Brokers, Exchanges & Payment Networks

Own the intermediaries that execute securities trades, operate exchanges and route payments, rather than making a directional bet on the assets changing hands. The weak technology tape makes this a timely alternative to infrastructure manufacturers: these businesses monetize financial activity rather than depend on customers expanding computing capacity. Trading volumes, consumer spending and fee competition remain the key risks; market volatility does not guarantee higher profits. Launch basket (equal weight): MS, HOOD, COIN, V, MA, CME, ICE, IBKR Rules: 1. No inverse, leveraged or volatility ETFs. 2. Only names tradable at the enrolled brokers (Moomoo): no OTC listings, no dead tickers, nothing on the refused list.