State Street SPDR Bloomberg Convertible Securities ETF

Frequently Asked Questions About CWB

What does CWB invest in?

The State Street SPDR Bloomberg Convertible Securities ETF aims to mirror the price and yield performance of the Bloomberg US Convertible Liquid Bond Index, before accounting for its fees and expenses. This fund provides investors with focused access to the U.S. market for convertible securities, specifically targeting those with an initial offering of at least $350 million and a minimum of $250 million still outstanding. Convertible bonds are unique debt instruments that offer holders the option to exchange them for a set number of the issuing company's common or preferred shares. The ETF's portfolio is rebalanced monthly, on the last business day.

What is the expense ratio of CWB?

State Street SPDR Bloomberg Convertible Securities ETF (CWB) charges an expense ratio of 0.40%. This is the annual fee deducted from fund assets to cover management and operations.

What is CWB's dividend yield?

CWB's trailing-twelve-month yield is 1.43%, calculated from the sum of dividends over the past year divided by the current price.

What is the duration of CWB?

Effective duration measures CWB's sensitivity to interest-rate changes — a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. CWB's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of CWB?

CWB's credit quality breakdown — the share of holdings rated AAA through CCC and below — is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of CWB?

Yield to maturity (YTM) is the total return you'd earn from CWB if every bond in the portfolio is held to maturity at the current price. CWB's YTM is published on the fund's factsheet on the issuer's website — it differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.