SPDR® Bloomberg Barclays Convertible Securities ETF

CWB

Key Features

  • The SPDR® Bloomberg Barclays Convertible Securities ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Bloomberg Barclays US Convertible Liquid Bond Index (the "Index")
  • Seeks to provide exposure to the market of U.S. convertible securities with an issue amount of at least $350 million and a par amount outstanding of at least $250 million
  • Convertible bonds are bonds that can be exchanged, at the option of the holder, for a specific number of shares of the issuer's preferred stock or common stock
  • Rebalanced on the last business day of the month

Fund Information

As of 12/05/2019
Ticker Symbol CWB
Primary Benchmark Bloomberg Barclays U.S. Convertible Liquid Bond Index
CUSIP 78464A359
Options Available Yes
Gross Expense Ratio

Gross Expense Ratio

The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.

0.40%
Inception Date 04/14/2009
Investment Manager SSGA Funds Management, Inc.
Management Team Global Fixed Income, Cash and Currency
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Monthly
Exchange NYSE ARCA EXCHANGE

Fund Documents

Fund Performance

MONTH END As of 10/31/2019 QUARTER END As of 09/30/2019
1 Month1.73%-0.43%
QTD1.73%-0.50%
YTD15.72%13.75%
1 Year11.76%2.81%
3 Year10.09%9.10%
5 Year7.43%7.22%
10 Year9.51%9.22%
Inception
10.95%10.86%
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  It is not possible to invest directly in an index.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Fund Characteristics

As of 12/04/2019
Average Coupon

Average Coupon

The [market value] weighted average coupon of the bonds in a portfolio.

2.79%
Average Maturity in Years

Average Maturity

The market value-weighted average maturity of the bonds and loans in a portfolio, where maturity is defined as the stated final for bullet maturity bonds and loans.

4.99
Average Price $262.76
Current Yield

Current Yield

A bond's annual return based on its annual coupon payments and current price (as opposed to its original price or face). The formula for current yield is a bond's annual coupons divided by its current price. When aggregating Current Yield for a portfolio level statistic, the weighted average of the Current Yield and market value for each security is used.

2.40%
Number of Holdings 195

Fund Market Price

As of 12/04/2019
Bid/Ask $54.38
Closing Price $54.41
Day High $54.45
Day Low $54.26
Exchange Volume (shares) 234,213
Premium/Discount

Premium/Discount to NAV

Shows the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds calculated as ((4PM Bid/Ask – Closing NAV)  /  Closing NAV * 100)

0.10%

Yields

As of 12/03/2019
30 Day SEC Yield

30 Day SEC Yield

(Also known as Standardized Yield) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price.

1.61%
Fund Dividend Yield

Fund Dividend Yield

The sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

5.10%

Fund Net Asset Value

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

As of 12/04/2019
NAV

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

$54.32
Shares Outstanding 79.40 M
Total Net Assets $4,312.93 M

Index Characteristics

As of 12/04/2019
Average Coupon 2.77%
Average Maturity in Years 5.04
Average Price $264.15
Current Yield 2.40%
Number of Holdings 190

Fund Net Cash Amount

As of 12/04/2019
Net Cash Amount $6,578,064.35

Purchase Information

Buying and Selling ETFs

ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases, and short sales using ETFs. They are listed on major US Stock Exchanges.

ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.

Ordinary brokerage commissions apply.

Performance Chart

Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
04/14/2009
Month End
NAV 10/31/2019 1.73% 1.73% 15.72% 11.76% 10.09% 7.43% 9.51% 10.95%
Market Value 10/31/2019 1.64% 1.64% 15.51% 12.03% 10.09% 7.42% 9.42% 10.96%
Return after Taxes on Distributions 10/31/2019 1.65% 1.65% 14.99% 9.39% 8.27% 5.27% 7.66% 9.09%
Return after Taxes on Distributions and Sale of Fund Shares 10/31/2019 1.03% 1.03% 9.30% 6.95% 7.06% 4.88% 6.89% 8.16%
Bloomberg Barclays U.S. Convertible Liquid Bond Index 10/31/2019 1.98% 1.98% 16.02% 12.22% 10.72% 7.93% 10.08% 11.95%
Quarter End
NAV 09/30/2019 -0.43% -0.50% 13.75% 2.81% 9.10% 7.22% 9.22% 10.86%
Market Value 09/30/2019 -0.32% -0.33% 13.64% 2.95% 9.08% 7.19% 9.13% 10.88%
Return after Taxes on Distributions 09/30/2019 -0.49% -0.72% 13.12% 0.62% 7.27% 5.06% 7.36% 8.99%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 -0.25% -0.30% 8.14% 1.68% 6.29% 4.72% 6.64% 8.08%
Bloomberg Barclays U.S. Convertible Liquid Bond Index 09/30/2019 -0.58% -0.62% 13.77% 3.23% 9.60% 7.69% 9.78% 11.85%
Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
04/14/2009
Month End
NAV 10/31/2019 1.73% 1.73% 15.72% 11.76% 10.09% 7.43% 9.51% 10.95%
Market Value 10/31/2019 1.64% 1.64% 15.51% 12.03% 10.09% 7.42% 9.42% 10.96%
Return after Taxes on Distributions 10/31/2019 1.65% 1.65% 14.99% 9.39% 8.27% 5.27% 7.66% 9.09%
Return after Taxes on Distributions and Sale of Fund Shares 10/31/2019 1.03% 1.03% 9.30% 6.95% 7.06% 4.88% 6.89% 8.16%
Bloomberg Barclays U.S. Convertible Liquid Bond Index 10/31/2019 1.98% 1.98% 16.02% 12.22% 10.72% 7.93% 10.08% 11.95%
Quarter End
NAV 09/30/2019 -0.43% -0.50% 13.75% 2.81% 9.10% 7.22% 9.22% 10.86%
Market Value 09/30/2019 -0.32% -0.33% 13.64% 2.95% 9.08% 7.19% 9.13% 10.88%
Return after Taxes on Distributions 09/30/2019 -0.49% -0.72% 13.12% 0.62% 7.27% 5.06% 7.36% 8.99%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 -0.25% -0.30% 8.14% 1.68% 6.29% 4.72% 6.64% 8.08%
Bloomberg Barclays U.S. Convertible Liquid Bond Index 09/30/2019 -0.58% -0.62% 13.77% 3.23% 9.60% 7.69% 9.78% 11.85%
Swipe to view all columns
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  It is not possible to invest directly in an index.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Gross Expense Ratio: 0.40%

Performance Graphs

Month End as of 10/31/2019

Fund Inception Date: 04/14/2009

Index Inception Date: 01/01/2003

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Quarter End as of 09/30/2019

Fund Inception Date: 04/14/2009

Index Inception Date: 01/01/2003

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Bloomberg Barclays Convertible Securities ETF" bmarkName="Bloomberg Barclays U.S. Convertible Liquid Bond Index"><funds><field>1 Month</field><fund>-0.43</fund><index>-0.58</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>-0.50</fund><index>-0.62</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>13.75</fund><index>13.77</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>2.81</fund><index>3.23</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>9.10</fund><index>9.60</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund>7.22</fund><index>7.69</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund>9.22</fund><index>9.78</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>10.86</fund><index>11.85</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings

Subject to change.

As of 12/04/2019
Name Weight Market Value ISIN
WELLS FARGO & COMPANY 7.5 12/31/2049 3.46 % 150,861,046.80 US9497468044
BANK OF AMERICA CORP 7.25 12/31/2049 2.72 % 118,724,347.80 US0605056821
BROADCOM INC 8 09/30/2022 2.62 % 114,146,917.50 US11135F2002
MICROCHIP TECHNOLOGY INC 1.625 02/15/2025 1.95 % 85,103,353.96 US595017AD62
BECTON DICKINSON AND CO 6.125 12/31/2049 1.92 % 83,620,999.95 US0758872081
DISH NETWORK CORP 3.375 08/15/2026 1.70 % 73,894,596.81 US25470MAB54
MICROCHIP TECHNOLOGY INC 1.625 02/15/2027 1.58 % 69,053,911.46 US595017AF11
ADVANCED MICRO DEVICES 2.125 09/01/2026 1.42 % 62,024,041.35 US007903BD80
TESLA INC 2 05/15/2024 1.36 % 59,075,065.67 US88160RAG65
SEMPRA ENERGY 6 12/31/2049 1.25 % 54,681,588.00 US8168514060

Fund Sector Allocation

As of 12/04/2019
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Index Sector Allocation

As of 12/04/2019
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/04/2019</asOfDate><code>BMARK_SECTOR_ALLOCTAION</code><attributes><attribute><rawValue>83.196712</rawValue><value>83.20%</value><label>Corporate - Industrial</label><order>1</order></attribute><attribute><rawValue>9.436269</rawValue><value>9.44%</value><label>Corporate - Finance</label><order>2</order></attribute><attribute><rawValue>7.367019</rawValue><value>7.37%</value><label>Corporate - Utility</label><order>3</order></attribute></attributes></component>

Fund Quality Breakdown

Quality Breakdown

Bloomberg Barclay's uses an evenly weighted blend of a security's Moody's, S&P, and Fitch rating rounded down to the lower rating in the case of the composite being between two ratings. In the case where a security has no rating, an issuer rating may be used to determine index classification. Bloomberg Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 12/04/2019
Aaa 0.25%
A 2.59%
Baa 15.56%
Below Baa 20.66%
Not Rated 60.94%

Index Quality Breakdown

Quality Breakdown

Bloomberg Barclay's uses an evenly weighted blend of a security's Moody's, S&P, and Fitch rating rounded down to the lower rating in the case of the composite being between two ratings. In the case where a security has no rating, an issuer rating may be used to determine index classification. Bloomberg Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 12/04/2019
A 2.56%
Baa 15.47%
Below Baa 81.97%
Not Rated 61.01%

Fund Maturity Ladder

As of 12/04/2019
0 - 1 Year 6.12%
1 - 2 Years 9.84%
2 - 3 Years 18.67%
3 - 5 Years 31.58%
5 - 7 Years 16.58%
7 - 10 Years 4.58%
10 - 15 Years 0.68%
15 - 20 Years 2.52%
20 - 30 Years 2.51%
> 30 Years 0.32%

Index Maturity Ladder

As of 12/04/2019
0 - 1 Year 5.22%
1 - 2 Years 10.10%
2 - 3 Years 18.61%
3 - 5 Years 30.94%
5 - 7 Years 17.65%
7 - 10 Years 4.67%
10 - 15 Years 0.70%
15 - 20 Years 2.51%
20 - 30 Years 2.25%
> 30 Years 0.64%

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines.

Unless otherwise noted all information contained herein is that of the SPDR Bloomberg Barclays Convertible Securities ETF.

BLOOMBERG®, a trademark and service mark of Bloomberg Finance L.P. and its affiliates, and BARCLAYS®, a trademark and service mark of Barclays Bank Plc, have each been licensed for use in connection with the listing and trading of the SPDR Bloomberg Barclays ETFs.

Global Fixed Income, Cash and Currency

Fixed Income Portfolio Manager Mike Brunell Vice President Show BioHide Bio

Mike is a Vice President of State Street Global Advisors and a senior member of the Fixed Income portfolio management team.

In his current role as part of US Fixed Income Beta solutions, he heads the credit sector team and is responsible for developing, managing, and supporting various types of funds against a variety of conventional and custom bond index strategies. He was a member of the group that launched the first SPDR fixed income ETFs in 2007 and a long-time manager of our US high yield and convertible ETF products.

Prior to joining the investment team in 2004 Mike had been responsible for managing the U.S. Fixed Income Operations group at SSGA. Previous to that he had been a member of the Mutual Fund Custody division of State Street where he was focused on the accounting and the valuation of various domestic and international equity and bond portfolios.

Mike earned a BS degree in Business Administration from Saint Michael's College and a Masters in Finance from Boston College. Additionally he earned the Chartered Financial Analyst designation and is a member of the CFA Institute and the Boston Securities Analyst Society.

Portfolio Manager Christopher DiStefano Vice President Show BioHide Bio

Chris is a Portfolio Manager and Vice President within SSGA's Fixed Income, Cash and Currency Investment team. He is responsible for managing several funds and ETFs within the Convertible Bond, Investment Grade Credit, and Smart Beta sectors and strategies.

Prior to his current role, Chris 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. Before joining SSGA, Chris worked as an engineer within the real estate development and transportation industries.

Chris holds an MBA from Boston College, and an MS and BS in Civil Engineering from the University of Illinois and Union College respectively.

Junior Portfolio Manager April Borawski Officer Show BioHide Bio

April currently works as a Junior Portfolio Manager on SSGA's Cash Management Team where she focuses on Rates portfolios. Previously, April worked as a Fixed Income Portfolio Specialist where she served as a subject matter expert by providing clients, prospects and consultants with time sensitive information about the investment philosophy, process, and performance of specific Global Fixed Income products.

Prior to her time at SSGA, April was a member of State Street's Professional Development Program, focusing on Data and Analytics.

April studied International Business, Finance, Marketing and Spanish at Northeastern University, graduating summa cum laude.

After Tax Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shres through tad deferred arrangements such as 401(k) plans or individual retiredment accounts. After tax returns may not take into account year end tax adjustments, which are calculated only at the end of each tax year. The after tax returns could differ after year end tax adjustments are accounted for.

Bloomberg Barclays U.S. Convertible Liquid Bond Index

The Bloomberg Barclays US Convertible Liquid Bond Index is designed to represent the market of U.S. convertible securities, such as convertible bonds. Convertible bonds are bonds that can be exchanged, at the option of the holder, for a specific number of shares of the issuer's preferred stock ("Preferred Securities") or common stock. The Index components are a subset of issues in the Barclays 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.

Important Risk Information

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund.

Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

Issuers of convertible securities may not be as financially strong as those issuing securities with higher credit ratings and may be more vulnerable to changes in the economy. Other risks associated with convertible bond investments include: Call risk which is the risk that bond issuers may repay securities with higher coupon or interest rates before the security's maturity date; liquidity risk which is the risk that certain types of investments may not be possible to sell the investment at any particular time or at an acceptable price; and investments in derivatives, which can be more sensitive to sudden fluctuations in interest rates or market prices, potential illiquidity of the markets, as well as potential loss of principal.

Bond funds contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; issuer credit risk; liquidity risk; and inflation risk. There are additional risks for funds that invest in mortgage-backed and asset-backed securities including the risk of issuer default; credit risk and inflation risk.

Non-diversified funds that focus on a relatively small number of securities tend to be more volatile than diversified funds and the market as a whole.

Passively managed funds hold a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. This may cause the fund to experience tracking errors relative to performance of the index.

While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Glossary

Premium Discount to NAV

As of 12/04/2019
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Bloomberg Barclays Convertible Securities ETF CWB $54.32 $54.41 $54.38 0.10%
Download Fund Data

x axis: # of days y axis: # Premium/Discount percentage

The above information is provided to show the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Centralized Systematic Valuation Aggregated Cash Flow (ACF) File

This information provided is calculated by Bloomberg Finance L.P., a third party not affiliated with SSGA. Neither SSGA nor its affiliates assume any liability for or guarantee the timeliness, accuracy and completeness of the information provided. The information provided is as of the date indicated and is subject to change.

This analysis or any portion thereof may not be revised or changed in any way, reprinted, sold or redistributed without the written consent of SSGA.

This cash flow table and the data contained herein (together, "Content") is provided for informational purposes only, on an "as is" basis. No source of Content, or any of its affiliates (each a "Source"), makes any warranty, express or implied, that the Content is accurate, complete or error-free, and it should not be relied upon as such. No Source guarantees the timeliness, reliability, performance, continued availability, or currency of the Content or any results obtained therefrom. No Source shall be liable for any damages, including without limitation, any special, punitive, indirect, incidental or consequential damages, or any lost profits, arising from the use of or reliance on the Content, even if advised of the possibility of such damages. Nothing in the Content shall constitute or be construed as an offering of financial instruments by any Source, or as investment advice or recommendations by such entities of an investment strategy or whether or not to "buy", "sell" or "hold" an investment.

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