At a glance
CWB charges 0.4% a year, below the 0.59% average of the 5 funds most like it (the 2nd cheapest of 6). It has $6.20B in assets, the 3rd largest of that group; it paid 1.65% of its price in distributions over the past 12 months, monthly. Over the past year it returned +4.8% with distributions reinvested, the best of those 6 funds; over three years it returned +16.2% a year. At its worst it fell 32.1% in the 2020 crash (S&P 500: 33.7%) and 23.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 29 months after the lows. Its ten largest positions make up 17.1% of the fund, out of 341 in all.
The short version
SPDR Bloomberg Convertible Securities ETF (CWB) is a State Street index fund that holds U.S. convertible bonds and convertible preferred stock. These securities pay interest or dividends and can also be exchanged for company shares. In practice, it rises and falls more like a stock fund than a typical bond fund, and it leans toward technology companies. Its 0.40% annual fee is double the 0.20% charged by its closest match, iShares Convertible Bond ETF (ICVT).
Price history
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CWB +4.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CWB official prospectus, to Dec 31, 2025 | — | +16.55% | — | +3.56% | +10.87% | — |
| CWB price data to Oct 27, 2026 | +9.2% | +4.8% | +16.2% | +4.1% | +10.9% | +11.0% |
- Over the year to Oct 27, 2026, CWB returned +4.8%, 1st of 6 among similar funds.
- Its 5-year annualized return was +4.1% and its 10-year +10.9%.
- In the 2020 COVID crash it fell 32.1% and regained its old high 2.5 months after the low.
- Its worst full calendar year was 2022 (-20.8%); its best was 2020 (+53.4%).
- The deepest fall in its price history was 32.1% (Feb 19, 2020 to Mar 23, 2020), recovered by Jun 8, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.2% | — |
| 2025 | +16.6% | +16.55% |
| 2024 | +10.1% | +10.10% |
| 2023 | +14.5% | +14.30% |
| 2022 | -20.8% | -20.60% |
| 2021 | +2.1% | +2.25% |
| 2020 | +53.4% | +53.34% |
| 2019 | +22.4% | +22.44% |
| 2018 | -2.0% | -2.28% |
| 2017 | +15.7% | +16.24% |
| 2016 | +10.6% | +10.48% |
| 2015 | -0.8% | — |
| 2014 | +7.7% | — |
| 2013 | +20.5% | — |
| 2012 | +15.9% | — |
| 2011 | -7.7% | — |
| 2010 | +14.0% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.1% over that stretch · deepest drop along the way 32.1%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.4% over that stretch · deepest drop along the way 23.2%, back to its old high 28.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.1600 | |
| 2025 | $1.5300 | +5.5% |
| 2024 | $1.4500 | +2.1% |
| 2023 | $1.4200 | +0.7% |
| 2022 | $1.4100 | -13.0% |
| 2021 | $1.6200 | -15.6% |
| 2020 | $1.9200 | +14.3% |
| 2019 | $1.6800 | -41.7% |
| 2018 | $2.8800 | +34.6% |
| 2017 | $2.1400 | +0.9% |
| 2016 | $2.1200 | -34.8% |
| 2015 | $3.2500 | -6.3% |
| 2014 | $3.4700 | +102.9% |
| 2013 | $1.7100 | +10.3% |
| 2012 | $1.5500 | -13.9% |
| 2011 | $1.8000 | -4.8% |
| 2010 | $1.8900 |
What's inside
As of Jun 30, 2026, the fund held 341 securities; the ten largest made up 17.13% of assets, and 3.58% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| WESTERN DIGITAL CORP Bonds and notes | 5.54% | |
| BOEING CO Preferred stock | 1.87% | |
| LUMENTUM HOLDINGS INC Bonds and notes | 1.44% | |
| ALIBABA GROUP HOLDING Bonds and notes | 1.42% | |
| LUMENTUM HOLDINGS INC Bonds and notes | 1.38% | |
| BLOOM ENERGY CORP Bonds and notes | 1.12% | |
| WELLS FARGO & COMPANY Preferred stock | 1.10% | |
| ORACLE CORP Preferred stock | 1.10% | |
| NEBIUS GROUP NV Bonds and notes | 1.08% | |
| COREWEAVE INC Bonds and notes | 1.08% | |
| MKS INC Bonds and notes | 1.01% | |
| ALPHABET INC Preferred stock | 0.93% | |
| Bank of America Corp Preferred stock | 0.93% | |
| ALPHABET INC Preferred stock | 0.92% | |
| HP ENTERPRISE CO Preferred stock | 0.84% |
By country
United States 84.8%Netherlands 4.73%Cayman Islands 4.2%Israel 1.65%Australia 1.45%By issuer
Companies 96.51%Other 2.97%The bonds mature in 3.9 years on average (weighted by size), with an average coupon of 1.53%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $879.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.57%, +6.93%, +0.02%.
How it works
CWB tracks the Bloomberg U.S. Convertible Liquid Bond Index, which is a subset of the broader Bloomberg Convertible Composite Index. To qualify, a security needs an issue size of at least $350 million, with at least $250 million still outstanding. It must not have been called or defaulted, must have at least 31 days left to maturity, and must be priced in U.S. dollars. It can be publicly registered or sold under Rule 144A, which allows private sales to large institutions. Investment-grade, below-investment-grade (junk) and unrated securities all qualify. Bloomberg sets the weights and rebalances the index on the last business day of each month. The index held 339 securities as of July 31, 2026.
The adviser, SSGA Funds Management, uses sampling. That means it can buy a representative subset of the index instead of every security, but it must keep at least 80% of net assets in index securities. As of June 30, 2026, the fund held 347 positions: 85.6% bonds and notes, 13.7% preferred stock and 3.6% cash. Portfolio turnover was 51%.
A convertible's price depends on two things: the issuer's stock and interest rates. When the stock rises, the right to convert gains value. When the stock falls, the bond's interest and repayment give some support, but only if the company stays healthy. The low average coupon, 1.53% as of June 30, 2026, is the price investors pay for that conversion right.
What it really costs
- CWB charges 0.4% a year, versus an average of 0.59% for the similar funds below (2nd of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $41 in the first year and $505 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CWB | $41 | $128 | $224 | $505 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
CWB behaves more like a technology-heavy stock fund than a bond fund, with sharp drops and modest income.
CWB could add exposure to growth companies, many of them in technology, through securities designed to capture part of their stock gains. It is not a steady cushion. The fund launched in April 2009, after the 2008 crisis, so it has no record from that crash. In the 2020 COVID crash it fell 32.1% in about five weeks, then got back to its peak by June 8, 2020. In the 2022 bear market it fell 23.2% and needed about 29 months, until November 2024, to recover. Its worst calendar year was 2022, at -20.6%. Anyone forced to sell shares in a year like that would lock in losses. Income is modest: the trailing 12-month yield was 1.65% as of October 27, 2026, paid monthly. Costs are 0.40% a year, which works out to $41 in the first year on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a convertible-securities index fund with 347 positions, led by Western Digital, Boeing and Lumentum, as of June 30, 2026.
- Those who want stock-like upside from technology-heavy issuers and can sit through drops like the 32.1% fall in early 2020.
- Holders comfortable with modest monthly income: the trailing yield was 1.65% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: iShares Convertible Bond ETF (ICVT) charges 0.20%, compared with CWB's 0.40%, for a closely matched portfolio.
- Retirees needing a steady buffer: CWB lost 20.6% in 2022 and took about 29 months to regain its early-2022 peak.
- Investors wanting higher income or high credit quality: the average coupon was 1.53%, and the index includes junk-rated and unrated securities.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CWB this fund | 3.9 yrs | 0.4% | $6.20B | +4.8% | +16.2% |
| ICVT iShares Convertible Bond ETF | 3.9 yrs | 0.2% | $7.19B | +4.5% | +16.9% |
| PREF Principal Spectrum Preferred Secs Active ETF | 24.1 yrs | 0.55% | $1.77B | +0.6% | +9.0% |
| VRP Invesco Variable Rate Preferred ETF | 32.5 yrs | 0.5% | $3.02B | +1.4% | +9.3% |
| FPE First Trust Preferred Securities & Income E… | 35.3 yrs | 0.85% | $6.32B | -2.0% | +9.5% |
| FPEI First Trust Institutional Preferred Securit… | 36.7 yrs | 0.85% | $1.93B | +0.5% | +10.0% |
Questions investors ask
Does CWB pay monthly dividends?
Yes. CWB pays distributions every month. Over the 12 months to October 27, 2026, it paid $1.59 per share, a trailing yield of 1.65%. That is low for a bond fund. Convertible securities usually pay less interest than ordinary bonds from the same companies, because buyers also get the right to swap them for stock. The fund's average coupon was 1.53% as of June 30, 2026.
What's the difference between CWB and ICVT?
The main difference is cost. Both funds hold U.S. convertible securities with an average of 3.9 years to maturity, and their issuer mix is closely matched. CWB charges 0.40% a year and iShares Convertible Bond ETF (ICVT) charges 0.20%. Price returns as of October 27, 2026, were similar: 4.8% for CWB versus 4.5% for ICVT over one year, and 16.2% versus 16.9% a year over three years. ICVT had $7.2 billion in net assets as of July 31, 2026, against CWB's $6.2 billion as of June 30, 2026.
Is CWB a bond fund or a stock fund?
It is classified as a bond fund, but it often behaves like a stock fund. As of June 30, 2026, it held 85.6% bonds and notes and 13.7% preferred stock, almost all of it convertible into company shares. Because of that link to stocks, CWB gained 53.3% in 2020 and lost 20.6% in 2022. Its volatility over the year to October 27, 2026, was 17.5%, far more than a typical high-quality bond fund.
What are CWB's largest holdings?
As of June 30, 2026, the largest holding was a Western Digital convertible bond at 5.5% of the fund. Next came Boeing convertible preferred stock at 1.9%, two Lumentum bonds at about 1.4% each, and Alibaba at 1.4%. Bloom Energy, Wells Fargo, Oracle, Nebius Group and CoreWeave were each about 1.1%. The ten largest positions made up 17.1% of the fund, and technology companies made up a large share of the portfolio.
How has CWB performed over the last 10 years?
CWB returned an average of 10.87% a year over the 10 years ended December 31, 2025, according to its prospectus. The 5-year figure was much lower at 3.56% a year, which reflects the 2022 loss, and the 1-year return was 16.55%. Returns have been uneven. The strongest quarter was a 26.85% gain in the quarter ending June 30, 2020, and the weakest was a 15.86% loss in the quarter ending June 30, 2022.