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SPDR® Bloomberg Convertible Securities ETF

ETF
CWB
Payout Change
Pending
Price as of:
$80.56 +0.29 +0.36%
primary theme
Convertible Bond
CWB (ETF)

SPDR® Bloomberg Convertible Securities ETF

Payout Change
Pending
Price as of:
$80.56 +0.29 +0.36%
primary theme
Convertible Bond
CWB (ETF)

SPDR® Bloomberg Convertible Securities ETF

Payout Change
Pending
Price as of:
$80.56 +0.29 +0.36%
primary theme
Convertible Bond

Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

SPDR® Bloomberg Convertible Securities ETF

CWB | ETF

$80.56

$3.69 B

1.57%

$1.27

0.40%

Vitals

YTD Return

13.2%

1 yr return

21.5%

3 Yr Avg Return

0.0%

5 Yr Avg Return

10.8%

Net Assets

$3.69 B

Holdings in Top 10

17.0%

52 WEEK LOW AND HIGH

$80.3
$67.71
$80.56

Expenses

OPERATING FEES

Expense Ratio 0.40%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 30.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

SPDR® Bloomberg Convertible Securities ETF

CWB | ETF

$80.56

$3.69 B

1.57%

$1.27

0.40%

CWB - Profile

Distributions

  • YTD Total Return 13.2%
  • 3 Yr Annualized Total Return 0.0%
  • 5 Yr Annualized Total Return 10.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.93%
DIVIDENDS
  • Dividend Yield 1.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    SPDR® Bloomberg Convertible Securities ETF
  • Fund Family Name
    State Street Global Advisors - advised funds
  • Inception Date
    Apr 16, 2009
  • Shares Outstanding
    59400000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Brunell

Fund Description

In seeking to track the performance of the Bloomberg U.S. Convertible Liquid Bond Index (the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Index. In addition, in seeking to track the Index, the Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.The Index is designed to represent the market of U.S. convertible securities, such as convertible bonds and convertible preferred stock. Convertible bonds are bonds that can be exchanged, at the option of the holder or issuer, for a specific number of shares of the issuer's equity securities. Convertible preferred stock is preferred stock that includes an option for the holder to convert to common stock. The Index components are a subset of issues in the Bloomberg Convertible Composite Index. To be included in the Index, a security must meet the following requirements: (i) have an issue amount of at least $350 million and a par amount outstanding of at least $250 million; (ii) be a non-called, non-defaulted security; (iii) have at least 31 days until maturity; (iv) be U.S. dollar denominated; and (v) be a registered or a convertible tranche issued under Rule 144A of the Securities Act of 1933, as amended. The Index may include investment grade, below investment grade and unrated securities. The Index is rebalanced on a monthly basis on the last business day of the month. As of August 31, 2024, a significant portion of the Fund comprised companies in the technology sector, although this may change from time to time. As of July 31, 2024, there were 291 securities in the Index.The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.
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CWB - Performance

Return Ranking - Trailing

Period CWB Return Category Return Low Category Return High Rank in Category (%)
YTD 13.2% -2.6% 17.3% 54.55%
1 Yr 21.5% 7.0% 25.3% 50.65%
3 Yr 0.0%* -15.8% 3.0% 50.00%
5 Yr 10.8%* -6.2% 12.7% 18.06%
10 Yr 9.2%* -0.8% 11.0% 10.34%

* Annualized

Return Ranking - Calendar

Period CWB Return Category Return Low Category Return High Rank in Category (%)
2023 12.1% -7.7% 13.1% 6.41%
2022 -22.4% -37.8% -12.8% 58.44%
2021 0.2% -18.9% 2.4% 9.09%
2020 49.2% 5.9% 54.0% 2.74%
2019 18.6% 9.9% 24.4% 31.51%

Total Return Ranking - Trailing

Period CWB Return Category Return Low Category Return High Rank in Category (%)
YTD 13.2% -2.6% 17.3% 54.55%
1 Yr 21.5% 7.0% 25.3% 50.65%
3 Yr 0.0%* -15.8% 3.0% 50.00%
5 Yr 10.8%* -6.2% 12.7% 18.06%
10 Yr 9.2%* -0.8% 11.0% 10.34%

* Annualized

Total Return Ranking - Calendar

Period CWB Return Category Return Low Category Return High Rank in Category (%)
2023 14.5% -7.7% 15.3% 2.56%
2022 -20.8% -37.8% -10.6% 64.94%
2021 2.2% -12.2% 11.3% 70.13%
2020 53.4% 8.7% 64.4% 21.92%
2019 22.4% 12.2% 28.7% 61.64%

CWB - Holdings

Concentration Analysis

CWB Category Low Category High CWB % Rank
Net Assets 3.69 B 13.4 M 3.69 B 1.28%
Number of Holdings 299 42 381 3.85%
Net Assets in Top 10 581 M 3.92 M 584 M 6.41%
Weighting of Top 10 16.98% 9.5% 49.4% 84.62%

Top 10 Holdings

  1. State Street Navigator Securities Lending Portfolio II 4.54%
  2. Alibaba Group Holding Ltd 2.04%
  3. Wells Fargo Co 1.94%
  4. Royal Caribbean Cruises Ltd 1.57%
  5. Palo Alto Networks Inc 1.55%
  6. Bank of America Corp 1.51%
  7. Western Digital Corp 1.06%
  8. Ford Motor Co 0.98%
  9. PGE Corp 0.91%
  10. Uber Technologies Inc 0.89%

Asset Allocation

Weighting Return Low Return High CWB % Rank
Bonds 		92.15% 0.00% 98.77% 15.38%
Convertible Bonds 		78.96% 37.15% 99.72% 52.56%
Preferred Stocks 		7.47% 0.00% 22.50% 33.33%
Cash 		4.74% -78.94% 7.59% 23.08%
Stocks 		0.14% 0.00% 23.09% 46.15%
Other 		0.00% -17.11% 5.40% 64.10%

Stock Sector Breakdown

Weighting Return Low Return High CWB % Rank
Utilities 		92.20% 0.00% 100.00% 18.31%
Industrials 		3.71% 0.00% 23.08% 46.48%
Healthcare 		2.56% 0.00% 20.31% 53.52%
Communication Services 		1.54% 0.00% 100.00% 15.49%
Technology 		0.00% 0.00% 23.73% 63.38%
Real Estate 		0.00% 0.00% 27.87% 56.34%
Financial Services 		0.00% 0.00% 20.48% 61.97%
Energy 		0.00% 0.00% 40.56% 61.97%
Consumer Defense 		0.00% 0.00% 25.78% 57.75%
Consumer Cyclical 		0.00% 0.00% 24.79% 60.56%
Basic Materials 		0.00% 0.00% 24.08% 52.11%

Stock Geographic Breakdown

Weighting Return Low Return High CWB % Rank
US 		0.14% 0.00% 22.42% 41.03%
Non US 		0.00% 0.00% 1.55% 51.28%

Bond Sector Breakdown

Weighting Return Low Return High CWB % Rank
Corporate 		99.76% 91.11% 100.00% 19.23%
Cash & Equivalents 		4.74% 0.00% 7.86% 20.51%
Government 		0.20% 0.00% 2.94% 7.69%
Derivative 		0.00% 0.00% 0.49% 61.54%
Securitized 		0.00% 0.00% 0.00% 44.87%
Municipal 		0.00% 0.00% 0.00% 44.87%

Bond Geographic Breakdown

Weighting Return Low Return High CWB % Rank
US 		92.15% 0.00% 98.77% 11.54%
Non US 		0.00% 0.00% 17.05% 56.41%

CWB - Expenses

Operational Fees

CWB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.40% 0.20% 2.87% 98.72%
Management Fee 0.40% 0.20% 1.00% 2.56%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.04% 0.15% N/A

Sales Fees

CWB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

CWB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

CWB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 30.00% 30.00% 154.00% 1.43%

CWB - Distributions

Dividend Yield Analysis

CWB Category Low Category High CWB % Rank
Dividend Yield 1.57% 0.00% 4.30% 50.00%

Dividend Distribution Analysis

CWB Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Quarterly

Net Income Ratio Analysis

CWB Category Low Category High CWB % Rank
Net Income Ratio -0.93% -3.72% 3.69% 89.61%

Capital Gain Distribution Analysis

CWB Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

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CWB - Fund Manager Analysis

Managers

Michael Brunell

Start Date

Tenure

Tenure Rank

Apr 14, 2009

13.14

13.1%

Mike Brunell, CFA, is a Vice President of SSGA and has been a member of the Fixed Income portfolio management team since 2004. In his current role as part of the Beta Solutions Group, he is responsible for developing and managing various funds and ETFs against a variety of conventional and custom bond index strategies. Previously, Mr. Brunell was responsible for managing the U.S. Bond Operations group which he had been a member of since 1997. He started his career in the investment management field when he joined the Mutual Fund Custody division of State Street in 1993. In this role he focused on the accounting and the valuation of various domestic and international equity and bond portfolios. Mr. Brunell earned a BS in Business Administration from Saint Michael's College and a MSF degree from Boston College. Additionally he earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Institute and the Boston Securities Analyst Society.

Christopher DiStefano

Start Date

Tenure

Tenure Rank

Feb 03, 2016

6.33

6.3%

Christopher DiStefano is a Vice President of SSGA and a Portfolio Manager in the Fixed Income Beta Solutions Group within the Fixed Income, Cash and Currency Team. He joined the firm in 2010 and is responsible for managing several funds and ETFs within the investment-grade credit, government/credit, and short duration sectors. Prior to his current role, Mr. DiStefano was a member of the Global Graduate Rotational Program at SSGA, a two year cross-functional program engineered to provide candidates with a diverse skill set and a broad perspective. Previously, Mr. DiStefano worked as an engineer within the real estate development and transportation industries. Mr. DiStefano holds a Master of Business Administration from the Carroll School of Management at Boston College, and a Master of Science and Bachelor of Science in Civil Engineering from the University of Illinois and Union College, respectively.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 36.97 10.27 7.42

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