We had decided to dissolve XMM at the end of this month. As a replacement, a new fund named RXM would be launched, under the roof of Ripple Dividend.
The New Fund.
RXM, just like other funds of Ripple Dividend, will be distributing its profit in the form of XRP-dividends.
The trading strategy of the fund will be similar to XMM -- its portfolio will spread over almost every type of assets including XRP, bitcoins, fiats, metals. However, the new fund might put more weigh into more popular currency. And there will no longer be a restriction on asset-holdings of non-IRBA members. Particularly, the new fund might start making markets for some JPY.RippleTradeJapan.
RXM will be pegged to XRP. The profit apportionment policy is similar to other funds of Ripple Dividend.
What to do.
There are two choices for the current holders of XMM:
1. Convert XMM into RXM.
An offer had been created to buy each XMM unit with 3.28 RXM, which is an approximation of XMM's net-asset-value in XRP at the time of writing. The offer will last until 30th-November-2014.
We are planning to initiate RXM with a 2.5% trading buffer. The first dividend shall be paid in December once the NAV-per-unit of the fund is higher than 1.025 XRP. Also, new units will be sold with premiums no less than 2.5%.
2. Wait for the liquidation of XMM.
We will perform a final evaluation of XMM assets on 30th-November-2014. Then an offer will be created to buy back all outstanding units with XRP, at a price equivalent to the ending NAV-per-unit.
After the liquidation process, the Hotwallet and Trading-accounts of XMM will be transferred to RXM.
