Consumer Credit Balance Sheets

Own lenders that underwrite household credit rather than payment networks, exchanges or capital-markets intermediaries. The basket combines deposit-funded consumer banks with specialist card, auto and mortgage lenders, making underwriting and funding discipline the central exposure. With equities unsettled, the thesis favors established lending franchises while recognizing that weaker employment or rising defaults would undermine it. Launch basket (equal weight): NU, BAC, WFC, JPM, C, COF, SOFI, AXP, CACC, RKT 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.