Capital Markets: Venues, Brokers & Asset Managers

Own the businesses that operate trading venues, intermediate investment flows, and manage financial assets rather than taking a directional bet on technology shares. The basket combines established capital-markets franchises with digital trading platforms and a digitally native bank. Recent equity weakness makes fee diversification and exposure to trading activity more appealing, although falling asset values and weaker investor participation remain risks. Launch basket (equal weight): HOOD, COIN, MS, JPM, NU, BLK, CME, ICE, CBOE, NDAQ 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.