Customer Balances: Banks & Brokerages

Own the institutions that gather customer balances and monetize them through lending, brokerage, custody and trading rather than payment-network tolls or an AI-disruption story. The basket combines established banking franchises with digital distribution platforms, making customer relationships its common economic asset. JPMorgan's approaching earnings provide a near-term checkpoint, while credit deterioration, weaker trading activity and funding competition are the principal risks. Launch basket (equal weight): JPM, NU, AXP, HOOD, COIN, SCHW, IBKR, MS 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.