Merchant Software, Marketing & Payments

Own the infrastructure merchants use to create campaigns, acquire customers, operate storefronts and accept payments, rather than retailers or consumer marketplaces themselves. The basket combines advertising and commerce software with payment networks and merchant processors, distinguishing it from North's existing marketplace and payment-franchise portfolios. Current software drawdowns offer selective entry opportunities alongside steadier payment businesses, although advertising cyclicality and competition remain material risks. Launch basket (equal weight): SHOP, APP, ADBE, V, MA, PYPL, GPN, TOST 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.