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 soared after President Trump announced a 90-day pause on reciprocal tariffs, triggering a historic rally.

• The S&P 500 climbed over 9.5%, the Nasdaq surged 12%, and the Dow rose more than 7.8%.

• The 10-year Treasury yield continued climbing, settling near 4.4% after its biggest three-day jump since 2001.

🌏 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

Today's issue focuses on the latter.

Check it out 👇

 📊 Ideas, trends, and analysis

🧠 Make yourself heard

😱 Fear and Greed Index

📊 Earnings this week

• Constellation Brands reported Q4 earnings that beat estimates, with revenue up 2%; shares climbed 7.2%.

• Delta Air Lines pulled its 2025 forecast and halted expansion plans due to weak bookings, though shares shot up 23.3%.

Market movers

• Microsoft paused its $1 billion Ohio data center project and other AI infrastructure expansions.

• Sam's Club plans expansion with 15 new stores per year and renovations of all 600 existing locations.

• Walmart pulled its Q1 operating profit guidance due to President Trump's new tariffs.

• xAI's Grok announced that it’s hiring safety teams after the chatbot generated racial slurs and NSFW content.

• Microsoft scheduled another round of layoffs in May, targeting middle managers and non-coding roles.

🎤 What you said last time

Congrats to yesterday’s dip buyers!

Doesn’t matter if it was skill or luck - well done regardless! 😂👏

“My investment timeline is like 40 years, if I don't buy as much as I can now I'm sure I'll regret it.”

📺 What to watch today