REX Bitcoin Corporate Treasury Convertible Bond ETF(NASDAQ:BMAX)

BMAX is an actively managed, concentrated selection of convertible bonds from companies that hold bitcoin in their corporate treasury. The advisor defines such companies as those that maintain 15% or more of its assets in bitcoin or bitcoin-linked financial instruments, derives 15% or more of its income from bitcoin, or bitcoin mining companies. Most of the bonds the fund may invest in are traded over-the-counter. The fund targets around 10 to 15 positions from less than 10 issuers, regardless of credit quality. A significant portion of the funds assets may be held in just one issuer. Unlike most ETFs, BMAX will be taxed as a regular subchapter C corporation, which means taxable income must be recognized at both the fund and shareholder level. The fund may also invest up to 20% of portfolio assets in equity securities of these companies.