Liberty Media Corporation - Series C (FWONK)

This stock tracks the results of the Formula One championship — the racing series owned by Liberty Media.

The series earns from three sources: broadcasters' fees for transmission rights, promoters' fees for the right to host a race, and sponsorship deals. All three are signed years in advance, so revenue is predictable and its growth depends on bargaining power at renewal.

The audience grew after the change of ownership and the arrival of a documentary series that drew viewers who had never watched racing before, above all in North America. New races in major cities pay more than the old ones. Risks: a saturated calendar, dependence on a handful of broadcasters, and the fact that the stock tracks a ring-fenced result inside a larger structure.