August 4, 2011 ING Equity Trust

 

Exhibit (d)(8)(iv)

August 4, 2011

ING Equity Trust

0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx

Suite 100

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 August 4, 2011 through and including October 1, 2012, waive all or a portion of its investment management fee and/or reimburse expenses for Class R shares of the Fund in amounts necessary so that after such waivers and/or reimbursements, the maximum total operating expense ratios of the Fund shall be as follows:

Name of Fund	Maximum Operating Expense Limit as a percentage of average net assets)
	Class R
ING SmallCap Opportunities Fund	1.75%

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. Suite 100 Scottsdale, AZ 00000-0000 Tel: 000-000-0000 Fax: 000-000-0000 xxx.xxxxxxxx.xxx ING Investments, LLC