Introducing BMAX from REX Shares

The Bitcoin Corporate Treasury Convertible Bond ETF

REX Shares specializes in alternative exchange-traded funds.

​BMAX​ is a pioneering ETF offering investors access to convertible bonds issued by companies that have integrated Bitcoin into their corporate treasuries.

Why invest in Convertible Debt?

• Convertible bonds are hybrid securities that offer interest payments and the potential for equity conversion.

• They provide interest yields during the bond's life, with an option to convert into stock if the issuing company's share price exceeds a set conversion threshold at maturity.

• This dual benefit structure offers exposure to Bitcoin-related corporate strategies while maintaining a foothold in traditional securities

Details

• Ticker: BMAX​

• Asset Class: US Equity​

• Fund Inception: NASDAQ, March 14, 2025​

• Management Fee: 0.85%​

^{Investing involves risk, including possible loss of principal. Investors should carefully consider the investment objectives, risks, charges, and expenses of BMAX before investing. This and other important information are contained in the Prospectus, which can be obtained by visiting the link above. Please read the Prospectus carefully before investing.}

📰 Market Headlines

Markets plunged across the board as Wall Street gave back much of yesterday's historic gains.

• The S&P 500 tumbled 3.5%, while the Nasdaq plummeted 4.3% and the Dow dropped 2.5%.

• The selloff intensified after the White House clarified that total tariffs on China now stand at 145%, not the 125% previously reported.

The European Union matched President Trump's 90-day tariff pause, putting its retaliatory measures on hold and leaving room for negotiations.

March inflation data provided a rare bright spot as the CPI rose less than expected, increasing 2.4% year-over-year versus forecasts of 2.5%

🌏 Alternative investing news

Five weeks ago, when the trade war began in earnest, Wyatt wrote a great issue on diversifying outside the US.

As you've no doubt noticed, the situation has escalated since then.

We, and our members, have taken note. From a Swiss community member this morning:

Regardless of how you feel about the tariffs, it's undeniable that the world has changed forever.

There are two ways to approach an increasingly uncertain macro climate:

1. Go completely risk off, fleeing to the safest thing possible, or

2. Realize risk is rising everywhere, so you may as well hunt higher returns

This issue focuses on #2.

Check it out 👇

 📊 Ideas, trends, and analysis

🧠 Make yourself heard

Ok, for the sake of argument, let’s say you think we’re indeed headed towards a recession.

😱 Fear and Greed Index

📊 Earnings this week

• CarMax scrapped its long-term goals and missed Q4 profit expectations, citing shifting consumer trends; shares plunged 17%.

Market movers

• Novavax shares plunged 22% after Health Secretary Kennedy questioned its COVID-19 vaccine's efficacy.

• The Pentagon ended $5.1 billion in IT contracts with Accenture, Deloitte, and others, calling them wasteful consultant spending that staff could handle in-house.

• Jeff Bezos-backed EV startup Slate Auto was spotted testing its $25,000 electric pickup truck in Los Angeles.

• Google signed a deal with the US government to reduce software prices during broader tech spending cuts.

• GSA's tech division begins major layoffs, cutting 50% of staff and eliminating its 18F consulting team.

🎤 What you said last time

“I run a biz that gets most of its stuff from china. If there was a semblance of a plan I could make moves. but this just seems like another one of moms drunk boyfriends picking a new religion each week.”

“I don't know if real ‘free trade’ will ever be a thing. Therefore, if tariffs exist, they need to be a mutual agreement between nations to determine amounts that are appropriate for the needs of said nations. But that would mean politicians working for their people...”

📺 What to watch today