economies of scale, if any, for the benefit of investors; and (6) any other benefits potentially derived by AGFI (or its affiliates) from its relationship with the ETFs. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and each Trustee may have attributed different weights to the various factors. The Board evaluated the terms of the Agreement, the overall fairness of it to each New ETF and whether the Agreement was in the best interests of such fund and its shareholders.

Nature, Extent and Quality of Services

With respect to the nature, extent and quality of the services provided, the Board considered the portfolio management and other personnel of AGFI who will provide services for each New ETF, the compliance function of AGFI, and the financial condition of AGFI. In this regard, among other things, the Board noted AGFI’s history of compliance. Further, the Board evaluated the integrity of AGFI’s personnel, the experience of the portfolio management team, and the management of each New ETF in accordance with its investment objective and policies.

Because the New ETFs do not have a performance history, the Board considered other indicia of the nature, extent and quality of services to be provided to the New ETFs under the Agreement. In this regard, the Board received presentations on the proprietary, multi-factor quantitative models underlying the New ETFs’ strategies and considered the performance of other accounts managed by AGFI (or its affiliates) with investment strategies comparable to each New ETF. In particular, with respect to USHG, the Board considered the performance of a Canadian-based fund managed by an affiliate of AGFI with substantially similar investment strategies as USHG. With respect to GLIF, the Board considered the performance of a separately managed account managed by an affiliate of AGFI with a substantially similar investment strategy to GLIF. The Board concluded that it was satisfied with the nature, extent and quality of the services to be provided by the Adviser to the New ETFs.

Fund Expenses; Cost of Services; Economies of Scale; Related Benefits

The Board reviewed information comparing each New ETF’s proposed contractual management fee rate, as a percentage of average net assets, to one or more funds identified by AGFI as somewhat comparable (“Comparator Funds”). In this regard, the Board reviewed tables comparing each New ETF’s advisory fee and net expense ratio to the Comparator Funds. The Board considered that the expense limitation agreement for each New ETF would limit the total annual operating expenses (excluding interest, taxes, brokerage commissions and other expenses that are capitalized in accordance with generally accepted accounting principles, dividend, interest and brokerage expenses for short positions, acquired fund fees and expenses, and extraordinary expenses) to 0.45% of average net assets, which is consistent with the total annual operating expense ratios of other AGFiQ ETFs. Further, the Board considered the advisory fee levels of other accounts

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FQF Trust
Board Consideration of the Investment Advisory Agreement (continued)

managed by the Adviser (or its affiliates) pursuant to substantially similar investment strategies as the New ETFs. The Board concluded that the advisory fee and net expense ratio proposed for each New ETF were reasonable.

The Board discussed any anticipated economies of scale in relation to the services AGFI would provide to each New ETF. Noting that the New ETFs were just commencing operations, the Board concluded it was too soon to evaluate properly the potential economies of scale for the New ETFs and the profitability of the New ETFs to the Adviser. Accordingly, the Board concluded that profitability and economies of scale were not material factors to be considered in connection with the current approval of the Agreement.

With respect to ancillary (or fall-out) potential benefits AGFI (and its affiliates) may receive as a result of its relationship with the New ETFs, the Board considered the potential for AGFI to accrue soft dollars in connection with trading transactions for the New ETFs. The Board also considered that, to the extent that USHG invests in AGFiQ U.S. Market Neutral Anti-Beta ETF (“BTAL”), another ETF managed by AGFI, AGFI may benefit from increased assets and higher trading volumes in BTAL. The Board determined that the layering of expenses would be mitigated by the applicable expense limitation agreement and that it would have the opportunity to reevaluate fall-out benefits actually received by AGFI and its affiliates under the Agreement annually in connection with the renewal of the expense limitation agreement. Accordingly, under the totality of the circumstances, the Board did not deem fall-out benefits to be material to their consideration of the Agreement.

Based on their review and all of the relevant facts and circumstances, the Trustees concluded that the New ETFs and their shareholders could benefit from the Adviser’s management of the New ETFs. Thus, the Board determined that the approval of the Agreement with respect to each ETF was appropriate and in the best interest of each New ETF and its shareholders. In their deliberations, the Board did not identify any particular information that was all-important or controlling, and each Trustee may have attributed different weight to different factors. After reviewing a memorandum from Independent Trustee counsel discussing the legal standards applicable to the Board’s consideration of the Agreement, and after the Independent Trustees met privately with such counsel, the Board determined, in the exercise of its reasonable business judgment, that the advisory arrangement, as outlined in the Agreement, was fair and reasonable in light of the services performed, expenses incurred and such other matters as the Board considered relevant.

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FQF Trust
Additional Information (Unaudited)

Proxy Voting Information

A description of FQF Trust’s proxy voting policies and procedures is attached to the Funds’ Statement of Additional Information, which is available without charge by visiting the Funds’ website at www.agf.com/us or the U.S. Securities and Exchange Commission’s (“SEC”) SEC’s website at www.sec.gov or by calling collect 1-617-292-9801.

In addition, a description of how each Fund voted proxies relating to its portfolio securities during the most recent 12-month period ended June 30 is available without charge upon request by calling collect 1-617-292-9801 or on the SEC’s website at www.sec.gov.

Quarterly Portfolio Holdings Information

FQF Trust files has filed its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year to date Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. You may also review and obtain copies of the Funds’ Forms N-Q, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov. In addition, the Funds’ full portfolio holdings are updated daily and available on the AGFiQ Funds’ website at www.agf.com/us.

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Federal Tax Information

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), the percentages of ordinary dividends paid during the tax year ended June 30, 2019 are designated as “qualified dividend income” (QDI), as defined in the Act, subject to reduced tax rates in 2019. The Funds also qualify for the dividends received deduction (DRD) for corporate shareholders. Complete information will be reported in conjunction with your 2019 Form 1099-DIV.

As of June 30, 2019, the Fund federal tax information was as follows:


Fund	QDI			DRD
AGFiQ U.S. Market Neutral Value Fund		100.00	%		100.00	%
AGFiQ U.S. Market Neutral Anti-Beta Fund		100.00	%		100.00	%
AGFiQ Hedged Dividend Income Fund		79.60	%		82.23	%

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FQF Trust
Trustees and Officers of the Trust (Unaudited)

Trustees


Name, Address*, Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Independent Trustees
Peter A. Ambrosini Year of Birth: 1944	Trustee	Indefinite/Since 2011	Independent Consultant, Independent Directors of GMO Trust (2013 - Present); Independent Consultant, GMO Funds, (2011 to present); Principal, Dover Consulting LLC (2008 to 2015).	12	None
Joseph A. Franco Year of Birth: 1957	Trustee	Indefinite/Since 2011	Professor of Law, Suffolk University Law School (1996 to present).	12	None
Richard S. Robie III Year of Birth: 1960	Trustee	Indefinite/Since 2011	Chief Operating Officer, Eagle Capital Management (July 2017 to present); Consultant, Advent International (August 2010 to July 2017).	12	None
Interested Trustee**
William C. Carey Year of Birth: 1960	Trustee; Vice President	Indefinite/Since 2018 Since 2018	Chief Executive Officer, FFCM LLC (September 2013 to present); President, F-Squared Retirement Solutions (2011 to 2012).	12	Trustee, Bates College (2011 to present)

Each Independent Trustee may be contacted by writing to the Independent Trustee of FQF Trust, c/o Robert J. Rhatigan, Dechert LLP, 1900 K Street, NW, Washington DC 20006.

Mr. Carey is an “interested person,” as defined by the 1940 Act, because of his employment with and ownership interest in the Adviser.

The Funds’ Statement of Additional Information includes additional information about the Trustees and is available free of charge, upon request, by calling (617) 292-9801 (collect).

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FQF Trust
Trustees and Officers of the Trust (Unaudited)

Officers


Name, Address, Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
Joshua G. Hunter 10 High Street, Suite 302 Boston, MA 02110 Year of Birth: 1981	Principal Financial Officer and Treasurer	Indefinite/Since 2015	Principal Financial Officer, Foreside Management Services LLC (July 2015 to present); Vice President/Assistant Vice President, Treasury Services, JPMorgan Chase & Co. (July 2008 to July 2015).*
William H. DeRoche 53 State Street, Suite 1308, Boston, MA 02109 Year of Birth: 1962	President	Indefinite/Since 2012	Chief Investment Officer, Adviser (April 2010 to present); Chief Compliance Officer, Adviser (June 2012 to March 2017); Portfolio Manager, ICC Capital (March 2015 to December 2015).
Kevin McCreadie 66 Wellington Street West 31^st Floor Toronto, Ontario Canada M5K 1E9 Year of Birth: 1960	Vice President	Indefinite/Since 2017	Director and Chief Investment Officer of AGF Investments America Inc., and Executive Vice President and Chief Investment Officer of AGF Management Limited (June 2014 to present); Senior Officer and/or Director of certain subsidiaries of AGF Management Limited (June 2014 to present); Managing Executive – Institutional Asset Management, PNC Financial Services Group Inc.’s (“PNC”) Asset Management Group (December 2008 to May 2014); President and Chief Investment Officer, PNC Capital Advisors, LLC, a division of PNC and President, PNC Funds Co. and President, PNC Alternative Investment Funds Co. (March 2007 to May 2014).
Kenneth A. Kalina c/o Foreside 3 Canal Plaza, Suite 100 Portland, ME 04101 Year of Birth: 1959	Chief Compliance Officer	Indefinite/Since 2017	Fund Chief Compliance Officer, Foreside Fund Officer Services, LLC (June 2017 to present); Chief Compliance Officer, Henderson Global Funds (December 2005 to June 2017); Chief Compliance Officer, Henderson Global Investors (North America) Inc. (December 2005 to December 2015).*

Mr. Hunter and Mr. Kalina serve as officers to other unaffiliated mutual funds or closed-end funds for which the Distributor (or its affiliates) acts as distributor (or provider of other services).

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[GRAPHIC MISSING]

FQF Trust

53 State Street, Suite 1308
Boston, MA 02109
www.AGFiQ.com

Distributor:
Foreside Fund Services, LLC
3 Canal Plaza, Suite 100
Portland, ME 04101

Item 2. Code of Ethics.

As of the end of the period, June 30, 2019, the Registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, there have been no waivers granted under the code of ethics.

Item 3. Audit Committee Financial Expert.

The Board has determined that it does not include an audit committee financial expert, notwithstanding certain Trustees’ past experience overseeing the implementation of accounting controls and principles, due to the continuous modernization of accounting and tax requirements and the increasingly important role played by technology in the conduct of audits.

Item 4. Principal Accountant Fees and Services.

Aggregate fees for professional services rendered for FQF Trust by PricewaterhouseCoopers LLP (“PwC”) for the years ended June 30, 2018 and June 30, 2019 were:

	2018	2019
Audit Fees (a)	82,650	113,477
Audit Related Fees (b)	0	0
Tax Fees (c)	48,660	50,815
All Other Fees (d)	0	0
Total:	131,310	164,292

(a)

Audit Fees: These fees relate to professional services rendered by PwC for the audits of the Registrant’s annual financial statements or services normally provided by the independent registered public accounting firm in connection with statutory and regulatory filing or engagements. These services include the audits of the financial statements of the Registrant and issuance of consents.

(b)

Audit Related Fees: These fees relate to assurance and related services by PwC related to audit services in connection with June 30, 2018 and June 30, 2019 annual financial statements.

(c)

Tax Fees: These fees relate to professional services rendered by PwC for tax compliance, tax advice and tax planning.

(d)

All Other Fees: These fees relate to products and services provided by PwC other than those reported under “Audit Fees,” “Audit-Related Fees,” and “Tax Fees” above.

(e)(1)

Per Rule 2-01(c)(7)(A) and the charter of the Registrant’s Audit Committee, the Audit Committee approves and recommends the principal accountant for the Registrant, pre-approves (i) the principal accountant’s provision of all audit and permissible non-audit services to the Registrant (including the fees and other compensation to be paid to the principal accountant), and (ii) the principal accountant’s provision of any permissible non-audit services to the Registrant’s investment adviser (the “Adviser”), sub-adviser or any entity controlling, controlled by, or under common control with any investment adviser or sub-adviser, if the engagement relates directly to the operations of the financial reporting of the Trust.

(e)(2)

0% of services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

If greater than 50%, disclose the percentage of hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the most recent fiscal year that were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees: Not Applicable.

(g)

Disclose the aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the fiscal years ended June 30, 2018 and June 30, 2019: $48,660 and $50,815, respectively.

(h)

The Registrant's Audit Committee has considered that the provision of non-audit services that were rendered to the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

Item 5. Audit Committee of Listed Registrants.

	(a)	The Registrant is an issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of such Act. All of the Board’s independent Trustees, Peter A. Ambrosini, Joseph A. Franco and Richard S. Robie III, are members of the Audit Committee.

(b)

Not Applicable.

Item 6. Investments

(a)

Schedule I – Investments in Securities of Unaffiliated Issuers

Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b)

Securities Divested of in accordance with Section 13(c) of the Investment Company Act of 1940.

The Registrant made no divestments of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

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

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

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

The Registrant did not have in place procedures by which shareholders may recommend nominees to the Registrant’s board of trustees.

Item 11. Controls and Procedures.

(a)

The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

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

Not applicable to the Registrant.

Item 13. Exhibits.

(a)

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1)

Code of Ethics – Filed herewith.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)

Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act – Not applicable.

(a)(4)

A change in the registrant’s independent public accountant – Not applicable

(b)

Certification required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is 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

September 6, 2019

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

By:

/s/ William DeRoche

William DeRoche

President

September 6, 2019

By:

/s/ Joshua Hunter

Joshua Hunter

Principal Financial Officer and Treasurer

September 6, 2019

Table of Contents

Management Discussion of Fund Performance

AGFiQ U.S. Market Neutral Momentum Fund (MOM) (Unaudited):

AGFiQ U.S. Market Neutral Value Fund (CHEP) (Unaudited):

AGFiQ U.S. Market Neutral Size Fund (SIZ) (Unaudited):

AGFiQ U.S. Market Neutral Anti-Beta Fund (BTAL) (Unaudited):

AGFiQ Hedged Dividend Income Fund (DIVA) (Unaudited):

AGFiQ Global Infrastructure ETF (GLIF) (Unaudited):

AGFiQ Dynamic Hedged U.S. Equity ETF (USHG) (Unaudited):

OTC Total return swap contracts outstanding as of June 30, 2019

OTC Total return swap contracts outstanding as of June 30, 2019

OTC Total return swap contracts outstanding as of June 30, 2019

OTC Total return swap contracts outstanding as of June 30, 2019

Abbreviations

FQF Trust

FQF Trust

FQF Trust

FQF Trust

FQF Trust

FQF Trust

FQF Trust

FQF Trust

1. Organization

2. Significant Accounting Policies

Investment Company Modernization

Investment Valuation

Short Sales

Swap Agreements

Expenses

Taxes and Distributions

3. Investment Transactions and Related Income

4. Investment Management Fees

5. Administration and Custodian Fees

6. Distribution, Service Plan and Fund Officers

7. Issuance and Redemption of Fund Shares

8. Investment Transactions

9. In-Kind Transactions

10. Principal Risks

11. Guarantees and Indemnifications

12. New Accounting Pronouncements

13. Subsequent Events

Opinion on the Financial Statements

Basis for Opinion

Actual Expenses

Hypothetical Example for Comparison Purposes

Nature, Extent and Quality of Services; Investment Performance

Fund Expenses; Cost of Services; Economies of Scale; Related Benefits

Nature, Extent and Quality of Services

Fund Expenses; Cost of Services; Economies of Scale; Related Benefits

Proxy Voting Information

Quarterly Portfolio Holdings Information

Federal Tax Information

Trustees

Officers