State Street(R) SPDR(R) Bloomberg Convertible Securities ETF
U.S. bond index ETF · tracks Bloomberg U.S. Convertible Liquid Bond Index
As of its 2026 Q2 report, State Street(R) SPDR(R) Bloomberg Convertible Securities ETF held 344 positions with $6.20B in net assets. Its ten largest holdings made up 19.6% of the fund. The CWB share class costs 0.4% a year. Over the 12 months to May 2026, CWB returned 37.6%, with dividends reinvested. In 2026 Q2 it added 57 new positions and exited 48.
The State Street SPDR Bloomberg Convertible Securities ETF (the Fund) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks United States convertible securities markets.
The fund tracks the Bloomberg U.S. Convertible Liquid Bond Index using a sampling strategy, holding a subset of index securities selected to replicate the index's risk and return characteristics. Because the fund samples rather than holds all index constituents, its performance may diverge from the index. The portfolio consists of convertible bonds and convertible preferred stock issued by U.S. companies, with significant exposure to technology and consumer cyclical sectors as of the filing date.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
WESTERN DIGITAL CORP 3.00% · due 2028-11-15 | 5.54% | $343.54M | — | — |
GVMXXState Street Global Advisors | 3.58% | $221.76M | — | — |
The BOEING CO | 1.86% | $115.61M | 1.7M | $67.30 |
LUMENTUM HOLDINGS INC 0.38% · due 2032-03-15 | 1.44% | $89.18M | — | — |
ALIBABA GROUP HOLDING 0.50% · due 2031-06-01 | 1.43% | $88.30M | — | — |
LUMENTUM HOLDINGS INC 0.50% · due 2028-06-15 | 1.38% | $85.48M | — | — |
BLOOM ENERGY CORP 0.00% · due 2030-11-15 | 1.11% | $69.11M | — | — |
WELLS FARGO & COMPANY | 1.10% | $68.45M | 59.2K | $1,157.00 |
ORACLE CORP | 1.10% | $68.12M | 1.5M | $44.95 |
NEBIUS GROUP NV 1.25% · due 2031-03-15 | 1.08% | $67.21M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 344 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 85.61% |
| Stocks | 13.87% |
| Cash & short-term | 3.58% |
| Derivatives | 0.01% |
Derivatives are shown at market value, not notional exposure.
By sector
- Information Technology
- 34.5%
- International
- 11.1%
- Industrials
- 8.5%
- Utilities
- 8.3%
- 10 other sectors
- 37.6%
- Information Technology
- 34.5%
- International
- 11.1%
- Industrials
- 8.5%
- Utilities
- 8.3%
- Health Care
- 8.2%
- Other
- 6.5%
- Financials
- 6.4%
- Communication Services
- 4.0%
- Cash
- 3.5%
- Consumer Discretionary
- 3.4%
- Real Estate
- 2.7%
- Energy
- 1.7%
- Materials
- 0.9%
- Consumer Staples
- 0.2%
How it has done
CWB share class · total returns with dividends reinvested
Volatility over the last 12 months: 13.51%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
State Street(R) SPDR(R) Bloomberg Convertible Securities ETF is a U.S. bond index ETF that tracks the Bloomberg U.S. Convertible Liquid Bond Index. 1% of CWB’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 100% of the fund’s equity).
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- ETF
- Credit quality
- High yield
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.40%· CWB 0.40%
- Portfolio turnover
- 32.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
57 new· the largest 7
48 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 73.8% |
| Zero-coupon or unclassified | 26.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 5.2% |
| 1-3y | 31.5% |
| 3-5y | 41.6% |
| 5-10y | 21.0% |
| 10y+ | 0.8% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 57% |
| Interest rates | 43% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +1.24 yr |
| Investment grade | +0.26 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 1% |
| 1 yr | 0.33 yr | 29% |
| 5 yr | 0.68 yr | 61% |
| 10 yr | 0.08 yr | 7% |
| 30 yr | 0.02 yr | 2% |
| 1 yr | 0.58 yr | 38% |
| 5 yr | 0.86 yr | 56% |
| 10 yr | 0.08 yr | 5% |
| 30 yr | 0.02 yr | 1% |
3 mo is NEGATIVE (-0.04 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.00 | -0.05 | $2.0k | -$29.4k |
| 1 yr | +0.33 | +0.14 | +0.44 | $87.1k | $271.0k |
| 5 yr | +0.68 | +0.11 | +0.75 | $69.3k | $462.0k |
| 10 yr | +0.08 | +0.00 | +0.08 | $281 | $50.5k |
| 30 yr | +0.02 | +0.00 | +0.02 | $2 | $11.2k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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