Key stats
About REX Bitcoin Corporate Treasury Convertible Bond ETF
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Inception date
Mar 14, 2025
Structure
Open-Ended Fund
Replication method
Physical
Dividend treatment
Capitalizes
Distribution tax treatment
Ordinary income
Income tax type
Capital Gains
Max ST capital gains rate
39.60%
Max LT capital gains rate
20.00%
Primary advisor
REX Advisers LLC
Distributor
Foreside Fund Services LLC
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.
Classification
Returns
| 1 month | 3 months | Year to date | 1 year | 3 years | 5 years | |
|---|---|---|---|---|---|---|
| Price performance | — | — | — | — | — | — |
| NAV total return | — | — | — | — | — | — |
What's in the fund
Exposure type
Corporate
Bonds, Cash & Other100.00%
Corporate97.68%
Miscellaneous9.91%
Mutual fund1.42%
Cash−9.00%
Stock breakdown by region
North America100.00%
Latin America0.00%
Europe0.00%
Asia0.00%
Africa0.00%
Middle East0.00%
Oceania0.00%
Top 10 holdings
Dividends
Dividend payout history
Assets under management (AUM)
Fund Flows
Frequently Asked Questions
BMAX top holdings are MicroStrategy Incorporated 0.0% 01-DEC-2029 and MicroStrategy Incorporated 0.625% 15-SEP-2028, occupying 19.12% and 13.77% of the portfolio correspondingly.
No, BMAX doesn't pay dividends to its holders.
BMAX shares are issued by REX Advisers LLC under the brand REX Shares. The ETF was launched on Mar 14, 2025, and its management style is Active.
BMAX expense ratio is 1.14% meaning you'd have to pay 1.14% of your investment to help manage the fund.
BMAX follows the No Underlying Index. ETFs usually track some benchmark seeking to replicate its performance and guide asset selection and objectives.
BMAX invests in bonds.
BMAX trades at a premium (2.24%) meaning the ETF is trading at a higher price than the calculated NAV.