CVBX is a series of indices, each consisting of 100 convertible securities, designed to provide a broad representation of the US convertible bond market. The CVBX is accompanied by a series of delta-hedged, total-return stock indices or CVEX, each corresponding to a specific CVBX series.
A new series is issued every six months to represent the most current composition of the convertible bond market. Each series is cash settled every six months and issues are removed based on corporate events or hard-to-borrow cases, and matures two years from inception.
Total return of the index includes market value changes, coupon payments and other interim cashflows (such as conversion, call exercise, matured obligations, and other events).
CVEX is the tradable form of the iBoxx USD Liquid Convertible Bond Delta Hedging Index. It includes the same 100 names as in the CVBX and can be used to hedge bond exposure.
Additional details on the creation of each index can be found in the rules document.