CWB vs DADS: Grades, Fees and Holdings Compared

State Street SPDR Bloomberg Convertible Securities ETF

CWBANYSE Arca

Digital Asset Debt Strategy ETF

DADSCNasdaq

Overlap

3.1%by weight

Expense ratio

CWB −0.44pt a year

CWB0.40%DADS0.84%

Avg volume · 30D

CWB 153.0×the volume

CWB629KDADS4.11K

CWB vs DADS Performance

Oct 31, 2025 – Oct 30, 2026

+3.3%CWB−12.3%DADS

Expense ratio: CWB 0.40%, better; DADS 0.84%
Fund size: CWB $5.46B; DADS $9M
1Y total return: CWB +3.3%, better; DADS −12.3%
Yield (12M): CWB 1.68%; DADS 5.85%, better
Holdings: CWB 365; DADS 36
Avg volume (30D): CWB 629K sh, better; DADS 4.11K sh
NAV per share: CWB $96.53; DADS $18.50
52W range

ETF.net Grade

Pillar letters and Scores for CWB, DADS, with each pillar’s weight
Pillar	CWB	DADS
Cost30% weight	A73Higher	D32
Mission25% weight	A100Higher	A80
Risk15% weight	C50Higher	D26
Tradability15% weight	A77Higher	F19
Holdings10% weight	A79Higher	D32
Durability5% weight	A83Higher	F13

Rank among Convertible Bond funds

How we build Categories ›

Same Category. CWB and DADS are both graded against the same 7 Convertible Bond funds, so their Grades compare head to head.

Convertible Bond⁠

Category · 7 funds

See all 7 ›

CWB ranks 2nd and DADS 7th of 7 funds in the Convertible Bond Category.

Rank 1AICVTiShares Convertible Bond ETFScore 83
Rank 2ACWBState Street SPDR Bloomberg Convertible Securities ETFScore 78
Rank 3CCVRTCalamos Convertible Equity Alternative ETFScore 51
Rank 6CMCVTMiller Convertible Total Return ETFScore 43
Rank 7CDADSDigital Asset Debt Strategy ETFScore 40

Our read on each fund

ETF.net Research

CWBAState Street SPDR Bloomberg Convertible Securities ETF

DADSCDigital Asset Debt Strategy ETF

In short

CWB Convertible bonds are the hybrids of corporate credit: debt that can turn into stock. CWB has packaged them since 2009, tracking a Bloomberg index tilted toward the market's tradable issues, and it pays monthly.

DADS No data

Stated mandate

CWB The fund seeks to track the price and yield performance of the Bloomberg U.S. Convertible Liquid Bond Index before fees and expenses. It invests in qualifying U.S. convertible securities.

DADS No data

Why people hold it

CWB One holding, two jobs. Convertibles pay a coupon like bonds and convert into shares. You get roughly 400 of them for 0.40% a year, with distributions arriving monthly.
The benchmark itself is picky about tradability: the Bloomberg U.S. Convertible Liquid Bond Index, as the name signals, leans toward the liquid end of a thinly traded market.
Running since 2009 and now a multi-billion-dollar fund that trades actively. Tracking of its index has been tight, and the plumbing is among the sturdiest in its peer group.

DADS No data

Worth knowing

CWB Filed under fixed income, wired to equities. When the underlying stocks run, convertibles follow them up; when stocks sink, the swings look nothing like a core bond fund's.
0.40% is niche pricing. Broad index trackers in the same cohort run single-digit basis points (SCHK 0.03%, VT 0.06%), so you pay up for the convertible plumbing.
Convertibles are a small corner of US credit. The investable pool is narrow (roughly 400 positions), so a handful of large issuers can shape the ride.

DADS No data

Full CWB profile⁠

Full DADS profile⁠

CWB vs DADS Holdings

How CWB and DADS differ

Overlap by weight

3.1%

Shared holdings make up 4.1% of DADS and 4.0% of CWB.

Level by level

Asset classFixed Income, Equity0.0%
Holdings2 in both3.1%
Countryby domicile88.6%

Sector

No Sector split for CWB.

Country, concentration and asset class

Country by domicile

Country weights in CWB and DADS, widest gap first
Country	More in CWBMore in DADS	CWB	DADS
United States	DADS +9.0 points	87.6%	96.6%
Netherlands	CWB +3.9 points	3.9%	0.0%
China	CWB +2.7 points	2.7%	0.0%
Israel	CWB +1.5 points	1.5%	0.0%
Taiwan	DADS +1.3 points	0.0%	1.3%
Brazil	DADS +1.2 points	0.0%	1.2%
Bermuda	CWB +0.8 points	0.8%	0.0%
Singapore	CWB +0.7 points	0.7%	0.0%
Other countries (7)	CWB +1.8 points	2.7%	0.9%

Concentration

Weight in the 10 largest Holdings

CWB15.2%
DADS42.5%

Securities held

CWB362
DADS35

Asset class

CWB: Fixed Income
DADS: Equity

Holdings

Only in CWB360
In both2
Only in DADS33

Only in CWB

360 securities, 96.0% of CWB by weight

Meta Platforms Inc2.18%
Boeing Co/The1.58%
Lumentum Holdings Inc Sr Unsecured 03/32 0.3751.57%
Alibaba Group Holding Sr Unsecured 06/31 0.51.48%
Nextera Energy Inc1.30%
Oracle Corp1.12%
Super Micro Computer Inc1.11%
Hp Enterprise Co1.11%
Wells Fargo & Company1.10%
Moderna Inc Sr Unsecured 144A 03/32 0.00000.99%
Bank of America Corp0.96%
Bloom Energy Corp Sr Unsecured 144A 11/30 0.00000.89%
Coreweave Inc Company Guar 144A 04/33 2.8750.87%
Western Digital Corp Company Guar 11/28 30.85%
Cloudflare Inc Sr Unsecured 06/30 0.000000.77%
Nebius Group NV Sr Unsecured 144A 03/31 1.250.77%
Nebius Group NV Sr Unsecured 144A 02/30 0.50.75%
Coreweave Inc Company Guar 144A 10/32 1.750.73%
Doordash Inc Sr Unsecured 05/30 0.000000.65%
Snowflake Inc Sr Unsecured 10/29 0.000000.61%
Cloudflare Inc Sr Unsecured 144A 08/31 0.00000.60%
Ciena Corp Company Guar 144A 09/31 0.00000.60%
Snowflake Inc Sr Unsecured 10/27 0.000000.59%
Nebius Group NV Sr Unsecured 09/30 10.57%
Akamai Technologies Inc Sr Unsecured 05/33 0.250.56%
Nebius Group NV Sr Unsecured 09/32 2.750.55%
Super Micro Computer Inc Sr Unsecured 06/30 0.000000.55%
Snowflake Inc Sr Unsecured 144A 10/29 0.00000.55%
Mks Inc Sr Unsecured 06/30 1.250.54%
Microchip Technology Inc0.53%
Pg+e Corp Sr Secured 12/27 4.250.53%
Nebius Group NV Sr Unsecured 144A 03/33 2.6250.52%
Cyberark Software Ltd Company Guar 06/30 0.000000.52%
Robinhood Markets Inc Sr Unsecured 144A 10/29 0.00000.52%
Coreweave Inc Company Guar 144A 12/31 1.750.52%
Southern Co0.52%
Welltower Op Llc Company Guar 144A 05/28 2.750.51%
Liberty Live Hldngs Inc Sr Unsecured 144A 09/53 2.3750.51%
Kkr & Co Inc0.51%
Snowflake Inc Sr Unsecured 144A 10/31 0.00000.50%
Jd.com Inc Sr Unsecured 06/29 0.250.49%
Albemarle Corp0.49%
Nebius Group NV Sr Unsecured 144A 02/34 4.50.48%
Welltower Op Llc Company Guar 144A 07/29 3.1250.48%
Uber Technologies Inc Sr Unsecured 12/28 0.8750.48%
Duke Energy Corp0.48%
Southern Co Sr Unsecured 144A 09/29 3.50.48%
Check Point Software Sr Unsecured 144A 12/30 0.00000.47%
Strategy Inc Sr Unsecured 03/30 0.000000.47%
Gamestop Corp Sr Unsecured 06/32 0.000000.45%

Only in DADS

33 securities, 95.4% of DADS by weight

NEOS Boosted Bitcoin High Income ETF4.80%
Strive Inc4.73%
Robinhood Markets Inc 0% 10/01/20294.61%
Alliance Resource Partners LP4.38%
NextEra Energy Inc4.29%
Figure Technology Solutions Inc 8.5% 07/31/20314.21%
Bit Digital Inc 4% 10/01/20304.00%
Space Exploration Technologies Corp 5.65% 07/15/20333.96%
Strategy Inc3.87%
Galaxy Digital Holdings LP 2.5% 12/01/20293.68%
International Business Machines Corp 5.2% 02/10/20353.55%
Strategy Inc 10% 09/30/21753.54%
Franklin Templeton Inc 1.6% 10/30/20303.41%
PayPal Holdings Inc 5.5% 06/01/20543.40%
Cleanspark Inc 0% 06/15/20303.26%
Roundhill Bitcoin Covered Call Strategy ETF3.24%
Block Inc 6.5% 05/15/20323.22%
Blackrock Inc 5% 03/14/20343.14%
REX Crypto Equity Premium Income ETF2.81%
SoFi Technologies Inc 1.25% 03/15/20292.35%
Core Scientific Inc 3% 09/01/20292.25%
Mastercard Inc 4.95% 03/15/20322.14%
Riot Platforms Inc 0.75% 01/15/20302.07%
Accenture Capital Inc 4.5% 10/04/20342.04%
Visa Inc 4.15% 12/14/20351.98%
Customers Bancorp Inc 5.375% 12/30/20341.74%
Applied Digital Corp 2.75% 06/01/20301.52%
Hive Bermuda 2026 Ltd 0% 07/01/20311.50%
Strategy Inc 0.875% 03/15/20311.46%
Oracle Corp 6.5% 01/15/20291.38%
SharonAI Holdings Inc 4.75% 06/15/20321.38%
Terawulf Inc 2.75% 02/01/20301.25%
First American Government Obligations Fund 12/01/20310.28%

Weight gaps

All 2 Holdings in both funds, largest gap first.

Holding weights in CWB and DADS, widest gap first
Holding	More in CWBMore in DADS	CWB	DADS
Alphabet IncGOOGM	DADS +0.97 points	1.99%	2.96%
Alphabet IncGOOGN	CWB +0.86 points	1.99%	1.13%

All 379 CWB holdings⁠All DADS holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CWB vs DADS Cost

Overpaying DADS vs CWB

$7,939

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CWB 0.40%
$8,090
DADS 0.84%
$16,029

Amount$10,000

Years30 years

Cost over time

CWB 0.40%
DADS 0.84%
Overpaying

Year by year

Year	CWB	DADS	Overpaying
10	$723	$1,491	$768
20	$2,793	$5,643	$2,850
30	$8,090	$16,029	$7,939

Expense ratio

0.40%CWB, cheaper
0.84%DADS

CWB0.40%DADS0.84%

0.20%0.95%

Middle half of Convertible Bond funds
Median 0.69%

CWB 2nd cheapest of 7 funds

DADS 5th cheapest of 7 funds

CWB vs DADS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CWB 1.68%; DADS 5.85%, better
Payout (12M): CWB $1.59; DADS $1.06
Last payment: CWB $0.09; DADS $0.10
Ex-dividend: CWB Oct 1, 2026; DADS Oct 29, 2026
Paid on: CWB Oct 6, 2026; DADS Oct 30, 2026
Frequency: CWB Monthly; DADS Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CWBMonthly · 45 paymentsAll CWB payments⁠

DADSMonthly · 6 paymentsAll DADS payments⁠

CWB vs DADS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CWB 12.8%DADS 19.0%since Sep 2025
Return per unit of riskSharpe ratio, 3 years: CWB 0.85DADS −0.28since Sep 2025
Worst fallMax drawdown, 5 years: CWB −28.4%DADS −17.0%since Aug 2025
Market sensitivityBeta, 5 years: CWB 1.09DADS 1.22; Market = 1

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