DADS vs ICVT: Grades, Fees and Holdings Compared

Digital Asset Debt Strategy ETF

DADSCNasdaq

iShares Convertible Bond ETF

ICVTACboe

Overlap

0.5%by weight

Expense ratio

ICVT −0.64pt a year

DADS0.84%ICVT0.20%

Avg volume · 30D

ICVT 159.1×the volume

DADS4.11KICVT654K

DADS vs ICVT Performance

Oct 31, 2025 – Oct 30, 2026

−12.3%DADS+3.3%ICVT

Expense ratio: DADS 0.84%; ICVT 0.20%, better
Fund size: DADS $9M; ICVT $7.43B
1Y total return: DADS −12.3%; ICVT +3.3%, better
Yield (12M): DADS 5.85%, better; ICVT 1.52%
Holdings: DADS 36; ICVT 392
Avg volume (30D): DADS 4.11K sh; ICVT 654K sh, better
NAV per share: DADS $18.50; ICVT $105.32
52W range

ETF.net Grade

Pillar letters and Scores for DADS, ICVT, with each pillar’s weight
Pillar	DADS	ICVT
Cost30% weight	D32	A88Higher
Mission25% weight	A80	A100Higher
Risk15% weight	D26	C44Higher
Tradability15% weight	F19	A78Higher
Holdings10% weight	D32	A91Higher
Durability5% weight	F13	A87Higher

Rank among Convertible Bond funds

How we build Categories ›

Same Category. DADS and ICVT 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 ›

ICVT ranks 1st 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 6CMCVTMiller Convertible Total Return ETFScore 43
Rank 7CDADSDigital Asset Debt Strategy ETFScore 40

Our read on each fund

ETF.net Research

DADSCDigital Asset Debt Strategy ETF

ICVTAiShares Convertible Bond ETF

In short

DADS No data

ICVT Convertible bonds are corporate debt with a stock option attached. ICVT owns the plain-vanilla slice (cash-pay bonds, big issues only) by index, at 0.20% a year, the lowest fee among the handful of convertible ETFs on the market.

Stated mandate

DADS No data

ICVT The fund seeks to track an index of U.S. dollar-denominated convertible bonds with issue sizes above $250 million.

Why people hold it

DADS No data

ICVT 0.20% a year, against a category median of 0.80%. The next-cheapest convertible ETF, CWB, charges 0.40%, and the active options in the group run 0.69% to 0.95%.
Rules, not hunches: it follows the Bloomberg U.S. Convertible Cash Pay Bond >$250MM Index and has tracked it closely, with no manager discretion in the mix.ishares.com
The index takes only cash-pay converts above $250 million in issue size, screening out zero-coupon, preferred and mandatory structures plus called and defaulted paper.sec.gov
A multi-billion-dollar fund trading a few hundred bonds, running since 2015 and paying distributions monthly.

Worth knowing

DADS No data

ICVT Converts move with the issuer's stock. The bond floor cushions, but this behaves more like an equity-sensitive hybrid than a core bond fund.sec.gov
Convertible issuers are often unrated or below investment grade, so credit risk sits inside the portfolio alongside the rate risk.ishares.com
Cash-pay only means no convertible preferreds or mandatories, so it is a clean core slice rather than the entire convertible market.sec.gov

Full DADS profile⁠

Full ICVT profile⁠

DADS vs ICVT Holdings

How DADS and ICVT differ

Overlap by weight

0.5%

Shared holdings make up 3.6% of DADS and 0.5% of ICVT.

Level by level

Asset classEquity, Fixed Income0.0%
Holdings2 in both0.5%
Countryby domicile85.8%

Sector

No Sector split for ICVT.

Country, concentration and asset class

Country by domicile

Country weights in DADS and ICVT, widest gap first
Country	More in DADSMore in ICVT	DADS	ICVT
United States	DADS +11.8 points	96.6%	84.8%
Netherlands	ICVT +4.3 points	0.0%	4.3%
China	ICVT +3.3 points	0.0%	3.3%
Israel	ICVT +2.1 points	0.0%	2.1%
Taiwan	DADS +1.3 points	1.3%	0.0%
Brazil	DADS +1.2 points	1.2%	0.0%
Canada	ICVT +1.0 points	0.0%	1.0%
Bermuda	ICVT +1.0 points	0.0%	1.0%
Other countries (7)	ICVT +2.6 points	0.9%	3.5%

Concentration

Weight in the 10 largest Holdings

DADS42.5%
ICVT11.3%

Securities held

DADS35
ICVT390

Asset class

DADS: Equity
ICVT: Fixed Income

Holdings

Only in DADS33
In both2
Only in ICVT388

Only in DADS

33 securities, 95.9% 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%
Alphabet Inc 6.25% 05/15/20292.96%
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%
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%
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%
Alphabet Inc 6.25% 05/15/20291.13%
First American Government Obligations Fund 12/01/20310.28%

Only in ICVT

388 securities, 99.0% of ICVT by weight

Lumentum Holdings Inc 0.38% 03/15/20321.83%
Alibaba Group Holding Ltd 0.50% 06/01/20311.75%
Moderna Inc 144A 0.00% 03/01/20321.16%
Bloom Energy Corporation 144A 0.00% 11/15/20301.05%
Coreweave Inc 144A 2.88% 04/01/20331.04%
Western Digital Corporation 3.00% 11/15/20281.02%
Nebius Group NV 144A 1.25% 03/15/20310.89%
Nebius Group NV 144A 0.50% 02/15/20300.88%
Coreweave Inc 144A 1.75% 10/01/20320.86%
Cloudflare Inc 0.00% 06/15/20300.85%
Doordash Inc 0.00% 05/15/20300.77%
Ciena Corporation 144A 0.00% 09/15/20310.75%
Snowflake Inc 0.00% 10/01/20290.74%
Cloudflare Inc 144A 0.00% 08/15/20310.72%
Snowflake Inc 0.00% 10/01/20270.71%
Nebius Group NV 144A 1.00% 09/15/20300.66%
Nebius Group NV 2.75% 09/15/20320.65%
Akamai Technologies Inc 0.25% 05/15/20330.65%
Mks Instruments Inc 1.25% 06/01/20300.63%
PG&E Corporation 4.25% 12/01/20270.63%
Super Micro Computer Inc 144A 0.00% 06/15/20300.63%
Coreweave Inc 144A 1.75% 12/01/20310.62%
Robinhood Markets Inc 144A 0.00% 10/01/20290.61%
Welltower Op Llc 144A 2.75% 05/15/20280.60%
Nebius Group NV 144A 2.63% 03/15/20330.60%
Cyber Ark Software 0.00% 06/15/20300.60%
Nebius Group NV 144A 4.50% 02/15/20340.58%
Liberty Live Holdings Inc 144A 2.38% 09/30/20320.57%
Uber Technologies Inc 0.88% 12/01/20280.57%
Jd.com Inc 0.25% 06/01/20290.57%
Check Point Software Technologies 144A 0.00% 12/15/20300.57%
Welltower Op Llc 144A 3.13% 07/15/20290.56%
Southern Company (The) 144A 3.50% 09/15/20290.55%
Gamestop Corp New 0.00% 06/15/20320.55%
Strategy Inc 0.00% 03/01/20300.54%
Guardant Health Inc 1.25% 02/15/20310.54%
Zoetis Inc 144A 0.25% 06/15/20290.53%
Global Payments Inc 1.50% 03/01/20310.53%
Mp Materials Corp 144A 3.00% 03/01/20300.51%
Live Nation Entertainment Inc 3.13% 01/15/20290.50%
Zscaler Inc 144A 0.00% 07/15/20280.50%
Halozyme Therapeutics Inc 144A 1.50% 10/01/20330.49%
Sofi Technologies Inc 144A 1.25% 03/15/20290.49%
Iren Ltd 144A 1.00% 12/01/20330.49%
Dynatrace Llc 144A 0.00% 09/01/20310.48%
Evergy Inc 4.50% 12/15/20270.48%
Southern Co 3.25% 06/15/20280.48%
Super Micro Computer Inc 3.50% 03/01/20290.48%
Tyler Technologies Inc 144A 0.50% 07/15/20310.47%
On Semiconductor Corporation 0.50% 03/01/20290.46%

Weight gaps

All 2 Holdings in both funds, largest gap first.

Holding weights in DADS and ICVT, widest gap first
Holding	More in DADSMore in ICVT	DADS	ICVT
Riot Platforms Inc 0.75% 01/15/2030	DADS +1.86 points	2.07%	0.21%
Applied Digital Corp 2.75% 06/01/2030	DADS +1.23 points	1.52%	0.29%

All DADS holdings⁠All 390 ICVT 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.

DADS vs ICVT Cost

Overpaying DADS vs ICVT

$11,874

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

DADS 0.84%
$16,029
ICVT 0.20%
$4,155

Amount$10,000

Years30 years

Cost over time

DADS 0.84%
ICVT 0.20%
Overpaying

Year by year

Year	DADS	ICVT	Overpaying
10	$1,491	$365	$1,126
20	$5,643	$1,421	$4,222
30	$16,029	$4,155	$11,874

Expense ratio

0.84%DADS
0.20%ICVT, cheaper

ICVT0.20%DADS0.84%

0.20%0.95%

Middle half of Convertible Bond funds
Median 0.69%

ICVT cheapest of 7 funds

DADS 5th cheapest of 7 funds

DADS vs ICVT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DADS 5.85%, better; ICVT 1.52%
Payout (12M): DADS $1.06; ICVT $1.60
Last payment: DADS $0.10; ICVT $0.14
Ex-dividend: DADS Oct 29, 2026; ICVT Oct 1, 2026
Paid on: DADS Oct 30, 2026; ICVT Oct 6, 2026
Frequency: DADS Monthly; ICVT Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

DADSMonthly · 6 paymentsAll DADS payments⁠

ICVTMonthly · 45 paymentsAll ICVT payments⁠

DADS vs ICVT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DADS 19.0%since Sep 2025ICVT 13.4%
Return per unit of riskSharpe ratio, 3 years: DADS −0.28since Sep 2025ICVT 0.87
Worst fallMax drawdown, 5 years: DADS −17.0%since Aug 2025ICVT −29.8%
Market sensitivityBeta, 5 years: DADS 1.22ICVT 1.06; Market = 1

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