Key Highlights

  • The fund tracks U.S. dollar convertible bonds with issue sizes above $250 million.
  • The portfolio holds 394 positions, with an effective duration of about 1.6 years.
  • The expense ratio is 0.20 percent, and distributions are paid monthly.
  • Net Assets were about $6.9 billion on November 11, 2026.

The iShares Convertible Bond ETF (CBOE:ICVT) closed at $104.31 on November 11, 2026, with net assets of about $6.9 billion. The fund seeks to track an index that includes U.S. dollar-denominated convertible bonds with issue sizes greater than $250 million. Convertible bonds combine fixed interest payments with the option to exchange the bond for shares of the issuing company, which places them between traditional Debt and equity.

Ticker and exchange

ICVT, Cboe BZX

Benchmark index

Bloomberg U.S. Convertible Cash Pay Bond >$250MM Index

Net asset value

$104.63 (Nov 10, 2026)

Daily NAV change

Up $1.76 (1.71%)

Net assets

$6,937,186,085

Number of holdings

394

Expense ratio

0.20%

30-day SEC yield

2.32%

Distribution frequency

Monthly

Effective duration

1.61 years

How Convertible Bonds Fit the Portfolio

A convertible bond pays interest like other corporate debt, but it can also be converted into a set number of the issuer's common shares. That feature means the bond's price can respond to both Interest Rate movements and the price of the underlying stock.

The index does not provide for conversion of the bonds within the index, and the fund is not obligated to convert them even when conversion would be economically beneficial. The fund therefore holds the bonds as fixed income instruments and adjusts its holdings through index rebalancing.

Portfolio Structure and Largest Issuers

The portfolio contains 394 bonds. The weighted average coupon is 2.17 percent, the average Yield to Maturity is 3.49 percent, and the weighted average maturity is 3.56 years. The effective duration of 1.61 years indicates a relatively short sensitivity to interest rate changes compared with longer-dated bond funds.

Among the largest issuers are Alibaba Group, Moderna, Lumentum Holdings, Bloom Energy, CoreWeave, Cloudflare and DoorDash. Consumer cyclical and healthcare issuers appear frequently in the top holdings, reflecting the sectors that tend to issue convertible debt.

Trading and Distribution Details

About 273,636 shares traded on November 11, 2026, compared with a 30-day Average Daily Volume of roughly 993,080 shares. The 30-day median bid-ask spread was 0.07 percent, and the fund had 66.3 million shares outstanding.

The fund pays distributions monthly, and the most recent payment in November 2026 totaled $0.150778 per share. The 30-day SEC yield was 2.32 percent and the 12-month trailing yield was 1.59 percent, both reported as of November 10, 2026.

Final Word

ICVT provides access to a 394-bond portfolio of U.S. dollar convertible securities, with a short effective duration and monthly distributions. Its 0.20 percent expense ratio and issuer mix define the fund's main terms. Results will depend on interest rate trends, Credit conditions and the share price movements of the companies whose bonds convert into equity.