I was curious too, and per the interwebs:
the Bugout 535BK-2 is made from what Benchmade is calling CF-Elite, a carbon fiber-reinforced polymer they say comes from the automotive and aerospace industries. “The carbon fiber is integrated into the polymer, reinforcing the structure of the material evenly throughout, not as a singular layer,” explains Benchmade’s Matt Glass. “It’s integrated in such a way that you won’t be able to see the traditional style of ‘weave’ that most people think of when they picture carbon fiber.” The benefits of CF-Elite go beyond generating a back-of-the-box selling point. This material gives the Bugout 535BK-2 a 50% boost in rigidity over the standard model. And while it’s mainly an academic point, Cf-Elite also reduces the weight by another 17%; the Bugout 535BK-2 weighs 1.8 oz. compared to the standard configuration’s 1.85 oz.