Capital Markets & Payment Networks

This basket owns businesses that arrange financing, intermediate securities markets, or process payments rather than relying on a single technology spending cycle. The current pullback offers an entry into capital-markets franchises alongside payment networks with stronger recent price trends. Returns depend on financing activity and transaction volumes, with credit losses, weaker dealmaking, and regulatory pressure as key risks. Launch basket (equal weight): GS, MS, JPM, C, V, MA, CME, ICE 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.