December 17, 2007 ING Equity Trust

Exhibit (d)(15)(v)

December 17, 2007

ING Equity Trust

0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx

Scottsdale, Arizona 85258-2034

Re: Expense Limitations

Ladies and Gentlemen:

By our execution of this letter agreement (the “Agreement”), intending to be legally bound hereby, ING Investments, LLC (“ING Investments”), the Adviser to ING SmallCap Opportunities Fund (the “Fund”), agrees that ING Investments shall, from December 17, 2007 through and including October 1, 2009, waive all or a portion of its investment management fee and/or reimburse expenses in amounts necessary so that after such waivers and/or reimbursements, the maximum total operating expense ratios of the Funds shall be as follows:

Name of Fund		Maximum Operating Expense Ratios (as a percentage of average net assets)
		Class A			Class B			Class C			Class I			Class Q			Class W
ING SmallCap Opportunities Fund		1.50	%		2.25	%		2.25	%		1.25	%		1.50	%		1.25	%

ING Investments acknowledges that any fees waived or expenses reimbursed during the term of this Agreement shall not be eligible for recoupment at any time in the future.

ING Investments, LLC
By:		/s/ Xxxx Xxxxx
		Xxxx Xxxxx Senior Vice President

Your signature below acknowledges acceptance of this Agreement:
By:		/s/ Xxxxxxxx X. Xxxxxxxx
		Xxxxxxxx X. Xxxxxxxx Senior Vice President ING Equity Trust

0000 X. Xxxxxxxxxx Xxxxx Xx. Scottsdale, AZ 00000-0000 Tel: 000-000-0000 Fax: 000-000-0000 xxx.xxxxxxxx.xxx ING Investments, LLC