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iShares Convertible Bond ETF
ETF
ICVT
Payout Change
Pending
Price as of:
$88.97
+0.4
+0.45%
primary theme
Convertible Bond
ICVT (ETF)
iShares Convertible Bond ETF
Payout Change
Pending
Price as of:
$88.97
+0.4
+0.45%
primary theme
Convertible Bond
ICVT (ETF)
iShares Convertible Bond ETF
Payout Change
Pending
Price as of:
$88.97
+0.4
+0.45%
primary theme
Convertible Bond
Name
As of 11/25/2024Price
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
Vitals
YTD Return
15.3%
1 yr return
23.7%
3 Yr Avg Return
0.9%
5 Yr Avg Return
11.7%
Net Assets
$1.83 B
Holdings in Top 10
10.8%
52 WEEK LOW AND HIGH
$88.6
$74.38
$88.97
Expenses
OPERATING FEES
Expense Ratio 0.20%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 46.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 11/25/2024Price
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
ICVT - Profile
Distributions
- YTD Total Return 15.3%
- 3 Yr Annualized Total Return 0.9%
- 5 Yr Annualized Total Return 11.7%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.75%
- Dividend Yield 1.9%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameiShares Convertible Bond ETF
-
Fund Family NameBlackRock-advised Funds
-
Inception DateJun 02, 2015
-
Shares Outstanding27100000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJames Mauro
Fund Description
The Fund seeks to track the investment results of the Bloomberg U.S. Convertible Cash Pay Bond ˃ $250MM Index (the “Underlying Index”). The Underlying Index is a subset of the Bloomberg U.S. Convertibles: Cash Pay Bonds Index, which is one of the four classes of the Bloomberg U.S. Convertibles Index (the “Parent Index”) i.e., cash pay, zero coupon, preferred and mandatory convertible bonds) and measures the performance of the U.S. dollar-denominated convertibles market. The Underlying Index is market capitalization-weighted and consists of only cash pay convertible bonds. Cash pay convertible bonds allow the holder of the bond the option to convert into a pre-specified number of shares of the issuer’s common stock, but do not require conversion.
The universe of securities that are eligible for inclusion in the Underlying Index includes U.S. dollar-denominated securities with maturities of 31 days or more and $250 million or more of outstanding face value issued by financials, industrials and utilities
corporations. The securities may be investment-grade, high yield (as determined by Bloomberg Index Services Limited (the “Index Provider”or “Bloomberg”)) (i.e., non-investment-grade and commonly referred to as “junk bonds”) or non-rated. The Underlying Index is rebalanced on the last business day of each month.
Securities eligible for inclusion in the Underlying Index must be convertible tranches registered with the SEC or issued under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”).
The Fund will invest in only U.S. dollar-denominated securities in order to track the Underlying Index. As of October 31, 2023, a significant portion of the Underlying Index is represented by securities of companies in the consumer cyclical and technology industries or sectors. The components of the Underlying Index are likely to change over time. The methodology used to construct the Underlying Index does not provide for the conversion of the bonds constituting the Underlying Index into the associated common stock regardless of the current price of the common stock.
BFA uses an indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.
Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve
lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.
BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return variability, duration (i.e., a security's price sensitivity to a change in interest rates), maturity or credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Underlying Index.
The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. The Fund will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to
track the investment results of the Underlying Index before fees and expenses of the Fund.
The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any collateral received).
The Underlying Index is sponsored by Bloomberg, which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.
Industry Concentration Policy. The Fund will concentrate its investments i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.
ICVT - Performance
Return Ranking - Trailing
| Period | ICVT Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 15.3% | -1.1% | 19.1% | 53.25% |
| 1 Yr | 23.7% | 8.2% | 26.7% | 41.56% |
| 3 Yr | 0.9%* | -15.0% | 3.4% | 32.89% |
| 5 Yr | 11.7%* | -6.0% | 12.7% | 13.89% |
| 10 Yr | N/A* | -0.7% | 11.1% | 58.73% |
* Annualized
Return Ranking - Calendar
| Period | ICVT Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 13.1% | -7.7% | 13.1% | 1.28% |
| 2022 | -22.1% | -37.8% | -12.8% | 55.84% |
| 2021 | -7.6% | -18.9% | 2.4% | 24.68% |
| 2020 | 54.0% | 5.9% | 54.0% | 1.37% |
| 2019 | 19.4% | 9.9% | 24.4% | 23.29% |
Total Return Ranking - Trailing
| Period | ICVT Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 15.3% | -1.1% | 19.1% | 53.25% |
| 1 Yr | 23.7% | 8.2% | 26.7% | 41.56% |
| 3 Yr | 0.9%* | -15.0% | 3.4% | 32.89% |
| 5 Yr | 11.7%* | -6.0% | 12.7% | 13.89% |
| 10 Yr | N/A* | -0.7% | 11.1% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | ICVT Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 15.3% | -7.7% | 15.3% | 1.28% |
| 2022 | -20.7% | -37.8% | -10.6% | 63.64% |
| 2021 | -0.5% | -12.2% | 11.3% | 90.91% |
| 2020 | 61.0% | 8.7% | 64.4% | 16.44% |
| 2019 | 21.8% | 12.2% | 28.7% | 68.49% |
ICVT - Holdings
Concentration Analysis
| ICVT | Category Low | Category High | ICVT % Rank | |
|---|---|---|---|---|
| Net Assets | 1.83 B | 13.4 M | 3.69 B | 7.69% |
| Number of Holdings | 337 | 42 | 381 | 2.56% |
| Net Assets in Top 10 | 212 M | 3.92 M | 584 M | 26.92% |
| Weighting of Top 10 | 10.81% | 9.5% | 49.4% | 98.72% |
Top 10 Holdings
- Alibaba Group Holding Ltd 1.95%
- Royal Caribbean Cruises Ltd 1.51%
- Palo Alto Networks Inc 1.36%
- Western Digital Corp 0.95%
- Ford Motor Co 0.92%
- PGE Corp 0.91%
- Seagate HDD Cayman 0.85%
- Uber Technologies Inc 0.79%
- DISH Network Corp 0.78%
- Southern Co/The 0.78%
Asset Allocation
| Weighting | Return Low | Return High | ICVT % Rank | |
|---|---|---|---|---|
| Convertible Bonds | 99.27% | 37.15% | 99.72% | 6.41% |
| Bonds | 98.77% | 0.00% | 98.77% | 1.28% |
| Cash | 1.17% | -78.94% | 7.59% | 93.59% |
| Stocks | 0.06% | 0.00% | 23.09% | 47.44% |
| Preferred Stocks | 0.00% | 0.00% | 22.50% | 100.00% |
| Other | 0.00% | -17.11% | 5.40% | 88.46% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | ICVT % Rank | |
|---|---|---|---|---|
| Communication Services | 100.00% | 0.00% | 100.00% | 1.41% |
| Utilities | 0.00% | 0.00% | 100.00% | 100.00% |
| Technology | 0.00% | 0.00% | 23.73% | 90.14% |
| Real Estate | 0.00% | 0.00% | 27.87% | 90.14% |
| Industrials | 0.00% | 0.00% | 23.08% | 92.96% |
| Healthcare | 0.00% | 0.00% | 20.31% | 94.37% |
| Financial Services | 0.00% | 0.00% | 20.48% | 88.73% |
| Energy | 0.00% | 0.00% | 40.56% | 88.73% |
| Consumer Defense | 0.00% | 0.00% | 25.78% | 91.55% |
| Consumer Cyclical | 0.00% | 0.00% | 24.79% | 87.32% |
| Basic Materials | 0.00% | 0.00% | 24.08% | 90.14% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | ICVT % Rank | |
|---|---|---|---|---|
| US | 0.06% | 0.00% | 22.42% | 42.31% |
| Non US | 0.00% | 0.00% | 1.55% | 91.03% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | ICVT % Rank | |
|---|---|---|---|---|
| Corporate | 99.06% | 91.11% | 100.00% | 29.49% |
| Cash & Equivalents | 0.62% | 0.00% | 7.86% | 84.62% |
| Government | 0.27% | 0.00% | 2.94% | 6.41% |
| Derivative | 0.00% | 0.00% | 0.49% | 87.18% |
| Securitized | 0.00% | 0.00% | 0.00% | 87.18% |
| Municipal | 0.00% | 0.00% | 0.00% | 87.18% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | ICVT % Rank | |
|---|---|---|---|---|
| US | 98.77% | 0.00% | 98.77% | 1.28% |
| Non US | 0.00% | 0.00% | 17.05% | 87.18% |
ICVT - Expenses
Operational Fees
| ICVT Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.20% | 0.20% | 2.87% | 100.00% |
| Management Fee | 0.20% | 0.20% | 1.00% | 1.28% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.04% | 0.15% | N/A |
Sales Fees
| ICVT 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
| ICVT 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.
| ICVT Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 46.00% | 30.00% | 154.00% | 27.14% |
ICVT - Distributions
Dividend Yield Analysis
| ICVT | Category Low | Category High | ICVT % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.92% | 0.00% | 4.30% | 43.59% |
Dividend Distribution Analysis
| ICVT | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Quarterly |
Net Income Ratio Analysis
| ICVT | Category Low | Category High | ICVT % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.75% | -3.72% | 3.69% | 29.87% |
Capital Gain Distribution Analysis
| ICVT | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 01, 2024 | $0.142 | OrdinaryDividend |
| Oct 01, 2024 | $0.151 | OrdinaryDividend |
| Sep 03, 2024 | $0.153 | OrdinaryDividend |
| Aug 01, 2024 | $0.150 | OrdinaryDividend |
| Jul 01, 2024 | $0.156 | OrdinaryDividend |
| Jun 03, 2024 | $0.154 | OrdinaryDividend |
| May 01, 2024 | $0.141 | OrdinaryDividend |
| Apr 01, 2024 | $0.135 | OrdinaryDividend |
| Mar 01, 2024 | $0.129 | OrdinaryDividend |
| Feb 01, 2024 | $0.120 | OrdinaryDividend |
| Dec 14, 2023 | $0.372 | OrdinaryDividend |
| Dec 01, 2023 | $0.154 | OrdinaryDividend |
| Nov 01, 2023 | $0.117 | OrdinaryDividend |
| Oct 02, 2023 | $0.120 | OrdinaryDividend |
| Sep 01, 2023 | $0.102 | OrdinaryDividend |
| Aug 01, 2023 | $0.086 | OrdinaryDividend |
| Jul 03, 2023 | $0.079 | OrdinaryDividend |
| Jun 01, 2023 | $0.081 | OrdinaryDividend |
| May 01, 2023 | $0.061 | OrdinaryDividend |
| Apr 03, 2023 | $0.070 | OrdinaryDividend |
| Mar 01, 2023 | $0.064 | OrdinaryDividend |
| Feb 01, 2023 | $0.142 | OrdinaryDividend |
| Dec 15, 2022 | $0.288 | OrdinaryDividend |
| Dec 01, 2022 | $0.114 | OrdinaryDividend |
| Nov 01, 2022 | $0.119 | OrdinaryDividend |
| Oct 03, 2022 | $0.111 | OrdinaryDividend |
| Sep 01, 2022 | $0.114 | OrdinaryDividend |
| Aug 01, 2022 | $0.143 | OrdinaryDividend |
| Jul 01, 2022 | $0.115 | OrdinaryDividend |
| Jun 01, 2022 | $0.069 | OrdinaryDividend |
| May 02, 2022 | $0.073 | OrdinaryDividend |
| Apr 01, 2022 | $0.073 | OrdinaryDividend |
| Mar 01, 2022 | $0.061 | OrdinaryDividend |
| Feb 01, 2022 | $0.059 | OrdinaryDividend |
| Dec 16, 2021 | $0.361 | OrdinaryDividend |
| Dec 01, 2021 | $5.911 | OrdinaryDividend |
| Nov 01, 2021 | $0.059 | OrdinaryDividend |
| Oct 01, 2021 | $0.060 | OrdinaryDividend |
| Sep 01, 2021 | $0.056 | OrdinaryDividend |
| Aug 02, 2021 | $0.059 | OrdinaryDividend |
| Jul 01, 2021 | $0.059 | OrdinaryDividend |
| Jun 01, 2021 | $0.064 | OrdinaryDividend |
| May 03, 2021 | $0.059 | OrdinaryDividend |
| Apr 01, 2021 | $0.058 | OrdinaryDividend |
| Mar 01, 2021 | $0.058 | OrdinaryDividend |
| Feb 01, 2021 | $0.063 | OrdinaryDividend |
| Dec 17, 2020 | $0.296 | OrdinaryDividend |
| Dec 01, 2020 | $2.822 | OrdinaryDividend |
| Nov 02, 2020 | $0.070 | OrdinaryDividend |
| Oct 01, 2020 | $0.065 | OrdinaryDividend |
| Sep 01, 2020 | $0.064 | OrdinaryDividend |
| Aug 03, 2020 | $0.070 | OrdinaryDividend |
| Jul 01, 2020 | $0.066 | OrdinaryDividend |
| Jun 01, 2020 | $0.068 | OrdinaryDividend |
| May 01, 2020 | $0.074 | OrdinaryDividend |
| Apr 01, 2020 | $0.079 | OrdinaryDividend |
| Mar 02, 2020 | $0.081 | OrdinaryDividend |
| Feb 03, 2020 | $0.087 | OrdinaryDividend |
| Dec 19, 2019 | $0.302 | OrdinaryDividend |
| Dec 02, 2019 | $0.082 | OrdinaryDividend |
| Nov 01, 2019 | $0.079 | OrdinaryDividend |
| Oct 01, 2019 | $0.076 | OrdinaryDividend |
| Sep 03, 2019 | $0.081 | OrdinaryDividend |
| Aug 01, 2019 | $0.074 | OrdinaryDividend |
| Jul 01, 2019 | $0.081 | OrdinaryDividend |
| Jun 03, 2019 | $0.074 | OrdinaryDividend |
| May 01, 2019 | $0.078 | OrdinaryDividend |
| Apr 01, 2019 | $0.080 | OrdinaryDividend |
| Mar 01, 2019 | $0.075 | OrdinaryDividend |
| Feb 01, 2019 | $0.082 | OrdinaryDividend |
| Dec 18, 2018 | $0.647 | OrdinaryDividend |
| Dec 03, 2018 | $0.318 | CapitalGainShortTerm |
| Dec 03, 2018 | $0.150 | CapitalGainLongTerm |
| Dec 03, 2018 | $0.598 | OrdinaryDividend |
| Nov 01, 2018 | $0.079 | OrdinaryDividend |
| Oct 01, 2018 | $0.074 | OrdinaryDividend |
| Sep 04, 2018 | $0.072 | OrdinaryDividend |
| Aug 01, 2018 | $0.069 | OrdinaryDividend |
| Jul 02, 2018 | $0.072 | OrdinaryDividend |
| Jun 01, 2018 | $0.079 | OrdinaryDividend |
| May 01, 2018 | $0.089 | OrdinaryDividend |
| Apr 02, 2018 | $0.107 | OrdinaryDividend |
| Mar 01, 2018 | $0.099 | OrdinaryDividend |
| Feb 01, 2018 | $0.080 | OrdinaryDividend |
| Dec 21, 2017 | $0.213 | OrdinaryDividend |
| Dec 01, 2017 | $0.091 | CapitalGainShortTerm |
| Dec 01, 2017 | $0.102 | CapitalGainLongTerm |
| Dec 01, 2017 | $0.084 | OrdinaryDividend |
| Nov 01, 2017 | $0.091 | OrdinaryDividend |
| Oct 02, 2017 | $0.109 | OrdinaryDividend |
| Sep 01, 2017 | $0.113 | OrdinaryDividend |
| Aug 01, 2017 | $0.098 | OrdinaryDividend |
| Jul 03, 2017 | $0.106 | OrdinaryDividend |
| Jun 01, 2017 | $0.084 | OrdinaryDividend |
| May 01, 2017 | $0.082 | OrdinaryDividend |
| Apr 03, 2017 | $0.081 | OrdinaryDividend |
| Mar 01, 2017 | $0.076 | OrdinaryDividend |
| Feb 01, 2017 | $0.080 | OrdinaryDividend |
| Dec 22, 2016 | $0.219 | OrdinaryDividend |
| Dec 01, 2016 | $0.077 | OrdinaryDividend |
| Nov 01, 2016 | $0.076 | OrdinaryDividend |
| Oct 03, 2016 | $0.189 | OrdinaryDividend |
| Sep 01, 2016 | $0.242 | OrdinaryDividend |
| Aug 01, 2016 | $0.223 | OrdinaryDividend |
| Jul 01, 2016 | $0.150 | OrdinaryDividend |
| Jun 01, 2016 | $0.062 | OrdinaryDividend |
| May 02, 2016 | $0.057 | OrdinaryDividend |
| Apr 01, 2016 | $0.060 | OrdinaryDividend |
| Mar 01, 2016 | $0.066 | OrdinaryDividend |
| Feb 01, 2016 | $0.065 | OrdinaryDividend |
| Dec 24, 2015 | $0.358 | OrdinaryDividend |
| Dec 01, 2015 | $0.063 | OrdinaryDividend |
| Nov 02, 2015 | $0.065 | OrdinaryDividend |
| Oct 01, 2015 | $0.065 | OrdinaryDividend |
| Sep 01, 2015 | $0.061 | OrdinaryDividend |
| Aug 03, 2015 | $0.056 | OrdinaryDividend |
| Jul 01, 2015 | $0.051 | OrdinaryDividend |
ICVT - Fund Manager Analysis
Managers
James Mauro
Start Date
Tenure
Tenure Rank
Jun 02, 2015
7.0
7.0%
Head of San Francisco Fixed Income Core PM at BlackRock, Inc. since 2020; Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2010 to 2014; Vice President of State Street Global Advisors from 2001 to 2010. James Mauro has been employed by BlackRock Fund Advisors and BlackRock Institutional Trust Company, N.A. (“BTC”) as a portfolio manager since 2011. Prior to joining BTC, Mr. Mauro was a Vice President at State Street Global Advisors. His primary responsibilities include management of all government, inflation linked and derivative strategies. Other responsibilities include hedging and managing risk across all asset classes through futures and option overlays. James joined State Street Corporation in 1993. Previously, he worked as a portfolio manager on the passive team where he co-managed several Bond Index portfolios.
Karen Uyehara
Start Date
Tenure
Tenure Rank
Mar 01, 2021
1.25
1.3%
Ms. Uyehara is a Director of BlackRock, which she joined in 2010. Ms. Uyehara is a portfolio manager and member of BlackRock’s Model-Based Fixed Income Portfolio Management Group. Prior to joining BlackRock, Ms. Uyehara was a portfolio manager at Western Asset Management Company from2002 to 2010.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.25 | 36.97 | 10.27 | 7.42 |
