At a glance
CVMC charges 0.15% a year, below the 0.17% average of the 8 funds most like it (the 4th cheapest of 9). It has $102.8M in assets, the 9th largest of that group; it paid 1.21% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +18.6% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +21.1% a year. Its ten largest positions make up 5.3% of the fund, out of 596 in all.
The short version
Calvert US Mid-Cap Core Responsible Index ETF (CVMC) tracks a Calvert index of about 600 mid-size US companies that meet Calvert's environmental, social and governance (ESG) standards. Its 0.15% expense ratio is just below the 0.17% average of similar funds. It is well above the 0.04% charged by Vanguard Mid-Cap ETF (VO). With about $103 million in net assets as of June 30, 2026, it is much smaller than its rivals.
Price history
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CVMC +18.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CVMC official prospectus, to Dec 31, 2025 | — | +9.39% | — | — | — | +10.28% |
| S&P 500® Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +17.88% | — | — | — | +21.78% |
| Calvert US Mid-Cap Core Responsible Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +9.60% | — | — | — | +10.52% |
| Russell Midcap® Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +10.60% | — | — | — | +12.42% |
| CVMC price data to Oct 27, 2026 | +18.7% | +18.6% | +21.1% | — | — | +12.0% |
- Over the year to Oct 27, 2026, CVMC returned +18.6%, 3rd of 9 among similar funds.
- Its worst full calendar year was 2025 (+9.5%); its best was 2024 (+12.6%).
- The deepest fall in its price history was 22.5% (Nov 25, 2024 to Apr 8, 2025), recovered by Aug 22, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.7% | — |
| 2025 | +9.5% | +9.39% |
| 2024 | +12.6% | +12.57% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6200 | |
| 2025 | $0.8900 | +23.6% |
| 2024 | $0.7200 |
What's inside
As of Jun 30, 2026, the fund held 596 securities; the ten largest made up 5.35% of assets.
| Holding | Weight | |
|---|---|---|
| Teradyne, Inc. | 0.65% | |
| Delta Air Lines, Inc. | 0.54% | |
| PACCAR, Inc. | 0.53% | |
| Hewlett Packard Enterprise Co. | 0.52% | |
| Flex Ltd. | 0.52% | |
| Sempra | 0.52% | |
| Keysight Technologies, Inc. | 0.52% | |
| Carrier Global Corp. | 0.52% | |
| Arthur J Gallagher & Co. | 0.52% | |
| WW Grainger, Inc. | 0.51% | |
| Dominion Energy, Inc. | 0.51% | |
| Target Corp. | 0.50% | |
| Realty Income Corp. | 0.50% | |
| Rockwell Automation, Inc. | 0.49% | |
| AMETEK, Inc. | 0.49% |
By country
United States 94.69%Ireland 1.39%Bermuda 0.98%Singapore 0.52%Switzerland 0.4%By asset type
Stocks 99.44%By sector
Sectors of the companies held, for the 41.9% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $4.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.09%, +4.14%, +5.10%.
How it works
CVMC is an index fund. It aims to track the Calvert US Mid-Cap Core Responsible Index, which is owned by Calvert Research and Management, an affiliate of the fund's adviser. The index starts with the 1,000 largest US public companies by market value. It then drops roughly the 200 largest, plus any business development companies (firms that lend to smaller private businesses). It keeps only companies that Calvert judges to be run in line with the Calvert Principles for Responsible Investment. These principles cover environmental sustainability, human rights, and accountable governance and transparency. As of September 30, 2025, the index held 627 companies worth about $3.28 billion to $72.48 billion each.
Each stock's weight depends on its float-adjusted market value (counting only shares available to trade) within its sector, subject to set limits. That keeps single positions small. As of June 30, 2026, the largest holding, Teradyne, was 0.65% of the fund, and the top 10 together made up just 5.35%. The index is reconstituted once a year and rebalanced every quarter. Portfolio turnover was 24%.
The fund uses replication, meaning it holds every stock in the index in roughly the same proportions. It may also lend out its securities. It does not use leverage or options. If its assets ever fell below $5 million, it could switch to holding a representative sample instead.
What it really costs
- CVMC charges 0.15% a year, versus an average of 0.17% for the similar funds below (4th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CVMC | $15 | $48 | $85 | $192 |
In a retirement portfolio
It adds mid-size US companies that large-cap funds hold little of, though it is still a stock fund that moves with the market.
CVMC could add mid-size US companies to a portfolio built mostly around large-cap funds. The fund launched on January 30, 2023, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 22.5%, from November 25, 2024 to April 8, 2025. It got back to its old high by August 22, 2025, about 4.5 months later. Anyone drawing money during a slide like that would have been taking it out at lower prices. It has only two full calendar years of results. The weaker one, 2025, still gained 9.39%, behind the Russell Midcap Index's 10.6%. The trailing 12-month yield was 1.21% as of October 27, 2026, paid quarterly, so it is not an income fund. Costs are low: the SEC's standard example puts costs at $192 over 10 years on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want mid-size US companies screened by Calvert's ESG principles, at a 0.15% expense ratio, below the 0.17% average for similar funds.
- Those who prefer a widely spread portfolio: 596 holdings, with the top 10 making up just 5.35% as of June 30, 2026.
- Long-term holders adding mid-caps next to a large-cap core who could live with drops like the 22.5% fall from November 2024 to April 2025.
Look elsewhere if
- Cost-focused investors without an ESG preference: Vanguard Mid-Cap ETF (VO) and iShares Morningstar Mid-Cap ETF (IMCB) each charge 0.04%.
- Those who want a long track record: the fund launched in January 2023 and has no history through the 2008, 2020 or 2022 downturns.
- Investors wary of small funds: about $103 million in net assets as of June 30, 2026, the smallest among the nine funds compared.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CVMC this fund | — | 0.15% | $102.8M | +18.6% | +21.1% |
| IWS iShares Russell Mid-Cap Value ETF | 67% | 0.23% | $15.65B | +25.6% | +20.7% |
| IWR iShares Russell Midcap ETF | 64% | 0.19% | $56.98B | +16.6% | +19.3% |
| AVMC Avantis U.S. Mid Cap Equity ETF | 63% | 0.18% | $495.9M | +13.5% | — |
| JHMM John Hancock Multifactor Mid Cap ETF | 63% | 0.42% | $5.81B | +13.2% | +19.7% |
| IMCB iShares Morningstar Mid-Cap ETF | 48% | 0.04% | $1.66B | +18.7% | +22.2% |
| VO Vanguard Mid-Cap ETF | 48% | 0.04% | $224.06B | +15.5% | +20.7% |
| SIZE iShares MSCI USA Size Factor ETF | 45% | 0.15% | $428.8M | +12.2% | +19.6% |
Questions investors ask
What does CVMC invest in?
CVMC holds mid-size US company stocks that pass Calvert's ESG screen. It tracks the Calvert US Mid-Cap Core Responsible Index, which picks from the 1,000 largest US companies but leaves out roughly the 200 biggest. As of June 30, 2026, the fund had 596 holdings. The largest were Teradyne, Delta Air Lines, PACCAR, Hewlett Packard Enterprise and Flex, each about 0.5% to 0.65% of the fund.
What is the CVMC expense ratio?
CVMC's expense ratio is 0.15%, according to its prospectus filed January 28, 2026. That is a little below the 0.17% average for similar mid-cap funds, but well above the 0.04% charged by Vanguard Mid-Cap ETF (VO) and iShares Morningstar Mid-Cap ETF (IMCB). In the SEC's standard example, $10,000 invested would cost about $15 over one year, $85 over five years and $192 over 10 years.
What's the difference between CVMC and IWR?
The main difference is the ESG screen. iShares Russell Midcap ETF (IWR) holds the broad Russell Midcap Index with no ESG filter, and charges 0.19% against CVMC's 0.15%. About 64% of their holdings overlap. IWR is also much larger, with about $57 billion in net assets versus CVMC's $103 million as of June 30, 2026. CVMC returned 18.6% over one year to October 27, 2026. IWR returned 17.2% over one year to October 30, 2026.
Does CVMC pay dividends?
Yes, CVMC pays dividends quarterly. Its trailing 12-month yield was 1.21% as of October 27, 2026, or about $0.91 per share. The dividends come from the mid-size companies it owns, and the yield is modest. That makes it more of a growth holding than an income fund for someone who depends on regular payouts.
How has CVMC performed since launch?
CVMC returned 10.28% a year from its January 2023 launch through December 31, 2025, its prospectus shows. That was slightly behind its own index's 10.52% and behind the Russell Midcap Index's 12.42%. It gained 12.57% in 2024 and 9.39% in 2025. Based on price returns, it was up 18.7% in 2026 through October 27, 2026. Its three-year annualized return to that date was 21.1%.