Travel, Commerce & Payment Platforms

These businesses facilitate consumer transactions through travel marketplaces, mobility networks, merchant software and payment infrastructure rather than manufacturing the goods being purchased. Following the technology pullback, the basket offers a way to own digital commerce infrastructure across distinct spending channels. The shared opportunity is continued migration toward platform-mediated transactions; weaker consumer spending and regulatory pressure remain key risks. Launch basket (equal weight): BKNG, UBER, SHOP, V, MA, ABNB, MELI, PYPL 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.