F F CM
FFCM
230 Congress Street,
5th Floor
Boston, MA 02110
Tel: +1 617 292 9801
Fax: +1 617 292 9808
October 22, 2012 - FFCM, LLC announced today that the Board of Trustees of FQF Trust authorized
the orderly termination and liquidation three of the QuantShares ETFs (the “Liquidating Funds”). The
Liquidating Funds are listed below:
QuantShares U.S. Market Neutral High Beta Fund (BTAH)
QuantShares U.S. Market Neutral Anti-Momentum Fund (NOMO)
QuantShares U.S. Market Neutral Quality Fund (QLT)
While FFCM originally believed the demand would be larger for these Liquidating Funds at the time
of launch, FFCM has now refined those views based on, among other things, limited evidence of
institutional demand for their shares. As a result of lower than anticipated levels of institutional and
retail demand, the trading volume in their shares has been less than expected. As a result, liquidity in
such shares has lagged, and FFCM believes that closing the Liquidating Funds and liquidating their
portfolios is in the best interest of shareholders.
FFCM still believes in the role that the 4 other Existing Funds can play in an investor’s investment
portfolio. Accordingly, FFCM will continue to offer these Existing Funds to investors who have asset
allocation and hedging needs that make the funds appropriate investments for them. In addition,
FFCM has filed a registration statement with the SEC to launch 6 additional Funds due to investor
demand. These funds* include:
QuantShares U.S. High Quality Fund
QuantShares U.S. High Dividend Absolute Return Fund
QuantShares U.S. High Momentum Fund
QuantShares U.S. Low Beta Absolute Return Fund
QuantShares U.S. Low Beta Fund
QuantShares U.S. Relative Value Fund
Regarding the closing funds, the following sequence of events will occur:


The last day of trading of the Liquidating Funds’ shares on the NYSE Arca, Inc. will
be November 2, 2012
Full liquidation of the Funds is intended to be complete by November 19, 2012.
Shareholders may sell their holdings in the secondary market through their broker until November 2,
2012, incurring any applicable transaction fees from their broker-dealer. All shareholders remaining at
the close of trading on November 2, 2012 will receive cash equal to the amount of the net asset value
of their Fund shares as of that time, which will include any capital gains and dividends, into the cash
portion of their brokerage accounts.
F F CM
FFCM
230 Congress Street,
5th Floor
Boston, MA 02110
Tel: +1 617 292 9801
Fax: +1 617 292 9808
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and
expenses. This and other information is in the prospectuses which can be obtained by visiting the
Funds’ website at www.quant-shares.com. Please read the prospectus carefully before you invest.
Shares are not individually redeemable and can be redeemed only in Creation Units. The market
price of shares can be at, below or above the NAV. Market Price returns are based upon the
midpoint of the bid/ask spread at 4:00PM 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 the Fund at NAV.
Some performance results reflect expense subsidies and waivers in effect during certain periods.
Absent these waivers, results would have been less favorable.
*Information contained herein is subject to completion or amendment. A registration statement
relating to these securities has been filed with the Securities and Exchange Commission but has not
yet become effective. These securities may not be sold nor may offers to buy be accepted prior to
the time the registration statement becomes effective. This communication shall not constitute an
offer to buy or the solicitation of an offer to buy nor shall there be any sale of these securities in
any state in which such offer, solicitation or sale would be unlawful prior to registration or
qualification under securities laws of any such state. An indication of interest in response to this
press release will involve no obligation or commitment of any kind.
Risks:
There is no guarantee that the Funds will achieve their objective. An investment in the Funds is
subject to risk including the possible loss of principal amount invested. The risks associated with each
Fund are detailed in the prospectus and include tracking error risk, mid-cap risk, industry
concentration risk, market neutral style risk, short sale risk and specific risks related to exchange
traded funds. There is a risk that during a “bull” market, when most equity securities and long-only
equity ETFs are increasing in value, the Fund’s short position will likely cause the Fund to
underperform the overall U.S. equity market and such ETFs. The Fund may not be suitable for all
investors.
Beta is a measure of an asset’s sensitivity to an underlying index.
Distributor: Foreside Funds Services, LLC