ETF Evaluator:
iShares Convertible Bond ETF (ICVT)
Follow This ETF
(as of Jul 31)
Best Performing in Convertibles Over the Last Year
| 62.9% | Calamos Convertible Equity Alt ETF (CVRT) |
| 40.7% | First Trust SSI Strat Convert Secs ETF (FCVT) |
| 37.0% | iShares Convertible Bond ETF (ICVT) |
| 36.4% | Convertibles () |
| 32.4% | State Street® SPDR® Blmbg Cnvrt Secs ETF (CWB) |
Risk
Index
Risk
Index
ETF Details
iShares Convertible Bond ETF Overview
iShares Convertible Bond ETF (ICVT) is a passively managed Allocation Convertibles exchange-traded fund (ETF). iShares launched the ETF in 2015.
The investment seeks to track the investment results of the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index (the "underlying index").
The fund will invest at least 80% of its assets in the component securities of the underlying index, and it will invest at least 90% of its assets in fixed income securities of the types included in the underlying index that BFA believes will help the fund track the underlying index. The underlying index is a subset of the Bloomberg U.S. Convertibles: Cash Pay Bonds Index, which measures the performance of the U.S. dollar-denominated convertibles market.
About iShares Convertible Bond ETF (ICVT)
There are 3 members of the management team with an average tenure of 4.30 years: James Mauro (2015), Jonathan Graves (2025) and Marcus Tom (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Universal TR USD index with a weighting of 100% and Bloomberg US CnvtblsCsh Py>$250mn TR USD index with a weighting of 100%. iShares Convertible Bond ETF has 375 securities in its portfolio. The top 10 holdings constitute 14.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
iShares Convertible Bond ETF is part of the Hybrid Securities global asset class and is within the Allocation ETF group. iShares Convertible Bond ETF has 1.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.1% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 16.1% (14.8% domestic bond, 1.2% foreign bond and 81.8% convertible bond). iShares Convertible Bond ETF has 2.0% of the portfolio in cash.
Assets Under Management
The fund has $7 billion in total assets, which is above the $2 billion average for the Convertibles category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ICVT Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The iShares Convertible Bond ETF expense ratio is below average compared to funds in the Convertibles category. iShares Convertible Bond ETF has an expense ratio of 0.20%, which is 68% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. iShares Convertible Bond ETF has a portfolio turnover rate of 25%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 79% for the Convertibles category.
Recently, in the month of June 2026, iShares Convertible Bond ETF returned 0.8%, which earned it a grade of C, as the Convertibles category had an average return of 0.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
iShares Convertible Bond ETF has a trailing yield of 1.31%, which is below the 1.35% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
iShares Convertible Bond ETF Grades
Year to date, the ETF has returned 24.3%, 2.1 percentage points better than the category, which translates into a grade of C. The fund has returned 37.0% over the past year (grade of C), 19.2% over the past three years (grade of C) and 6.8% per year over the past five years (grade of C) and 14.0% per year over the past 10 years (grade of A).
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ICVT Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ICVT Return (NAV) | 0.8% | 19.7% | 37.0% | 19.2% | 6.8% | 14.0% |
| ICVT Return (Price) | 1.0% | 20.0% | 37.3% | 19.2% | 6.9% | 14.2% |
| NAV +/- Price Return | -0.189% | -0.290% | -0.247% | 0.016% | -0.071% | -0.192% |
| Convertibles Avg | 0.6% | 17.3% | 36.4% | 19.0% | 6.8% | 13.1% |
| ICVT Grade (NAV) | C | C | C | C | C | A |
| +/- Category (NAV) | 0.2% | 2.4% | 0.6% | 0.3% | 0.1% | 0.9% |
| ICVT Tax-Cost Ratio | na | na | 0.6% | 0.8% | 1.1% | 1.2% |
ICVT Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ICVT Return (NAV) | 24.3% | 17.9% | 10.7% | 15.3% | -20.9% | -0.3% | 61.7% | 22.2% | -0.8% | 15.6% | 11.1% |
| ICVT Return (Price) | 24.3% | 18.1% | 10.6% | 15.3% | -20.7% | -0.5% | 61.0% | 21.8% | -0.3% | 16.4% | 9.7% |
| NAV +/- Price Ret | -0.002% | 0.013% | -0.007% | 0.003% | -0.010% | 0.738% | -0.011% | -2.0% | -60.3% | 4.7% | -12.4% |
| Convertibles Avg | 22.3% | 20.9% | 11.5% | 12.2% | -20.6% | 1.9% | 55.4% | 22.4% | -1.6% | 15.2% | 9.5% |
| ICVT Grade (NAV) | C | D | D | A | F | F | A | F | A | C | A |
| +/- Category | 2.1% | -3.1% | -0.8% | 3.1% | -0.3% | -2.2% | 6.2% | -0.2% | 0.7% | 0.5% | 1.7% |
| Risk Measures | |
| Beta: | 1.06 |
| R-Squared: | 67% |
| Standard Deviation: | 12.0% |
| Category Risk Index: | 0.95 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 0.99 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 1.3% |
| Total Assets: | $ 7,533 Mil |
| Share Class Assets: | $ 7,533 Mil |
| Turnover: | 25.0% |
| Expense Ratio: | 0.20% |
| Index Fund: | Yes |
| Index Tracked: | Bloomberg US Universal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 11.1 years | |||
| Average Tenure: 4.3 years | |||
| Managers (Year): Mauro James (2015), Graves Jonathan (2025), Tom Marcus (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 375 |
| % in Top 10 Holdings: | 14.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 14.8% |
| Foreign Bond: | 1.2% |
| Convertible Bond: | 81.8% |
| Other: | 0.0% |
| Cash: | 2.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | iShares |
| Phone Number: | 800-474-2737 |
| Website: | au.ishares.com |
| Inception Date: | June 2, 2015 |
Expenses and Fees
| Expense Ratio (%): | 0.20% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.62% |
