CANTOR FITZGERALD INVESTMENT ADVISORS L.P.

The portfolio consists of 185 holdings, reflecting a high degree of diversification. However, the turnover was exceptionally aggressive this quarter. The filer executed 64 major changes, comprising 32 new positions and 32 complete exits, with zero positions remaining unchanged. This suggests a strategic pivot rather than mere portfolio rebalancing. The firm has shifted from a strategy that likely relied on specific stock selection to one that employs a "core-satellite" approach, utilizing broad market ETFs for core exposure while maintaining active positions in individual equities.

2. Key Holdings