Deposit-Funded Banking Franchises

Deposit-funded banks monetize customer relationships through lending, payments and account services rather than relying primarily on trading activity. Recent weakness in Bank of America, Citigroup and Nu creates an opportunity to buy banking franchises with different geographic exposures. The basket favors established deposit businesses, while recognizing that credit deterioration and funding competition could undermine the recovery. Launch basket (equal weight): JPM, BAC, WFC, C, NU, RY 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.