SPDR Bloomberg Convertible Securities ETF (ARCA: CWB)

Dernières nouvelles pour SPDR Bloomberg Convertible Securities ETF (ARCA:CWB)

The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the index. The index is designed to represent the market of U.S. convertible securities, such as convertible bonds and convertible preferred stock.

Wells Fargo & Co., Class A, Series L, Conv. Pfd.

Bank Of America Corp

Nextera Energy Inc Pref P

Albemarle Corp

SPDR Bloomberg Convertible Securities ETF

Community West Bancshares

CHARLOTTES WEB HLDGS INC by Charlotte's Web Holdings Inc.

Charlottes Web Holdings Inc

CW Bancorp

CohBar Inc

A recently launched exchange-traded fund, named the REX Bitcoin Corporate Treasury Convertible Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BMAX#NASDAQ">BMAX</a>), began trading on Friday, focusing on convertible bonds issued by firms that hold Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) on their balance sheets, such as Strategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), <a href="https://www.benzinga.com/quote/MSTR/analyst-ratings">previously known as MicroStrategy</a>.
Managed by REX Financial, this fund targets companies that have adopted the practice of issuing equity-linked notes to finance their cryptocurrency investments, a strategy led by Strategy under its executive chairman, Michael Saylor, Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-03-14/michael-saylor-fueled-crypto-complex-gets-bigger-with-debt-etf">reported</a>.
These convertible bonds start as low-interest debt but can transform into company stock if share prices reach a certain threshold, offering investors both interest income and potential equity gains.
Strategy has issued nearly $9 billion in convertible bonds in recent years, amassing a Bitcoin portfolio valued at around $40 billion, which forms a significant portion of the $60 billion held by over 70 publicly traded companies, according to data from Bitwise. 
Other firms like MARA Holdings, Riot and Bitdeer Technologies Group have also issued billions in convertible bonds over the past four months, expanding their presence in the U.S. convertibles market.
"Individual investors have struggled to access these bonds until now, and BMAX changes that," said Greg King, REX Financial's CEO, noting the fund's aim to open this market to retail traders during a period of market unease driven by trade-war concerns.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44326594/trump-administration-signals-aggressive-cost-neutral-bitcoin-accumulation-strategy">Trump Administration Signals Aggressive Cost-Neutral Bitcoin Accumulation Strategy</a>
Bitwise recently launched a separate fund tracking an index of companies with Bitcoin in their treasuries, where Strategy accounts for nearly a quarter of the holdings. 
Convertible bonds, often utilized by institutional investors and hedge funds for arbitrage strategies, carry risks if issuers face financial difficulties with interest or principal payments. 
The ETF market already includes at least seven convertible-bond funds, such as the $4 billion SPDR Bloomberg Convertible Securities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWB#NYSE">CWB</a>), which has been active since 2009, with most funds holding some exposure to Strategy.
Additionally, leveraged funds like (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTX#NASDAQ">MSTX</a>) and (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTU#NASDAQ">MSTU</a>), which aim to deliver twice the daily return of Strategy's stock, have drawn $4 billion in investments since their launches in August and September 2024, showing strong investor interest despite Strategy's recent price drops.
Athanasios Psarofagis, an analyst at Bloomberg Intelligence, commented on the interconnected financial products tied to Strategy, saying, "A growing network of ETFs is emerging around Strategy, which supports its ongoing relevance in the market." 
He added that a decline in Strategy's stock could impact this network, including funds designed to deliver double the inverse return of the stock, reflecting the risks of this interconnected system.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44321245/ripple-sec-lawsuit-nears-end-will-xrp-be-classified-as-commodity-like-ethereum">Ripple-SEC Lawsuit Nears End: Will XRP Be Classified As Commodity Like Ethereum?</a></li>
</ul>
Image: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

News

$BTC

BMAX

Spdr Barclays Capital Convertible Securities Etf

MSTR

ETF Opportunities Trust T-Rex 2X Long MSTR Daily Target ETF

MSTU

MSTX

New ETF Targets Convertible Bonds Of Bitcoin-Holding Companies Like Strategy

<h3>Companies Reporting Before The Bell</h3>
• SPDR Bloomberg Convertible Securities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWB#NYSE">CWB</a>) is projected to report quarterly earnings at $0.88 per share on revenue of $304.67 million. 
• Tokyo Lifestyle (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TKLF#NASDAQ">TKLF</a>) is likely to report earnings for its first quarter. 
• OrganiGram Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OGI#NASDAQ">OGI</a>) is estimated to report quarterly loss at $0.04 per share on revenue of $43.78 million. 
• Jabil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JBL#NYSE">JBL</a>) is estimated to report quarterly earnings at $1.83 per share on revenue of $6.61 billion. 
• General Mills (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GIS#NYSE">GIS</a>) is projected to report quarterly earnings at $1.22 per share on revenue of $5.13 billion. 
• ABM Indus (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABM#NYSE">ABM</a>) is estimated to report quarterly earnings at $0.87 per share on revenue of $2.07 billion. 
• Birkenstock Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIRK#NYSE">BIRK</a>) is expected to report quarterly earnings at $0.26 per share on revenue of $439.27 million. 
• Toro (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TTC#NYSE">TTC</a>) is projected to report quarterly earnings at $1.05 per share on revenue of $1.11 billion. 
<h3>Companies Reporting After The Bell</h3>
• cbdMD (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/YCBD#AMEX">YCBD</a>) is projected to report quarterly earnings at $0.00 per share on revenue of $4.81 million. 
• Lennar (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>) is projected to report quarterly earnings at $4.26 per share on revenue of $10.08 billion. 
• Enerpac Tool Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPAC#NYSE">EPAC</a>) is expected to report quarterly earnings at $0.47 per share on revenue of $150.00 million. 
• Worthington Steel (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WS#NYSE">WS</a>) is likely to report quarterly earnings at $0.65 per share on revenue of $724.35 million. 
• Steelcase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCS#NYSE">SCS</a>) is likely to report quarterly earnings at $0.23 per share on revenue of $812.02 million. 
• Micron Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) is likely to report quarterly earnings at $1.76 per share on revenue of $8.55 billion. 
• MillerKnoll (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MLKN#NASDAQ">MLKN</a>) is projected to report quarterly earnings at $0.53 per share on revenue of $959.70 million. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

BIRK

EPAC

MLKN

TKLF

YCBD

Earnings Scheduled For December 18, 2024

<h3>Companies Reporting Before The Bell</h3>
• Kirkland's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KIRK#NASDAQ">KIRK</a>) is projected to report quarterly loss at $0.27 per share on revenue of $110.23 million. 
• SPDR Bloomberg Convertible Securities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWB#NYSE">CWB</a>) is likely to report quarterly earnings at $0.88 per share on revenue of $304.64 million. 
• Genesco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GCO#NYSE">GCO</a>) is expected to report quarterly earnings at $0.29 per share on revenue of $577.93 million. 
• LandBridge (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LB#NYSE">LB</a>) is projected to report quarterly earnings at $0.83 per share on revenue of $248.94 million. 
• BRP (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOOO#NASDAQ">DOOO</a>) is projected to report quarterly earnings at $0.50 per share on revenue of $1.36 billion. 
<h3>Companies Reporting After The Bell</h3>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

DOOO

KIRK

Earnings Scheduled For December 6, 2024

<h3>Companies Reporting Before The Bell</h3>
&bull; McEwen Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUX#NYSE">MUX</a>) is estimated to report quarterly loss at $0.28 per share on revenue of $71.72 million.
&bull; PropertyGuru Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGRU#NYSE">PGRU</a>) is estimated to report quarterly loss at $0.02 per share on revenue of $31.70 million.
&bull; Plug Power (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>) is projected to report quarterly loss at $0.44 per share on revenue of $236.44 million.
&bull; CSI Compressco (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCLP#NASDAQ">CCLP</a>) is projected to report earnings for its fourth quarter.
&bull; EchoStar (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SATS#NASDAQ">SATS</a>) is likely to report quarterly loss at $0.10 per share on revenue of $3.89 billion.
&bull; Rapid Micro Biosystems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RPID#NASDAQ">RPID</a>) is expected to report quarterly loss at $0.30 per share on revenue of $6.15 million.
&bull; Mammoth Energy Services (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TUSK#NASDAQ">TUSK</a>) is projected to report quarterly loss at $0.09 per share on revenue of $64.45 million.
&bull; Biodesix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BDSX#NASDAQ">BDSX</a>) is expected to report quarterly loss at $0.11 per share on revenue of $15.61 million.
&bull; Atlantica Sustainable (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AY#NASDAQ">AY</a>) is projected to report quarterly loss at $0.24 per share on revenue of $245.84 million.
&bull; Element Solutions (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESI#NYSE">ESI</a>) is likely to report earnings for its fourth quarter.
&bull; FuboTV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FUBO#NYSE">FUBO</a>) is likely to report quarterly loss at $0.31 per share on revenue of $397.66 million.
&bull; Amneal Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMRX#NASDAQ">AMRX</a>) is expected to report quarterly earnings at $0.09 per share on revenue of $634.23 million.
&bull; SPDR Bloomberg Convertible Securities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWB#NYSE">CWB</a>) is likely to report quarterly earnings at $0.91 per share on revenue of $294.78 million.
&bull; Banco Latinoamericano (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLX#NYSE">BLX</a>) is estimated to report earnings for its fourth quarter.
<h3>&nbsp;</h3>
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

AMRX

BDSX

CCLP

FUBO

PGRU

PLUG

RPID

SATS

TUSK

Earnings Scheduled For March 1, 2024

<h3>Companies Reporting Before The Bell</h3>
&bull; Hello Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MOMO#NASDAQ">MOMO</a>) is expected to report quarterly earnings at $0.35 per share on revenue of $417.20 million.
&bull; SPDR Bloomberg Convertible Securities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWB#NYSE">CWB</a>) is estimated to report quarterly earnings at $0.88 per share on revenue of $291.06 million.
&bull; Johnson Outdoors (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JOUT#NASDAQ">JOUT</a>) is likely to report quarterly loss at $0.32 per share on revenue of $121.09 million.
<h3>&nbsp;</h3>
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

JOUT

MOMO

Earnings Scheduled For December 8, 2023

<h3>Companies Reporting Before The Bell</h3>
&bull; Dingdong (Cayman) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DDL#NYSE">DDL</a>) is expected to report earnings for its second quarter.
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This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

Earnings Scheduled For September 1, 2023

<h3>Companies Reporting Before The Bell</h3>
&bull; LightInTheBox Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LITB#NYSE">LITB</a>) is estimated to report earnings for its first quarter.
&bull; Big Lots (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIG#NYSE">BIG</a>) is likely to report quarterly loss at $1.77 per share on revenue of $1.19 billion.
&bull; PDD Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) is projected to report quarterly earnings at $0.54 per share on revenue of $4.56 billion.
&bull; CNFinance Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNF#NYSE">CNF</a>) is projected to report earnings for its first quarter.
&bull; Canaan (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAN#NASDAQ">CAN</a>) is expected to report quarterly loss at $0.21 per share on revenue of $62.11 million.
&bull; Hibbett (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HIBB#NASDAQ">HIBB</a>) is projected to report quarterly earnings at $3.18 per share on revenue of $470.57 million.
&bull; Diana Shipping (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DSX#NYSE">DSX</a>) is projected to report quarterly earnings at $0.14 per share on revenue of $67.50 million.
&bull; Buckle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BKE#NYSE">BKE</a>) is expected to report quarterly earnings at $0.91 per share on revenue of $297.30 million.
&bull; SPDR Bloomberg Convertible Securities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWB#NYSE">CWB</a>) is expected to report quarterly earnings at $0.77 per share on revenue of $269.96 million.
&bull; Vascular Biogenics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VBLT#NASDAQ">VBLT</a>) is likely to report quarterly loss at $0.15 per share on revenue of $200 thousand.
&bull; Tempo Automation Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMPO#NASDAQ">TMPO</a>) is estimated to report quarterly loss at $0.24 per share on revenue of $2.90 million.
&bull; Forte Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBRX#NASDAQ">FBRX</a>) is estimated to report earnings for its first quarter.
&bull; Booz Allen Hamilton (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAH#NYSE">BAH</a>) is expected to report quarterly earnings at $0.94 per share on revenue of $2.39 billion.
<h3>Companies Reporting After The Bell</h3>
&bull; WidePoint (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/WYY#AMEX">WYY</a>) is projected to report earnings for its first quarter.
&bull; Polar Power (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POLA#NASDAQ">POLA</a>) is likely to report earnings for its first quarter.
&bull; Fortress Biotech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBIO#NASDAQ">FBIO</a>) is projected to report quarterly loss at $0.20 per share on revenue of $20.27 million.
&bull; Erasca (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ERAS#NASDAQ">ERAS</a>) is likely to report earnings for its first quarter.
&bull; Dawson Geophysical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DWSN#NASDAQ">DWSN</a>) is expected to report earnings for its first quarter.
&bull; Bridgeline Digital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLIN#NASDAQ">BLIN</a>) is likely to report quarterly loss at $0.04 per share on revenue of $4.05 million.
&bull; AST SpaceMobile (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASTS#NASDAQ">ASTS</a>) is expected to report earnings for its first quarter.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

ASTS

BLIN

DWSN

ERAS

FBIO

FBRX

HIBB

LITB

Citigourp Global Markets 2% Protected Notes Linked To The Djia

POLA

TMPO

VBLT

Earnings Scheduled For May 26, 2023

<h3>Companies Reporting Before The Bell</h3>
&bull; Cracker Barrel Old (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CBRL#NASDAQ">CBRL</a>) is projected to report quarterly earnings at $1.22 per share on revenue of $835.72 million.
&bull; Jianpu Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JT#NYSE">JT</a>) is estimated to report earnings for its third quarter.
&bull; Genesco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GCO#NYSE">GCO</a>) is expected to report quarterly earnings at $1.57 per share on revenue of $590.23 million.
&bull; SPDR Bloomberg Convertible Securities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWB#NYSE">CWB</a>) is projected to report quarterly earnings at $0.87 per share on revenue of $283.11 million.
&bull; EHang Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EH#NASDAQ">EH</a>) is expected to report quarterly loss at $0.08 per share on revenue of $2.72 million.
&bull; Kirkland&#39;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KIRK#NASDAQ">KIRK</a>) is estimated to report quarterly loss at $0.32 per share on revenue of $134.26 million.
<h3>&nbsp;</h3>
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

CBRL

Earnings Scheduled For December 2, 2022

&nbsp;
<h3>Companies Reporting Before The Bell</h3>
&bull; Ermenegildo Zegna (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZGN#NYSE">ZGN</a>) is expected to report earnings for its second quarter.
&bull; JinkoSolar Holding Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JKS#NYSE">JKS</a>) is expected to report quarterly earnings at $0.31 per share on revenue of $2.26 billion.
<h3>&nbsp;</h3>
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

Earnings Scheduled For August 26, 2022

&nbsp;
<h3>Companies Reporting Before The Bell</h3>
&bull; Listed Funds Trust Roundhill Cannabis ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/WEED#BATS">WEED</a>) is projected to report quarterly loss at $0.31 per share on revenue of $129.20 million.
&bull; SPDR Bloomberg Convertible Securities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWB#NYSE">CWB</a>) is expected to report quarterly earnings at $0.90 per share on revenue of $264.23 million.
&bull; Viomi Technology Co (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VIOT#NASDAQ">VIOT</a>) is projected to report earnings for its first quarter.
&bull; Hibbett (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HIBB#NASDAQ">HIBB</a>) is likely to report quarterly earnings at $3.08 per share on revenue of $427.66 million.
&bull; Canopy Gwth (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) is estimated to report quarterly loss at $0.25 per share on revenue of $101.98 million.
&bull; Big Lots (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIG#NYSE">BIG</a>) is projected to report quarterly earnings at $0.93 per share on revenue of $1.46 billion.
&bull; Meten Holding Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/METX#NASDAQ">METX</a>) is likely to report earnings for its first quarter.
&bull; Pinduoduo (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) is projected to report quarterly earnings at $0.25 per share on revenue of $3.05 billion.
&bull; iClick Interactive Asia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLK#NASDAQ">ICLK</a>) is projected to report quarterly loss at $0.04 per share on revenue of $53.77 million.
&bull; BIT Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTCM#NYSE">BTCM</a>) is estimated to report earnings for its first quarter.
&nbsp;
<h3>Companies Reporting After The Bell</h3>
&bull; Natuzzi (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NTZ#NYSE">NTZ</a>) is estimated to report earnings for its first quarter.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

Pre-Market Outlook

Markets

BTCM

ICLK

Meten EdtechX Education Group Ltd Ordinary Shares

METX

VIOT

WEED

Earnings Scheduled For May 27, 2022

&nbsp;
<h3>Companies Reporting Before The Bell</h3>
&bull; ACM Research (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACMR#NASDAQ">ACMR</a>) is estimated to report quarterly earnings at $0.64 per share on revenue of $89.53 million.
&bull; Ocugen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OCGN#NASDAQ">OCGN</a>) is estimated to report earnings for its fourth quarter.
&bull; First Trust Switzerland AlphaDEX Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSZ#NASDAQ">FSZ</a>) is estimated to report quarterly earnings at $0.41 per share on revenue of $197.84 million.
&bull; Carlyle Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CG#NASDAQ">CG</a>) is projected to report quarterly earnings at $0.19 per share on revenue of $292.14 million.
&bull; Uniti Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UNIT#NASDAQ">UNIT</a>) is expected to report quarterly earnings at $0.12 per share on revenue of $279.29 million.
&bull; Sprott (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SII#NYSE">SII</a>) is estimated to report quarterly earnings at $0.80 per share on revenue of $69.33 million.
&bull; ModivCare (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MODV#NASDAQ">MODV</a>) is expected to report quarterly earnings at $1.62 per share on revenue of $553.34 million.
&bull; Liberty Formula One Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FWONA#NASDAQ">FWONA</a>) is expected to report quarterly earnings at $0.12 per share on revenue of $728.61 million.
&bull; Evergy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVRG#NYSE">EVRG</a>) is projected to report quarterly earnings at $0.16 per share on revenue of $842.33 million.
&bull; SPDR Bloomberg Convertible Securities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWB#NYSE">CWB</a>) is estimated to report quarterly earnings at $0.97 per share on revenue of $268.25 million.
&bull; Grupo Televisa (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TV#NYSE">TV</a>) is expected to report quarterly earnings at $0.21 per share on revenue of $147.48 million.
&bull; Li Auto (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) is estimated to report quarterly loss at $0.04 per share on revenue of $1.59 billion.
&bull; Canadian Imperial Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CM#NYSE">CM</a>) is expected to report quarterly earnings at $3.67 per share on revenue of $5.21 billion.
&bull; Diana Shipping (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DSX#NYSE">DSX</a>) is expected to report quarterly earnings at $0.21 per share on revenue of $60.37 million.
&bull; Gray Television (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTN#NYSE">GTN</a>) is likely to report quarterly earnings at $0.21 per share on revenue of $669.43 million.
&bull; Calumet Specialty (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) is projected to report quarterly loss at $0.39 per share on revenue of $741.39 million.
&bull; Cinemark Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNK#NYSE">CNK</a>) is estimated to report quarterly loss at $0.13 per share on revenue of $601.29 million.
&bull; City Office REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIO#NYSE">CIO</a>) is expected to report quarterly loss at $0.06 per share on revenue of $41.19 million.
&bull; Foot Locker (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) is likely to report quarterly earnings at $1.44 per share on revenue of $2.33 billion.
&bull; Ecovyst (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ECVT#NYSE">ECVT</a>) is estimated to report quarterly earnings at $0.15 per share on revenue of $154.20 million.
&bull; ATI Physical Therapy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATIP#NYSE">ATIP</a>) is estimated to report quarterly loss at $0.08 per share on revenue of $156.91 million.
&bull; DT Midstream (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DTM#NYSE">DTM</a>) is estimated to report quarterly earnings at $0.84 per share on revenue of $216.62 million.
&bull; Centerra Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CGAU#NYSE">CGAU</a>) is estimated to report earnings for its fourth quarter.
&bull; Liberty SiriusXM Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSXMA#NASDAQ">LSXMA</a>) is likely to report quarterly earnings at $0.57 per share on revenue of $2.19 billion.
&bull; Liberty Formula One Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FWONK#NASDAQ">FWONK</a>) is expected to report quarterly earnings at $0.11 per share on revenue of $729.41 million.
&bull; Liberty Braves Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BATRA#NASDAQ">BATRA</a>) is projected to report quarterly loss at $0.34 per share on revenue of $67.00 million.
&bull; Summit Midstream Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMLP#NYSE">SMLP</a>) is likely to report quarterly loss at $0.68 per share on revenue of $82.50 million.
&bull; Ranpak Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PACK#NYSE">PACK</a>) is expected to report quarterly earnings at $0.08 per share on revenue of $108.60 million.
&bull; Biohaven Pharma Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHVN#NYSE">BHVN</a>) is expected to report quarterly loss at $2.04 per share on revenue of $173.69 million.
&bull; Northwest Natural Hldg (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NWN#NYSE">NWN</a>) is projected to report quarterly earnings at $1.28 per share on revenue of $270.12 million.
&bull; Orthofix Medical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OFIX#NASDAQ">OFIX</a>) is likely to report quarterly earnings at $0.13 per share on revenue of $124.87 million.
&bull; Nordic American Tankers (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NAT#NYSE">NAT</a>) is estimated to report quarterly loss at $0.12 per share on revenue of $21.10 million.
&bull; Liberty SiriusXM Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSXMK#NASDAQ">LSXMK</a>) is estimated to report quarterly earnings at $0.57 per share on revenue of $2.17 billion.
&bull; Icahn Enterprises (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IEP#NASDAQ">IEP</a>) is projected to report quarterly earnings at $0.13 per share on revenue of $2.47 billion.
&bull; LendingTree (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TREE#NASDAQ">TREE</a>) is projected to report quarterly loss at $0.30 per share on revenue of $259.26 million.
&bull; Starwood Property Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STWD#NYSE">STWD</a>) is expected to report quarterly earnings at $0.53 per share on revenue of $334.20 million.
&bull; Qurate Retail (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRTEA#NASDAQ">QRTEA</a>) is estimated to report quarterly earnings at $0.59 per share on revenue of $4.15 billion.
&bull; Liberty Broadband (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LBRDA#NASDAQ">LBRDA</a>) is expected to report quarterly earnings at $1.52 per share on revenue of $260.51 million.
&bull; Liberty Broadband (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LBRDK#NASDAQ">LBRDK</a>) is likely to report earnings for its fourth quarter.
&bull; Eos Energy Enterprises (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EOSE#NASDAQ">EOSE</a>) is likely to report quarterly loss at $0.46 per share on revenue of $3.37 million.
&bull; Rubius Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUBY#NASDAQ">RUBY</a>) is expected to report earnings for its fourth quarter.
&bull; Hyatt Hotels (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/H#NYSE">H</a>) is projected to report quarterly earnings at $0.27 per share on revenue of $1.76 billion.
&bull; Ocwen Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OCN#NYSE">OCN</a>) is projected to report quarterly earnings at $1.05 per share on revenue of $324.87 million.
&bull; US Silica Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLCA#NYSE">SLCA</a>) is likely to report quarterly loss at $0.29 per share on revenue of $255.55 million.
&bull; Immunogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMGN#NASDAQ">IMGN</a>) is likely to report quarterly loss at $1.71 per share on revenue of $25.65 million.
&bull; Granite Construction (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GVA#NYSE">GVA</a>) is estimated to report quarterly earnings at $0.36 per share on revenue of $960.70 million.
&bull; E W Scripps (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSP#NASDAQ">SSP</a>) is projected to report quarterly earnings at $0.55 per share on revenue of $625.52 million.
&bull; Vistra (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) is likely to report quarterly earnings at $1.60 per share on revenue of $6.01 billion.
&bull; Lamar Advertising (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAMR#NASDAQ">LAMR</a>) is estimated to report quarterly earnings at $1.18 per share on revenue of $473.38 million.
&bull; Strategic Education (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STRA#NASDAQ">STRA</a>) is expected to report quarterly earnings at $0.95 per share on revenue of $270.59 million.
&bull; Pinnacle West Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNW#NYSE">PNW</a>) is likely to report quarterly earnings at $0.06 per share on revenue of $659.69 million.
&bull; Sempra Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRE#NYSE">SRE</a>) is projected to report quarterly earnings at $2.00 per share on revenue of $3.55 billion.
&bull; Carter&#39;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRI#NYSE">CRI</a>) is estimated to report quarterly earnings at $2.06 per share on revenue of $1.03 billion.
&bull; Liberty Braves Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BATRK#NASDAQ">BATRK</a>) is estimated to report earnings for its fourth quarter.
&bull; Liberty TripAdvisor Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LTRPA#NASDAQ">LTRPA</a>) is likely to report earnings for its fourth quarter.
&bull; Qurate Retail (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRTEB#NASDAQ">QRTEB</a>) is expected to report earnings for its fourth quarter.
&nbsp;
<h3>Companies Reporting After The Bell</h3>
&bull; Diamond Hill Investment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DHIL#NASDAQ">DHIL</a>) is expected to report earnings for its fourth quarter.
&bull; Zomedica (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/ZOM#AMEX">ZOM</a>) is expected to report earnings for its fourth quarter.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

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Earnings Scheduled For February 25, 2022

&nbsp;
<h3>Companies Reporting Before The Bell</h3>
&bull; Bank of Montreal (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMO#NYSE">BMO</a>) is expected to report quarterly earnings at $3.21 per share on revenue of $6.59 billion.
&bull; Hibbett (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HIBB#NASDAQ">HIBB</a>) is likely to report quarterly earnings at $1.57 per share on revenue of $360.63 million.
&bull; Dole (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOLE#NYSE">DOLE</a>) is likely to report quarterly earnings at $0.60 per share on revenue of $2.27 billion.
&bull; RLX Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RLX#NYSE">RLX</a>) is projected to report earnings for its third quarter.
&bull; Genesco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GCO#NYSE">GCO</a>) is projected to report quarterly earnings at $1.29 per share on revenue of $575.57 million.
&bull; Big Lots (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIG#NYSE">BIG</a>) is likely to report quarterly loss at $0.16 per share on revenue of $1.32 billion.
&nbsp;
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

DOLE

Earnings Scheduled For December 3, 2021

&nbsp;
<h3>Companies Reporting Before The Bell</h3>
&bull; MOGU (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MOGU#NYSE">MOGU</a>) is expected to report earnings for its fourth quarter.
&bull; SPDR Bloomberg Barclays Convertible Securities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWB#NYSE">CWB</a>) is estimated to report quarterly earnings at $0.76 per share on revenue of $244.20 million.
&bull; Medicenna Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDNA#NASDAQ">MDNA</a>) is estimated to report earnings for its fourth quarter.
&bull; Hibbett Sports (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HIBB#NASDAQ">HIBB</a>) is projected to report quarterly earnings at $2.77 per share on revenue of $412.92 million.
&bull; Big Lots (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIG#NYSE">BIG</a>) is estimated to report quarterly earnings at $1.69 per share on revenue of $1.53 billion.
&bull; Caleres (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAL#NYSE">CAL</a>) is projected to report quarterly earnings at $0.03 per share on revenue of $573.10 million.

MDNA

MOGU

Earnings Scheduled For May 28, 2021

Investors looking for bonds that often feel like stocks can consider convertible bonds, which are easily accessible via the SPDR Bloomberg Barclays Convertible Securities ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cwb#NYSE">CWB</a>).
Convertible bonds are hybrid securities that give investors the option to convert those bonds into shares of common stock of the issuing company.
<h3>What Happened</h3>
Historically, convertible bonds have been among the best areas of the bond market to be involved with when interest rates rise, but CWB betrayed that reputation last year. Amid fears about the state of high-yield corporate debt and the fourth-quarter equity market plunge, CWB showed its correlation to equity market gyrations.
After slumping in the last three months of 2018, CWB finished the year lower by 2 percent compared to 0.1-percent gain for the Bloomberg Barclays U.S. Aggregate Index.
<h3>Why It&#39;s Important</h3>
The correlations between convertible debt and stocks can&#39;t be understated.
&ldquo;As the price of underlying stocks gets closer to or above the conversion price, the value of the convertible bond rises, becoming more sensitive to the change of the stock price and taking on more stock-like characteristics,&rdquo; <a href="https://global.spdrs.com/blog/post/2019/Mar/spotlight-on-convertible-securities.html">said State Street in a recent note</a>. &ldquo;When the stock price falls below the conversion price, the convertible behaves more like a bond, and its value does not fall as much as the stock because the coupon and principal value of the bond creates investment value.&rdquo;
Another element of the convertible game investors need to acknowledge is that convertibles are usually closer to junk bonds on the quality spectrum than they are to investment-grade corporate debt. CWB holds 174 bonds, 23.51 percent of which are rated below Baa and 56.67 percent of which are not rated, <a href="https://us.spdrs.com/en/etf/spdr-bloomberg-barclays-convertible-securities-etf-CWB">according to issuer data</a>. Investors, however, are compensated for that risk.
&ldquo;Because of the value of the option to convert, the yield of convertibles is usually lower than that of non-convertible corporate bonds from the same issuer,&rdquo; said State Street. &ldquo;However, the chart below shows that in the past 10 years, convertibles have provided a higher yield than either equities or the traditional core fixed income segment.&rdquo;
<h3>What&#39;s Next</h3>
While there is some risk associated with convertibles relative to Treasuries or investment-grade corporates, there are advantages compared to direct equity ownership.
&ldquo;Convertibles&rsquo; periodic fixed coupon payment and the return of the principal value at maturity (if not converted before maturity) can potentially provide downside risk mitigation that is absent in equities,&rdquo; according to State Street. &ldquo;Convertibles have experienced lower volatility and less drawdown than the broader equity market over the past 10 years.&rdquo;
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Bonds

Specialty ETFs

Trading Ideas

ETFs

A Bond ETF With An Equity Feel

Investors looking to add some spice their fixed-income portfolios, particularly during rising interest rate environments, can consider convertible bonds. Convertibles are hybrid securities because they are bonds with embedded options that allow investors to convert the bonds into equity in the issuing company.
The asset class is accessible via some exchange-traded funds, the dominant name of which is the SPDR Bloomberg Barclays Convertible Securities ETF (NYSE: <a class="ticker" href="/stock/cwb#NYSE">CWB</a>). CWB tracks the Bloomberg Barclays U.S. Convertible Bond &gt; $500MM Index, meaning the ETF only holds U.S. convertibles with outstanding issue sizes of $500 million or more.
&ldquo;As the price of underlying stocks gets closer to or above the conversion price, the value of the convertible bond rises, becoming more sensitive to the change of the stock price and taking on more stock-like characteristics,&rdquo; <a href="http://blog.spdrs.com/post/an-introduction-convertible-securities-part-1">said State Street Global Advisors</a> in a recent note. &ldquo;When the stock price falls below the conversion price, the convertible behaves more like a bond, and its value does not fall as much as the stock because the coupon and principal value of the bond creates investment value.&rdquo;&nbsp;
<h3>Advantages Of Convertibles</h3>
Due to the convertible mechanism, convertible bonds and CWB act more like stocks than most corners of the fixed-income market. CWB&#39;s year-to-date return of 11.5 percent actually puts the bond fund ahead of the S&amp;P 500 by about 60 basis points.
&ldquo;The option to convert to equities allows investors to participate in some of the upside of a rising equity market,&rdquo; said SSgA. &ldquo;Given that convertible financing is particularly attractive for growth companies, which tend to exhibit strong earnings and sales growth but with low cash flows, convertibles often provide growth-oriented exposure.&rdquo;
Due to the equity-esque nature of convertibles, duration, or a bond&#39;s sensitivity to interest rate changes, is not the issue it is with other types of bonds. In exchange for minimal rate risk, investors do incur some credit risk as about half of CWB&#39;s 92 holdings are rated Baa or lower.
<h3>Another Perk</h3>
CWB&#39;s 2.4 percent 30-day SEC yield can be exceeded in other, junkier corners of the bond market, but that is better than what investors will find on the S&amp;P 500.
&ldquo;Because of the value of the option to convert, the yield of convertibles is usually lower than that of nonconvertible corporate bonds from the same issuer,&rdquo; according to SSgA. &ldquo;However, the chart below shows that in the past 10 years, convertibles have provided a higher yield than both equities or the traditional core fixed income segment, as represented by the Bloomberg Barclays US Aggregate Index.&rdquo;
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Convertible Collection: A Different Fixed-Income ETF

Plenty of fixed income exchange-traded funds are benefiting from the Federal Reserve&#39;s reluctance to raise interest rates this year. That group includes, but is not limited to U.S. government bond funds, emerging markets debt ETFs and high-yield corporate bond offerings.

	Predictably, the corners of the bond market and the ETFs offering exposure to those areas that would be alright with higher interest rates are being pinched. That includes convertible bonds and ETFs such as the SPDR Barclays Capital Convertible SecETF (NYSE: <a class="ticker" href="/stock/cwb#NYSE">CWB</a>), the largest ETF dedicated to convertible bonds.

	&ldquo;Convertible bonds are a type of hybrid fixed-coupon security that allow the holder the option to swap the bond security for common or preferred stock at a specified strike price. Due to the bond&rsquo;s equity option, convertible bonds typically pay less interest than traditional corporate bonds,&rdquo; according to <a href="http://www.etftrends.com/2016/02/give-the-convertible-bond-etf-a-look/">ETF Trends</a>.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/top-stories/16/04/7873105/poll-economists-expect-next-fed-rate-hike-in-june">Poll: Economists Expect Next Fed Rate Hike In June</a></bzrelatedlink>

	CWB shareholders do not see their positions in the ETF converted to equity in the issuers found in the fund. Historical data indicate that in previous periods of tightening by the Fed, convertibles were the best-performing part of the fixed income universe, so it stands to reason that with the Fed not raising rates, this asset class is struggling.

	&ldquo;While investors have shown willingness to return to corporate bond and equity funds as both asset classes rebounded from their lows, the added complexity around convertible bonds looks to have put off investors. The eight convertible bond ETFs globally have continued to see strong outflows in the eight weeks since the market started to rally in mid-February. Convertible bond ETFs saw $173 million of outflows in the opening quarter, which is the third straight quarterly outflow for the asset class,&rdquo; said Markit <a href="http://www.markit.com/Commentary/Get/21042016-Credit-Convertible-bonds-fall-out-of-favour">in a new research note</a>.

	The research firm points out that although CWB is higher year-to-date, the ETF is trailing the S&amp;P 500 and traditional investment-grade corporate bond ETFs, such as the iShares iBoxx $ Invest Grade Corp Bd Fd (NYSE: <a class="ticker" href="/stock/lqd#NYSE">LQD</a>).

	What investors need to realize about convertibles is that they&#39;re a two-way street. These securities allow holders to convert into common shares at prices below the current market price. That&#39;s great for the holders, but converted bonds or preferred shares mean new common shares added to the shares outstanding total, which is to say convertibles dilute existing shareholders. The bigger the dilution, the worse the impact on the stock&#39;s price.

	For now, it is Fed policy that is likely to dictate CWB and rival convertible ETFs.

	CWB &ldquo;outflows represent 5 percent of the assets managed by these ETFs at the start of the year and contrast with the ytd inflows seen into equity funds and those into the wider corporate bond asset class which underpins how unpopular convertible bonds have become in the current market,&rdquo; added Markit.

Short Ideas

Federal Reserve

Fed Pain For These Bond ETFs

With the S&amp;P 500 down nearly nine percent year-to-date, it is not surprising that investors are favoring fixed income exchange traded funds. Nor is it surprising that bond ETFs with perceived correlations to equities, such as convertible and high-yield corporate funds, are out of favor compared to their U.S. government debt counterparts.

	For example, the SPDR Barclays Convertible ETF (NYSE: <a class="ticker" href="/stock/cwb#NYSE">CWB</a>) is lower by more than 9 percent this year. A &quot;convertible security&quot; is a security - usually a bond or a preferred stock - that can be converted into a different security - typically shares of the company&#39;s common stock, <a href="http://www.sec.gov/answers/convertibles.htm">according to the SEC</a>.

	CWB, which debuted nearly seven years ago, has some competitors, but with over $2.1 billion in assets under management, the fund is the undisputed king of convertible bond ETFs.

	What investors need to realize about convertibles is that they&#39;re a two-way street. These securities allow holders to convert into common shares at prices below the current market price. That&#39;s great for the holders, but converted bonds or preferred shares mean new common shares added to the shares outstanding total, which is to say convertibles dilute existing shareholders. The bigger the dilution, the worse the impact on the stock&#39;s price.

	&ldquo;Within portfolios, many investors are looking for diversification, and convertible securities can offer that across both the fixed income and equity spectrums. Historically, convertible securities have been shown to have lower risk&mdash;but lower returns&mdash;than a stock. At the same time, they tend to have higher returns&mdash;but higher risk&mdash;than a bond. This allows convertibles to be a strong diversifier within an investor&rsquo;s asset allocation process,&rdquo; said State Street Vice President David Mazza <a href="http://blog.spdrs.com/post/convertible-securities-101-convertible-securities-series-part-1">in a recent note</a>.

	Convertibles often sport prices slightly above those of comparable corporate bonds because the option to convert itself has value. While an ETF such as CWB is not considered a junk bond fund, its credit quality is not as high as traditional investment-grade corporate bond ETFs. For example, nearly 35 percent of CWB&#39;s 100 holdings are rated below Baa, <a href="https://www.spdrs.com/product/fund.seam?ticker=CWB">according to issuer data</a>.

	However, investors are compensated for that credit risk.

	&ldquo;While convertible securities typically pay a higher coupon than the related equity dividend, they also move the investor higher up the capital structure than being an equity holder. In the event of default, bondholders are paid out before holders of the same company&rsquo;s stock,&rdquo; adds Mazza.

	A significant part of CWB&#39;s allure is that convertibles are usually the best-performing corner of the fixed income universe in rising rate environments, indicating that CWB would like to see the Federal Reserve boost rates a few times this year.

Make The Convertible Call With This ETF

Not all fixed-income investors are destined to tumble when interest rates rise. In fact some bonds, actually thrive when rates move higher. Case and point: Convertible bonds and now investors have another convertibles exchange traded fund to consider.

	First Trust, the sixth-largest U.S. issuer of ETFs, introduced the actively managed First Trust SSI Strategic Convertible Securities ETF (NASDAQ: FCVT) on Wednesday.

	&quot;During a shift in the economic climate, convertible securities may offer investors an attractive total return investment option with potentially meaningful participation in equity returns, current income, and a degree of principal protection,&quot;&nbsp;<a href="http://www.businesswire.com/news/home/20151102006854/en">according to a statement</a> issued by First Trust.
<h3>
	What Are Convertible Bonds?</h3>

	Convertible bonds earn that moniker because they can be converted into shares of the issuer&#39;s common equity. Convertibles, which are seen as having equity-like traits, have actually outperformed stocks during periods of rising rates as well being the top-performing fixed income asset class in rising rate environments. The embedded conversion option in convertible bonds mutes their sensitivity to higher interest rates.

	Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/11/5961111/yellen-holds-the-cards-for-rate-sensitive-etfs">Yellen Holds The Cards For Rate-Sensitive ETFs</a>

	California-based SSI Investment Management Inc. is the sub-adviser for the First Trust SSI Strategic Convertible Securities ETF. Although 10-year Treasury yields now reflect market participants&#39; expectations that the Federal Reserve will raise interest rates in December, bond ETFs have been prolific asset gatherers this year.

	&quot;In the first nine months of 2015, investors added $7.7 billion to investment-grade corporate bond ETFs. While we think demand for high-quality fixed-income securities is strong, in light of modest Treasury yields, while in our view inflows have also been aided by actions banks have taken to reduce inventories of bonds Available for Sale,&quot; said <a href="http://trymsatoday.com/">S&amp;P Capital IQ</a> in a research <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/10/5905516/forget-the-fed-investors-are-loving-bond-etfs">note out</a><a href="http://www.benzinga.com/trading-ideas/long-ideas/15/10/5905516/forget-the-fed-investors-are-loving-bond-etfs"> last month</a>.
<h3>
	Next In Line</h3>

	Illinois-based First Trust is the second-largest issuer of actively managed ETFs, trailing only PIMCO. First Trust has $2.73 billion in active assets under management, good for 12.5 percent of the share of the U.S. actively managed ETF market, <a href="http://alphabaskets.com/advisorshares-active-etf-market-share-update-week-ending-10302015/">according to AdvisorShares data</a>.

	Any new entrant to the convertible bond ETF faces stiff competition from the king of the group, the $2.7 billion SPDR Barclays Convertible Securities ETF (NYSE: <a class="ticker" href="/stock/cwb#NYSE">CWB</a>). The SPDR Barclays Convertible Securities ETF, which debuted six and a half years ago, is passively managed and has a 30-day SEC yield of 2.81 percent.

New ETFs

Getting Active With Convertible Bonds

Up until this week, finding an index of convertible bonds has been limited to just a single participant in the exchange-traded fund world. The SPDR Barclays Convertible Securities ETF (NYSE: <a class="ticker" href="/stock/cwb#NYSE">CWB</a>) debuted in 2009 and has been able to successfully gather over $3 billion in total assets.
<h3>Convertible Bonds</h3>
	CWB invests in a basket of 100 convertible securities with outstanding issue sizes greater than $500 million. State Street defines convertible securities as &quot;bonds that can be exchanged, at the option of the holder, for a specific number of shares of the issuer&#39;s preferred stock (&#39;Preferred Securities&#39;) or common stock.&quot;

	These securities essentially function as a hybrid debt and equity instrument that can take on characteristics of each asset class. For this reason, convertible bonds are considered an alternative income solution that is prized for a low overall sensitivity to interest rates.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/pressreleases/15/06/b5568299/bats-exchange-welcomes-the-ishares-convertible-bond-etf">BATS Exchange Welcomes The iShares Convertible Bond ETF</a></bzrelatedlink>
<h3>New Peer In Town: iShares Convertible Bond ETF</h3>
	Barclays has opted to introduce a competing fund this month that will give ETF investors another income option to consider. The iShares Convertible Bond ETF (ICVT) carries exposure to 137 convertible bonds with issue sizes greater than $250 million. ICVT is currently available trading on the BATS exchange.

	The underlying index that ICVT tracks will allow for smaller companies to be admitted than the larger issue size restrictions imposed by CWB. This lower band will broaden the universe of available bonds for entry into the ICVT index and ultimately create a more diversified mix of securities.

	At launch, this ETF has top holdings in convertible bonds from Intel Corporation (NASDAQ: <a class="ticker" href="/stock/intc#NASDAQ">INTC</a>), Telsa Motors Inc (NASDAQ: <a class="ticker" href="/stock/tsla#NASDAQ">TSLA</a>) and Priceline Group Inc (NASDAQ: <a class="ticker" href="/stock/pcln#NASDAQ">PCLN</a>).
<h3>Sector Weight</h3>
	The technology sector represents 39 percent of the exposure in ICVT, with consumer staples companies making up an additional 20 percent. In addition, this new ETF will charge a net expense ratio of 0.35 percent compared to 0.40 percent in CWB.
<h3>Broad Look At Fixed-Income Markets</h3>
	Despite the volatility in many areas of the fixed-income markets this year, CWB has charted a relatively steady course and gained more than 5 percent in total return.&nbsp;

	This unique area of the income marketplace may warrant greater attention in coming years as ETF investors face the threat of rising interest rates weighing on prices of traditional fixed-income securities.
Image Credit: <a href="http://pixabay.com/en/hyacinth-flower-fragrant-flower-772390/">Public Domain</a>

INTC

PCLN

TSLA

iShares Rolls Out New Convertible Bond ETF

The leading developer of liquid alternative investment products, <a href="http://www.indexiq.com">IndexIQ</a>, launched two new ETFs Tuesday. The IQ Hedge Long/Short Tracker ETF (NYSE: QLS) and the IQ Hedge Event-Driven Tracker ETF (NYSE: QED), are the fifth and sixth additions to IndexIQ&#39;s hedge fund replication product portfolio.
<h3>
	Hedge Fund Replication Product Portfolio</h3>

	With the addition of the two new ETFs, IndexIQ has covered the four major hedge fund categories (equity hedge or long/short, event-driven, market neutral and global macro).

	The new ETFs aim to provide investment results similar to that of a hedge fund; however, they offer high liquidity. This is a luxury that is not usually afforded in the alternative investment world, as investors&#39; money is typically locked up for a period of time.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/etfs/specialty-etfs/15/03/5333884/2-new-super-dividend-etfs">2 New Super-Dividend ETFs</a></bzrelatedlink>

	Both ETFs use a series of short and long positions to take a position on one side, while hedging on the other side to hedge in the event of a market move in an unexpected direction. The new ETFs, along with IndexIQ&#39;s existing products, allow investors to create a hedge fund style portfolio with lower costs and more liquid ETFs.
<h3>
	IQ Hedge Long/Short Tracker ETF</h3>

	QLS is made up of 18 long and 21 short ETFs, for a total of 39 positions. The ETF seeks to provide performance similar to a long/short hedge fund with low correlation to the equity market.

	The top individual holdings include:
<ul>
<li>
		PowerShares Exchange-Traded Fund Trust II (NYSE: <a class="ticker" href="/stock/bkln#NYSE">BKLN</a>) with a 29.7 percent holding</li>
<li>
		iShares IBoxx $ Invest Grade Corp Bd Fd (NYSE: <a class="ticker" href="/stock/lqd#NYSE">LQD</a>) making up 12.9 percent of the ETF</li>
<li>
		iShares Russell 2000 Growth Index (ETF) (NYSE: <a class="ticker" href="/stock/iwo#NYSE">IWO</a>) coming in at 10.9 percent</li>
</ul>

	The largest short position is the iShares MSCI Emerging Markets Indx (ETF) (NYSE: <a class="ticker" href="/stock/eem#NYSE">EEM</a>) at 9.8 percent allocation.

	QLS began trading Tuesday at $20 and has an expense ratio of 1.10 percent.
<h3>
	IQ Hedge Event-Driven Tracker ETF</h3>

	QED is made up of 20 ETFs with nine long positions and 11 short positions. The ETF seeks to provide investment results similar to hedge funds that use an event-driven strategy.

	The top individual holding include:
<ul>
<li>
		SPDR Barclays Convertible SecETF (NYSE: <a class="ticker" href="/stock/cwb#NYSE">CWB</a>) making up 42 percent of the ETF</li>
<li>
		Vanguard Total Bond Market ETF (NYSE: <a class="ticker" href="/stock/bnd#NYSE">BND</a>) at 21.4 percent</li>
<li>
		iShares Barclays Aggregate Bond Fund (NYSE: <a class="ticker" href="/stock/agg#NYSE">AGG</a>) totaling 19.8 percent</li>
</ul>

	The largest short position is the iShares S&amp;P 500 Growth Index (ETF) (NYSE: <a class="ticker" href="/stock/ivw#NYSE">IVW</a>) with a 7.6 percent holding.

	The new ETF began trading Tuesday at $20 and has an expense ratio of 1.00 percent.

Sector ETFs

BKLN

2 New ETFs Going After Hedge Funds

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