Cantor Fitzgerald Investment Advisors LP

ITEM 5. FEES AND COMPENSATION

CFIA is compensated primarily through asset-based advisory fees. CFIA does not
receive commissions for investment advisory services; however, certain affiliated
relationships and arrangements may create conflicts of interest. CFIA will also
receive a performance-based allocation fee for its pooled investment vehicles
(Private Funds).

Investment Management Fees for a Client of Cantor Fitzgerald Managed ETF Portfolios

Compensation for our services is calculated in accordance with the Investment
Advisory Agreement (“IAA”) entered into with each Client when we begin our
professional relationship. The IAA may be amended from time to time by us upon
30 days prior written notice to the Client.

In consideration for our investment management services, Clients pay CFIA an
ongoing fee (Account Fee) that is negotiable and is set out in the IAA. The Account
Fee is typically a percentage based on the value of all assets in the account, including
cash holdings. The Account Fee is generally paid to CFIA quarterly in advance (on
occasion, accommodation may be made for the fee to be paid in arrears), with
payment due within 10 days from the date of the invoice. However, the Account Fee
may also be structured on a tiered basis, with a reduced percentage rate based on
reaching certain thresholds. Fees will be equal to the agreed upon rate per annum,
times the market value of the account, divided by the number of days in the agreed
upon year and multiplied by the number of days in the quarter. The market value
will be construed to equal the sum of the values of all assets in the account, not
adjusted by any margin debt.

For purposes of determining value, securities and other instruments traded on a
market for which actual transaction prices are publicly reported will be valued at
the last reported sale price on the principal market in which they are traded (or, if
there are no sales on such date, then at the average between the closing bid and
asked prices on such date). Other readily marketable securities will be priced using
a pricing service or through quotations from one or more broker dealers. All other
assets shall be valued at fair value by CFIA whose determination shall be
conclusive.

Our maximum Account Fee is 2.00%. The Account Fee is paid to CFIA and will
frequently share a portion of the Account Fee with an Investment Advisor
Representative (IAR), or Promoter based on the particular agreement between CFIA
and the IAR or Promoter. Please refer to Item 14 for further disclosures.

Fee adjustments for additional assets received into an account during a quarter will
be provided on a pro-rated basis contingent on the number of days that are
remaining in the quarter.

Turnkey Asset Management Program (“TAMP”) Accounts and ETF Portfolio Fees

For the Model Portfolio arrangements, the third-party advisor will calculate and pay
CFIA a fee for providing ongoing Model Portfolio recommendations. The fee paid to
CFIA is generally equal to an annual percentage of the total assets invested in the

Model Portfolios and is paid either in arrears or advance, as outlined in each written
agreement between CFIA and the TAMP platform. The fee ranges from .20% to .50%
and is paid quarterly. The remainder of the fee paid by the TAMP client is retained
by the third-party advisor for providing the other services outlined in the third-party
Advisor’s ADV Part 2A. It is possible that comparable or similar services may be
available to a client at a lower aggregate cost if they were separately provided.
Accordingly, a TAMP client should consider the amount of the total TAMP fee in
regard to the aggregate services being obtained.

Sub-Advisory Clients

Management fees for CFIA Sub-Advisory Clients are paid directly to CFIA from the
account by the custodian holding a client’s assets upon submission of an invoice
from us to the custodian. Payment of fees may result in the liquidation of a
portion of a client’s securities if there is insufficient cash in the account. Copies of
invoices are provided to Clients upon request for every applicable billing period.
The amount of the investment management fees paid to CFIA is reflected in the
account statements sent to clients by their custodian.

Additional Information

The fees discussed above for Clients of CFIA do not include charges imposed by
third parties. For example, custodial fees, ETF fees and expenses, and any
additional fees charged by third party advisors or platforms are not included in
CFIA’s investment management fees. In addition to our fee, a client is responsible
for paying a proportionate share of any ETF fee (outlined in each ETF prospectus),
brokerage commissions, stock transfer fees and other similar fees incurred in
connection with transactions for his/her account. These fees are paid out of the
assets in a client’s account and are in addition to the investment management
fees paid to us.

In addition to management fees and performance fees or incentive allocations,
Funds typically incur other types of fees and expenses, either directly or indirectly,
which may include, among others, administrative, registrar and/or transfer agency,
corporate secretarial, registered office, custodial and director fees and expenses.
Funds also incur other operational expenses such as expenses associated with the
offering and sale of Fund interests, audit and legal fees, taxes, and other
miscellaneous costs.

Funds also bear brokerage and other transaction costs in connection with their
transactions. See Item 12 for more information.

Investment Management Fees for a Client of Cantor Fitzgerald Value and Income Strategies

Independently Managed Accounts

On an annual basis, CFIA will charge for services as advisor on the market value of
the assets, which may include accrued dividends and accrued interest, in a client’s
account as computed at the end of each quarter, and CFIA will charge them on a
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ITEM 7. TYPES OF CLIENTS

CFIA currently provides investment advisory services to the following clients:
   • Individuals
   • High net worth individuals
   • Corporations
   • Pension and profit-sharing plans
   • Trusts and Estates

   •   Charitable organizations
   •   Other investment advisors
   •   Pooled Investment Vehicles (Private Funds)
   •   Registered Investment Companies (Mutual Funds and Interval Funds)
   •   State or municipal government entities
   •   Joint Ventures

Cantor Fitzgerald Value and Income Strategies Minimum Account Size

The minimum account sizes for CFIA’s services are generally as follows:
   • Independently managed - $500,000
   • Sponsored Programs – vary by sponsor.
   • Cantor Fitzgerald Equity Dividend Plus Fund
   • Regular accounts - $5,000
   • Tax-deferred retirement accounts - $1,000

Private Fund interests are offered pursuant to applicable exemptions from
registration under the 1940 Act and the Securities Act. Private Fund investors and
may include, but are not limited to, high net worth individuals, banks, investment
companies, trusts, estates, corporations, foundations, endowments, and pension
plans.

Private Funds generally require a high minimum investment, and each fund
will have its own minimum investment amount. A Private Fund may waive the
investment minimum in its discretion.