Calvert Ultra-Short Investment Grade ETF

Calvert Ultra-Short Investment Grade ETF (CVSB) is an actively managed bond fund. It holds investment-grade, short-term corporate, government and asset-backed bonds, and it keeps average duration, a measure of how sensitive prices are to interest rates, at one year or less. It screens issuers with Calvert's ESG criteria and must keep more than 25% of its assets in bank debt. Its 0.24% annual fee is above the 0.19% average for similar funds.

• Over the year to Oct 27, 2026, CVSB returned +3.7%, 5th of 8 among similar funds.
• Its worst full calendar year was 2025 (+4.9%); its best was 2024 (+6.2%).
• The deepest fall in its price history was 0.6% (Nov 7, 2024 to Nov 11, 2024), recovered by Dec 23, 2024.

As of Jun 30, 2026, the fund held 245 securities; the ten largest made up 23.95% of assets, and 8.93% sat in cash and money-market holdings.

The bonds mature in 6.5 years on average (weighted by size), with an average coupon of 4.27%.

• Over the three months to Jun 30, 2026, investors added a net $13.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.39%, +0.39%, +0.29%.

CVSB does not track an index. Managers at Calvert Research and Management choose the bonds; Morgan Stanley is listed as the fund's issuer. At least 80% of net assets goes into investment-grade, short-term fixed, variable and floating-rate securities. Investment grade means a credit rating of BBB- or higher from S&P or an equivalent agency, checked when the bond is bought. Average duration normally stays at one year or less. It can run longer when rates and credit spreads swing sharply.

The fund mainly holds US corporate bonds, Treasuries and debt from agencies such as Fannie Mae and Freddie Mac. Up to 50% can go into mortgage-backed and other asset-backed securities, and up to 25% into foreign debt. More than 25% of total assets must be in the banking industry. As of June 30, 2026, a US Treasury note was the largest position at 10.5%. Bonds from JPMorgan Chase, Bank of America, Citigroup and Wells Fargo came next. Calvert's ESG analysts review issuers using the Calvert Principles for Responsible Investment. A bond may be sold if its issuer stops meeting those standards.

The managers also shift between sectors and look for bonds they see as good value. The prospectus reports portfolio turnover of 134%. They use Treasury futures to adjust duration and may use currency forward contracts to hedge foreign holdings. CVSB is not a money market fund. Its share price moves and is not held steady.

• CVSB charges 0.24% a year, versus an average of 0.19% for the similar funds below (6th of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $25 in the first year and $306 over 10 years (assuming a 5% annual return).

Its holdings are short-term and investment grade, and its price has barely moved since launch, so it can hold money that may be needed soon.

CVSB could hold a cash reserve for the next year or two. It carries more risk than a money market fund, because its price can move. It launched in January 2023, so it has no record from the 2008, 2020 or 2022 market drops. Its weakest calendar year so far was 2025, and that was still a gain of about 5%. Its deepest decline was 0.6%, from November 7 to November 11, 2024, and it had recovered by December 23, 2024. That is reassuring for someone who may need to sell in a bad year. Still, its large stake in bank bonds has not yet been tested by a credit scare. The trailing 12-month yield was 4.25% as of October 27, 2026, paid monthly. That income would likely fall if short-term rates drop. Costs are 0.24% a year, or $25 on $10,000 in the first year under the SEC example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).