Advertising Disclosure

Wolf Financial LLC ("Wolf Financial") may publish content referencing the REX Bitcoin Corporate Treasury Convertible Bond ETF ("BMAX"). Wolf Financial has a business relationship with REX Shares.

This relationship creates a potential conflict of interest.

About This ETF

BMAX is an actively managed ETF that seeks total return by investing primarily in convertible bonds issued by public companies that hold bitcoin or bitcoin-linked instruments in their corporate treasury.

Important: Investing in BMAX is not equivalent to investing directly in bitcoin.

• Asset class: Fixed income / convertible bonds (may also hold equity from conversions)
• Management style: Active
• Total expense ratio: 1.14% (includes a management fee of 0.85% plus estimated tax expenses of 0.29%, per issuer disclosures)
• Inception date: March 14, 2025
• Primary exchange: NASDAQ

Investment Strategy

Under normal market conditions, BMAX invests at least 80% of net assets (plus any borrowings for investment purposes) in convertible bonds issued by "Bitcoin Corporate Treasury Companies," generally meaning companies that meet one or more of the following criteria:

• Hold 15%+ of assets in bitcoin or bitcoin-linked instruments
• Derive 15%+ of income from bitcoin-related activities
• Engage directly in bitcoin mining

BMAX typically holds a concentrated portfolio (often ~10-15 bonds across ~5-10 issuers), though this may change as the opportunity set evolves.

The Fund may invest up to 20% of assets in equity securities of these companies (including equity received via bond conversions).

Important Risk Disclosures

This ETF involves significant risk and is not suitable for all investors.

Key risks include, but are not limited to:

• Bitcoin-related risk (indirect exposure)
• Convertible bond risk (hybrid equity + debt characteristics)
• Issuer concentration risk (including potentially significant exposure to Strategy/MicroStrategy-related securities)
• Active management risk
• Liquidity risk (including wider bid/ask spreads)
• Credit risk and interest rate risk
• Non-diversification risk
• Tax risk: The Fund is taxed as a C-corporation for U.S. federal income tax purposes (unlike most ETFs), which may reduce returns versus funds taxed as regulated investment companies (RICs)

Investors may lose all or a substantial portion of their investment.

Position Disclosure

As of the date above, Wolf Financial LLC and its affiliated creators do not hold positions in BMAX.

No Investment Advice

This content is provided for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security.

Wolf Financial LLC is not a registered investment adviser or broker-dealer.

Investors should carefully review the Fund's prospectus and consider their own financial circumstances and risk tolerance before investing.

Compensation

RexShares is paying WOLF Financial - $75k, start date was December 15th, 2025 - March 15th, 2026 for social media promotion and live events.

Official Fund Resources

• Issuer website: https://www.rexshares.com
• Fund page: https://www.rexshares.com/bmax
• SEC filings: https://www.sec.gov
• Distributor: Foreside Fund Services, LLC