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SPDR® Bloomberg Convertible Securities ETF (CWB)CWB
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Upturn Advisory Summary
09/18/2024: CWB (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Analysis of Past Upturns
Type: ETF | Upturn Star Rating | Today’s Advisory: Consider higher Upturn Star rating |
Profit: 8.12% | Upturn Advisory Performance  4 | Avg. Invested days: 43 |
| Profits based on simulation | ETF Returns Performance  3 | Last Close 09/18/2024 |
Type: ETF | Today’s Advisory: Consider higher Upturn Star rating |
Profit: 8.12% | Avg. Invested days: 43 |
Upturn Star Rating | ETF Returns Performance 3 |
| Profits based on simulation Last Close 09/18/2024 | Upturn Advisory Performance 4 |
Key Highlights
Volume (30-day avg) 416300 | Beta 0.88 |
52 Weeks Range 63.38 - 75.32 | Updated Date 09/18/2024 |
52 Weeks Range 63.38 - 75.32 | Updated Date 09/18/2024 |
AI Summarization
ETF SPDR® Bloomberg Convertible Securities ETF (CWB) Overview:
Profile:
- Invests in a diversified portfolio of U.S. dollar-denominated convertible securities issued by companies globally.
- Aims to track the Bloomberg Barclays U.S. Convertible Securities Index.
- Employs a passive, index-tracking investment strategy.
Objective:
- Seeks to provide investment results that, before expenses, generally correspond to the performance of the Bloomberg Barclays U.S. Convertible Securities Index.
- Offers exposure to the potential for capital appreciation and income generation through convertible securities.
Issuer:
- State Street Global Advisors (SSGA):
- Renowned asset manager with over $4 trillion in assets under management.
- Strong track record and reputation in the ETF industry.
- Experienced management team with deep expertise in fixed income and index-tracking strategies.
Market Share:
- CWB holds approximately 4.5% market share in the convertible bond ETF segment.
Total Net Assets:
- Approximately $2 billion as of November 10, 2023.
Moat:
- Liquidity: High trading volume and tight bid-ask spread, making it easy to enter and exit positions.
- Diversification: Broad exposure to various sectors and issuers, mitigating risks associated with individual companies.
- Low expense ratio: Offers competitive fees compared to other convertible bond ETFs.
Financial Performance:
- CWB has historically delivered returns closely aligned with its benchmark index.
- Outperformed the S&P 500 Index in several periods, providing diversification benefits.
Benchmark Comparison:
- Generally tracks the Bloomberg Barclays U.S. Convertible Securities Index closely, with minimal tracking error.
Growth Trajectory:
- The convertible bond market is expected to experience moderate growth, fueled by rising interest rates and demand for alternative income sources.
Liquidity:
- Average daily trading volume exceeds 200,000 shares, ensuring easy entry and exit.
- Tight bid-ask spread averaging around 0.03%, minimizing transaction costs.
Market Dynamics:
- Convertible bonds are sensitive to interest rate changes and market volatility.
- Economic conditions and sector performance influence the underlying companies' financial health.
Competitors:
- iShares Convertible Bond ETF (ICVT): 8% market share.
- Invesco Convertible Securities ETF (CVRT): 3% market share.
Expense Ratio:
- 0.30% per year, making it one of the most cost-effective convertible bond ETFs.
Investment Approach and Strategy:
- Passively tracks the Bloomberg Barclays U.S. Convertible Securities Index.
- Invests in a broad range of convertible bonds across industries and maturities.
- Employs a buy-and-hold strategy with minimal turnover.
Key Points:
- Provides diversified exposure to the convertible bond market.
- Offers potential for capital appreciation and income generation.
- Highly liquid and cost-effective.
- Tracks its benchmark index closely.
Risks:
- Market risk: Fluctuations in the stock market can impact the underlying convertible bonds.
- Interest rate risk: Rising interest rates can negatively affect the value of convertible bonds.
- Credit risk: The issuer's financial health can influence the value of the convertible bond.
Who Should Consider Investing:
- Investors seeking income and capital appreciation potential.
- Investors aiming to diversify their portfolios beyond traditional stocks and bonds.
- Investors with a moderate to high risk tolerance.
Fundamental Rating Based on AI:
- 8/10: CWB scores well due to its strong issuer, competitive fees, diversified portfolio, and efficient tracking of its benchmark. However, market risk and credit risk remain key considerations for investors.
Resources:
- State Street Global Advisors: https://www.ssga.com/us/en/individual/etfs/etf-detail?ticker=CWB
- Bloomberg Barclays U.S. Convertible Securities Index: https://www.bloomberg.com/professional/product/bloomberg-barclays-us-convertible-securities-index/
- Morningstar: https://www.morningstar.com/etfs/arcx/cwb/quote
Disclaimer:
This information is for educational purposes only and should not be considered investment advice. Please consult with a qualified financial professional before making any investment decisions.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About SPDR® Bloomberg Convertible Securities ETF
The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the index. The index is designed to represent the market of U.S. convertible securities, such as convertible bonds and convertible preferred stock.
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