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State Street® SPDR® FTSE Global Convertible Bond UCITS ETF (Dist)Index, costs, backtest, listings and taxation

ISIN: IE00BNH72088Ticker: CONV (Borsa Italiana) · ZPRC (Xetra) · GCVB (London SE) · GCVB (SIX)Issuer: SPDR
Issuer-declared data
Declared index
FTSE Qualified Global Convertible Index
TER
0.50%
Transaction costs
0.10% (issuer estimate, from the KID)
Management
Passive (index-tracking) (from the KID)
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics — inferred (issuer documents do not declare art. 8/9) what does it mean?
Fund assets
2.7 bn EUR
NAV
69.14 USD (30 August 2026)
Domicile
Ireland
Inception date
13 October 2014
Data as declared by SPDR in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

State Street® SPDR® FTSE Global Convertible Bond UCITS ETF (Dist) tracks the issuer-declared index: FTSE Qualified Global Convertible Index. The declared annual cost (TER) is 0.50%, plus 0.10% in transaction costs estimated by the issuer in the KID. Replication is stratified-sampling physical replication; income is distributed to investors. The fund has assets of about 2.7 billion euro, was launched on 13 October 2014 and is domiciled in Ireland.

The fund’s objective — in the issuer’s words

Any income earned by the Fund will be paid to shareholders in respect of the shares. Investment objective The objective of the Fund is to track the performance of the global convertible bond market. The Shares of the USD Class are issued in U.S. Dollar. The Fund seeks to track the performance of the FTSE Qualified Global Convertible Index (the "Index") as closely as possible. The Fund is an index tracking fund (also known as a passively managed fund). Investment policies The Fund invests primarily in securities included in the Index. These securities include the investable, global convertible bond market (including mandatory convertible bonds and perpetual convertible bonds). Qualifying fixed income securities may be investment grade (high quality) or non-investment grade or unrated, may be issued with fixed or floating rates and must meet minimum size requirements in their local currency. As it may be difficult to purchase all securities in the Index efficiently, in seeking to track the performance of the Index the Fund will use a stratified sampling strategy to build a representative portfolio. Consequently, the Fund will typically hold only a subset of the securities included in the Index. In limited circumstances, the Fund may purchase securities that are not included in the Index. The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently. Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on Index Source: The Index is the intellectual property of the Index provider. The Fund is not sponsored or endorsed by the Index provider. The Index provider does not provide any warranty or accept any liability in relation to any error relating to the Index, including any error in respect of the quality, accuracy or completeness of Index data, and does not guarantee that the Index will be in line with the described Index methodology. Please see the Prospectus for the full index disclaimer.

Keep reading the KID section ▾

Intended retail investorThis Fund is intended for investors who plan to stay invested for at least 3 years and are prepared to take on a medium-high level of risk of loss to their original capital in order to get a higher potential return. It is designed to form part of a portfolio of investments. Practical information Depositary The Fund depositary is State Street Custodial Services (Ireland) Limited.

From the KID’s “Objectives” section · 5 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.50%: above the median of bond ETFs we track (0.15%).
  • Assets larger than 94% of bond ETFs we track.
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · USD · from Oct 2014 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+142.8%
Annualised
+7.7%
Volatility (ann.)
8.9%
Max drawdown
-32.52%
-6%+34%+75%+116%+157%Oct 2014Oct 2017Sept 2020Sept 2023Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+143%Oct 2014Sept 2026
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-10%-20%-30%-40%-50%2014201620182020202220242026−32.52% · 14 Oct 2022
Max drawdown
-32.52%
peak → trough
Trough
14 Oct 2022
from the 15 Feb 2021 peak
Recovery time
1,057 days
recovery only: trough to break-even · ≈ 2 years and 11 months
Underwater
1,663 days
decline + recovery: peak to break-even · ≈ 4 years and 7 months · → recovered on 05 Sept 2025

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
15 Feb 202114 Oct 2022-32.52%05 Sept 20251,663
19 Feb 202023 Mar 2020-20.42%10 Jun 2020112
15 May 201512 Feb 2016-11.52%23 Aug 2016466
26 Jan 201824 Dec 2018-10.92%27 Nov 2019670
25 Feb 202630 Mar 2026-6.93%14 Apr 202648

Calendar-year returns

2016
4.1%
2017
12.1%
2018
-5.0%
2019
13.5%
2020
37.5%
2021
-3.1%
2022
-19.5%
2023
12.8%
2024
7.1%
2025
25.2%
2026
15.1%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20265.43.1-5.69.24.4-1.1-1.30.8-0.015.1
20252.70.9-0.72.22.63.30.92.94.92.3-0.61.425.2
2024-0.91.51.6-2.41.70.70.92.22.6-0.82.5-2.47.1
20235.5-1.51.0-0.6-0.23.82.5-2.4-2.3-2.85.24.312.8
2022-5.9-0.9-0.7-6.2-4.0-5.53.80.0-5.91.73.5-0.5-19.5
20211.52.6-4.03.1-1.11.1-1.92.0-2.71.6-4.1-1.0-3.1
20201.8-2.0-10.88.65.65.36.46.8-2.8-0.510.05.937.5
20194.21.5-0.11.9-2.93.40.4-1.6-0.72.31.82.913.5
20184.1-1.4-0.8-0.40.6-0.90.31.0-0.5-4.90.4-2.4-5.0
20172.21.10.62.12.0-0.42.3-0.00.81.40.2-0.812.1
2016-4.80.24.81.1-0.2-0.83.50.61.2-1.7-0.61.14.1
2015-1.23.2-1.03.20.8-1.8-0.2-2.3-1.53.6-1.6-0.40.5
20140.3-1.92.9
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Issuer-declared series with dividends reinvested: the total performance, comparable with accumulating funds. Switch it off to see the price (NAV) alone, which drops at every dividend payment.
Source: SPDR. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Tracking difference — issuer-declared

How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 1 of the last 9 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.46% /anno
Declared TER
0.50%
YearFundIndexDifference
2025+25.17%+25.51%-0.35%
2024+7.44%+8.01%-0.57%
2023+12.79%+13.25%-0.46%
2022-19.53%-19.09%-0.44%
2021-3.14%-2.84%-0.31%
2020+37.50%+37.08%+0.42%
2019+13.52%+13.69%-0.17%
2018-5.02%-4.63%-0.39%
2017+12.06%+12.62%-0.56%
Figures declared by the issuer on the fund page (net fund and index returns per calendar year, as of 31 July 2026), not computed by us. Partial years excluded. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsLast 10 yearsFull history
Volatility (ann.)10.27%8.79%9.82%9.98%10.19%
Max drawdown-5.01%-11.26%-20.25%-21.04%-21.04%
Sharpe1.901.130.330.650.70
Sortino2.811.610.460.900.98
Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.20%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Credit rating

How the portfolio is spread by credit quality: from AAA (strongest) downwards. More weight in the top buckets = lower risk that an issuer fails to pay, usually with lower yields.

Rating breakdown (% of fund)
AAA
0.70%
AA+
0.58%
AA–
0.41%
A+
11.50%
A
10.49%
A–
11.94%
BBB+
15.64%
BBB
8.02%
BBB–
10.05%
BB+
5.70%
BB
6.53%
BB–
5.61%
B+
2.82%
B
3.51%
B–
0.99%
CCC
1.24%
C
3.72%
Not rated
0.56%

Source: factsheet SPDR, data as of 31 July 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Ratings are those the issuer assigns to portfolio holdings under its own methodology (usually the median of S&P, Moody’s and Fitch); scale and buckets are those of the original document.

Portfolio holdings

Securities in portfolio
359
Top-10 weight
14.4%

Top 10 holdings

WESTERN DIGITAL CORP 3 11/15/2028
2.69%
ALIBABA GROUP HOLDING 0.5 06/01/2031
2.08%
ECHOSTAR CORP 3.875 11/30/2030
1.66%
PING AN INSURANCE GROUP 0.875 07/22/2029
1.61%
GOLD POLE CAPITAL CO LTD 1 06/25/2029
1.23%
Cash_USD
1.20%
WIWYNN CORP 0 04/01/2031
1.20%
ALIBABA GROUP HOLDING 0 09/15/2032
0.94%
DOORDASH INC 0 05/15/2030
0.94%
CLOUDFLARE INC 0 06/15/2030
0.89%
⬇ Download the full portfolio — Excel, 359 rows
Full portfolio declared by SPDR, as of 31 August 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Dividends

Frequency
Semi-Annually
Latest dividend
0.1856 USD
ex 9 Jul 2026 · paid 17 Jul 2026
Dividends, last 12 months
0.40 USD
Dividend yield
0.57%
12-month sum over the NAV as of 3 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year0.40 USD0.71 %
20250.38 USD0.79 %
20240.09 USD0.20 %
20230.10 USD0.25 %
20220.10 USD0.19 %
20210.09 USD0.17 %

Dividend contribution to total return

-20%-10%0%10%20%30%+24.36 %1 year+25.03 %2025+7.10 %2024+12.78 %2023−19.52 %2022−3.13 %2021
dividendsprice changeprice decline

Calendar per share (USD)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20260.210.19
20250.190.19
20240.09
20230.050.06
20220.050.05
20210.050.03
20200.090.06
20190.070.09
20180.050.07
20170.080.10
20160.100.10
20150.080.14

Latest dividends

Per shareEx-dividend dateRecord datePayment
0.1856 USD9 Jul 202610 Jul 202617 Jul 2026
0.2117 USD15 Jan 202616 Jan 202623 Jan 2026
0.1946 USD10 Jul 202511 Jul 202518 Jul 2025
0.1902 USD16 Jan 202517 Jan 202524 Jan 2025
0.0925 USD11 Jan 202412 Jan 202419 Jan 2024
0.0571 USD13 Jul 202314 Jul 202321 Jul 2023
0.0457 USD12 Jan 202313 Jan 202320 Jan 2023
0.0498 USD14 Jul 202215 Jul 202222 Jul 2022
Per-share dividends as declared by the issuer, in USD, since the first payment (14 Jan 2015). Past dividends are not indicative of future ones.

Italian taxation

Effective rate on capital gains
26.00%
White-list share
0.00%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →

Where it shows up commission-free in Italy

According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:

IE00BNH72088CONV
  • BG Saxozero within the savings plan (buys)
  • Directazero within the savings plan (buys)
  • Directazero on single buys from 2,000 €, agreement until 31 May 2027
  • Moneyfarmzero within the savings plan (buys), agreement until 12 January 2028
  • Moneyfarmzero on single buys from 1,000 €, agreement until 12 January 2028
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
IE00BDT6FP91GCVE
  • BG Saxozero within the savings plan (buys)
  • Directazero within the savings plan (buys)
  • Directazero on single buys from 2,000 €, agreement until 31 May 2027
  • Moneyfarmzero within the savings plan (buys), agreement until 12 January 2028
  • Moneyfarmzero on single buys from 1,000 €, agreement until 12 January 2028
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
Full terms, traps and method in the observatory: Free savings plans and zero-commission ETFs: the broker survey

Official lists verified on 3 September 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.

Stock exchange listings

ExchangeTickerTrading since
Borsa Italiana (ETFplus)CONV23 Apr 2015
Börse DüsseldorfZPRC11 Nov 2015
Börse FrankfurtZPRC15 Oct 2014
Börse HamburgZPRC1 Aug 2016
Börse HannoverZPRC9 Dec 2024
Börse München / gettexZPRC1 Oct 2018
Börse StuttgartZPRC15 Oct 2014
Tradegate ExchangeZPRC17 Jun 2015
Xetra (Deutsche Börse)ZPRC15 Oct 2014
+ 15 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does State Street® SPDR® FTSE Global Convertible Bond UCITS ETF (Dist) track?
The issuer SPDR declares the benchmark: FTSE Qualified Global Convertible Index.
How much does CONV cost?
The issuer-declared TER is 0.50% per year; the transaction costs estimated in the KID are 0.10%.
How is CONV taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.00%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of CONV?
The fund size declared by SPDR is about 2.7 billion euro.
When was CONV launched?
The fund was launched on 13 October 2014: it has 11 years of history.
How does CONV replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (sampled) (issuer wording: “Stratified Sampling”).
Does CONV pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distribution”).
Where does CONV trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (CONV), Börse Düsseldorf (ZPRC), Börse Frankfurt (ZPRC), Börse Hamburg (ZPRC), Börse Hannover (ZPRC), Börse München / gettex (ZPRC).
What was CONV's worst fall?
Over the available history (since 2014), the maximum drawdown was -32.71%, reached in October 2022. Past performance is not indicative of future results.
How many securities does CONV hold?
The declared portfolio holds 359 securities; the top 10 positions weigh 14.4%.
Transparency note
The data in this sheet is declared by SPDR in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.