CWB vs MCVT: Grades, Fees and Holdings Compared

State Street SPDR Bloomberg Convertible Securities ETF

CWBANYSE Arca

Miller Convertible Total Return ETF

MCVTCNYSE Arca

Overlap

No data

Expense ratio

CWB −0.45pt a year

CWB0.40%MCVT0.85%

Avg volume · 30D

CWB 45.8×the volume

CWB705KMCVT15.4K

CWB vs MCVT Performance

Aug 5, 2026 – Nov 5, 2026

−12.6%CWB−7.3%MCVT

Expense ratio: CWB 0.40%, better; MCVT 0.85%
Fund size: CWB $5.33B; MCVT $31M
1Y total return: CWB −0.6%; MCVT No data
Yield (12M): CWB 1.86%; MCVT No data
Holdings: CWB 365; MCVT 45
Avg volume (30D): CWB 705K sh, better; MCVT 15.4K sh
NAV per share: CWB $93.80; MCVT $27.28
52W range

ETF.net Grade

Pillar letters and Scores for CWB, MCVT, with each pillar’s weight
Pillar	CWB	MCVT
Cost30% weight	A73Higher	F20
Mission25% weight	A100	Not scored
Risk15% weight	C46	A75Higher
Tradability15% weight	A81Higher	B60
Holdings10% weight	A76Higher	B56
Durability5% weight	A83Higher	F21

Rank among Convertible Bond funds

How we build Categories ›

Same Category. CWB and MCVT 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 MCVT 6th of 7 funds in the Convertible Bond Category.

Rank 1AICVTiShares Convertible Bond ETFScore 83
Rank 2ACWBState Street SPDR Bloomberg Convertible Securities ETFScore 77
Rank 3CCVRTCalamos Convertible Equity Alternative ETFScore 51
Rank 4CFCVTFirst Trust SSI Strategic Convertible Securities ETFScore 49
Rank 6CMCVTMiller Convertible Total Return ETFScore 43
Rank 7CDADSDigital Asset Debt Strategy ETFScore 41

Our read on each fund

ETF.net Research

CWBAState Street SPDR Bloomberg Convertible Securities ETF

MCVTCMiller Convertible Total Return 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.

MCVT Convertibles handled by bond people, not stock people: Wellesley, a convertibles-only shop since 1991, hunts converts with put provisions, short maturities and issuer principal guarantees. Active where most rivals just index.

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.

MCVT The fund seeks to maximize total return while limiting volatility and preserving principal. Its strategy uses convertible securities to combine income potential with capital appreciation.

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.

MCVT Bond-first mechanics: it targets convertibles with put provisions, remaining maturities generally under seven years, or an issuer guarantee of principal.sec.gov
Active, not index-bound: the manager buys a convert when it sees a high probability the bond's principal is repaid at the put or at maturity.sec.gov
Specialist bench: Wellesley has built its business around convertible bonds since 1991, and the founding family sits on the portfolio management team.wellesleyassetmanagement.com milleretf.com

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.

MCVT Costs 0.85% a year, above the category's index choices such as ICVT (0.20%) and CWB (0.40%). You are paying for security selection, not market beta.
New in ETF form (NYSE Arca, 2026) and small so far, so spreads and daily liquidity can run thinner than the category's index heavyweights.prnewswire.com
Put provisions and principal guarantees are only as strong as the issuer behind them, so credit risk travels with the equity upside.sec.gov

Full CWB profile⁠

Full MCVT profile⁠

CWB vs MCVT Holdings

How CWB and MCVT differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile87.6%
Asset classBonds100%

Sector

No Sector split for CWB and MCVT.

Country, concentration and asset class

Country by domicile

Country weights in CWB and MCVT, widest gap first
Country	Gap	CWB	MCVT
United States	MCVT +12.4 points	87.6%	100.0%
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%
Australia	CWB +1.0 points	1.0%	0.0%
Bermuda	CWB +0.8 points	0.8%	0.0%
Singapore	CWB +0.7 points	0.7%	0.0%
Other countries (6)	CWB +1.8 points	1.8%	0.0%

Concentration

Weight in the 10 largest Holdings

CWB16.0%
MCVT29.4%

Securities held

CWB362
MCVT45

Asset class

CWB: Bonds
MCVT: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. CWB holds 362 securities, MCVT 45.

All 379 CWB holdings⁠All MCVT 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 MCVT Cost

Overpaying MCVT vs CWB

$8,109

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

CWB 0.40%
$8,090
MCVT 0.85%
$16,199

Amount$10,000

Years30 years

Cost over time

CWB 0.40%
MCVT 0.85%
Overpaying

Year by year

Year	CWB	MCVT	Overpaying
10	$723	$1,508	$785
20	$2,793	$5,706	$2,913
30	$8,090	$16,199	$8,109

Expense ratio

0.40%CWB, cheaper
0.85%MCVT

CWB0.40%MCVT0.85%

0.20%0.95%

Middle half of Convertible Bond funds
Median 0.69%

CWB 2nd cheapest of 7 funds

MCVT 6th cheapest of 7 funds

CWB vs MCVT Dividends

Last 12 months to Nov 5, 2026

Yield (12M): CWB 1.86%; MCVT No data
Payout (12M): CWB $1.68; MCVT No data
Last payment: CWB $0.22; MCVT $0.02
Ex-dividend: CWB Nov 2, 2026; MCVT Sep 15, 2026
Paid on: CWB Nov 5, 2026; MCVT Sep 21, 2026
Frequency: CWB Monthly; MCVT Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

CWBMonthly · 46 paymentsAll CWB payments⁠

MCVTQuarterly · 2 paymentsAll MCVT payments⁠

CWB vs MCVT 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%MCVT No data
Return per unit of riskSharpe ratio, 3 years: CWB 0.85MCVT No data
Worst fallMax drawdown, 5 years: CWB −28.4%MCVT No data
Market sensitivityBeta, 5 years: CWB 1.09MCVT 0.38; Market = 1

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