At a glance
CVSE charges 0.29% a year, above the 0.09% average of the 8 funds most like it (the most expensive of 9). It has $14.1M in assets, the 9th largest of that group. Over the past year it returned +0.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +15.7% a year. Its ten largest positions make up 36.0% of the fund, out of 161 in all.
The short version
Calvert US Select Equity ETF (CVSE) is an actively managed Morgan Stanley fund that, as of Sept. 30, 2025, held 161 large, mostly US companies picked for how well they manage environmental and social issues. It may suit investors seeking a much smaller carbon footprint than the Russell 1000 Index. It costs 0.29% a year, well above the 0.09% average of similar funds, and had just $14.1 million in assets on that date.
Price history
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CVSE 0.0% 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 | |
|---|---|---|---|---|---|---|
| CVSE price data to Oct 27, 2026 | 0.0% | 0.0% | +15.7% | — | — | +11.2% |
- Over the year to Oct 27, 2026, CVSE returned 0.0%, 9th of 9 among similar funds.
- Its worst full calendar year was 2025 (+10.1%); its best was 2024 (+19.1%).
- The deepest fall in its price history was 20.3% (Dec 4, 2024 to Apr 8, 2025), recovered by Jul 2, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | 0.0% |
| 2025 | +10.1% |
| 2024 | +19.1% |
| 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 |
|---|---|---|
| 2025 | $0.6000 | -15.5% |
| 2024 | $0.7100 |
What's inside
As of Sep 30, 2025, the fund held 161 securities; the ten largest made up 35.96% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 8.46% | |
| Microsoft Corp. | 7.60% | |
| Apple, Inc. | 6.39% | |
| Netflix, Inc. | 2.46% | |
| Parker-Hannifin Corp. | 2.21% | |
| BlackRock, Inc. | 1.92% | |
| Visa, Inc. | 1.81% | |
| American Express Co. | 1.73% | |
| Eli Lilly & Co. | 1.71% | |
| Eaton Corp. plc | 1.67% | |
| Abbott Laboratories | 1.57% | |
| Mastercard, Inc. | 1.56% | |
| Automatic Data Processing, Inc. | 1.54% | |
| Capital One Financial Corp. | 1.40% | |
| Cisco Systems, Inc. | 1.38% |
By country
United States 93.69%Ireland 5.33%Singapore 0.48%Canada 0.27%Netherlands 0.1%By asset type
Stocks 99.9%By sector
Sectors of the companies held, for the 83.1% 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 Sep 30, 2025. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Sep 30, 2025, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.69%, +1.45%, +1.56%.
How it works
CVSE is actively managed and does not track an index, though it uses the Russell 1000 Index of larger US companies as its benchmark. At least 80% of net assets go into US stocks. The manager starts with the Calvert Principles for Responsible Investment. It seeks companies in the top 20% to 40% of their peer group on environmental or social issues that are “financially material,” meaning likely to affect results. Leaders and significant improvers can also qualify.
An optimization model picks and weights the stocks. It aims for lower carbon risk and more women on boards than the Russell 1000, while keeping exposure to “factors” such as company size or style close to the index. Mindful of the Paris Agreement's climate goals, the manager measures carbon as metric tons of greenhouse gas per $1 million of revenue. The fund targets an average well below the index's, though single holdings can run higher. Calvert may also press companies on these issues.
It is not leveraged and runs no option strategy. The fund may use derivatives, contracts whose value tracks other assets, but held none as of Sept. 30, 2025. NVIDIA (8.5%), Microsoft (7.6%) and Apple (6.4%) were its largest holdings then, and the top 10 made up 36%. The prospectus reports turnover of 9%, meaning light trading.
What it really costs
- CVSE charges 0.29% a year, versus an average of 0.09% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $30 in the first year and $368 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CVSE | $30 | $93 | $163 | $368 |
In a retirement portfolio
With 161 large, mostly US stocks as of Sept. 30, 2025, and factor risk kept close to the Russell 1000 Index, it can work as a broad US stock holding with an environmental and social screen.
CVSE could add broad large-company US stocks with a lower-carbon tilt. Launched Jan. 30, 2023, it has no record through the 2008, 2020 or 2022 downturns. Its worst calendar year, 2025, was still a 10.1% gain. Its deepest drop was 20.3%, from Dec. 4, 2024, to April 8, 2025. It recovered by July 2, 2025, 2.8 months after the low. A retiree cashing out near that low would have locked in a loss of about a fifth from the peak.
It paid no income in the 12 months through Oct. 27, 2026. Its 0.29% expense ratio, $30 in the first year on $10,000 in the SEC's standard example, is far above the 0.09% average of similar funds. Its small size, $14.1 million as of Sept. 30, 2025, raises the risk of closure. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting large US stocks with built-in goals of lower carbon and more women on boards than the Russell 1000 Index.
- Those comfortable with a tech-heavy mix: technology was about 35% of assets as of Sept. 30, 2025, led by NVIDIA and Microsoft.
- Long-term holders who prefer an active, research-driven manager to an index and accept a 0.29% fee; turnover was a low 9%.
Look elsewhere if
- Cost-focused investors: the 0.29% expense ratio is the highest among similar funds, which average 0.09%; USCL charges 0.08%.
- Income seekers: CVSE paid no distributions in the 12 months through Oct. 27, 2026, and its objective is growth, not income.
- Those wanting a long record or a large fund: it launched in January 2023 and had just $14.1 million as of Sept. 30, 2025.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CVSE this fund | — | 0.29% | $14.1M | 0.0% | +15.7% |
| USNZ Xtrackers Net Zero Pathway Paris Aligned US… | 44% | 0.1% | $299.4M | +12.8% | +24.4% |
| USCL iShares Climate Conscious & Transition MSCI… | 44% | 0.08% | $2.87B | +9.2% | +23.1% |
| MGC Vanguard Mega Cap ETF | 42% | 0.07% | $10.90B | +13.5% | +26.0% |
| SCHG Schwab U.S. Large-Cap Growth ETF | 40% | 0.04% | $63.03B | +2.2% | +23.0% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 40% | 0% | $5.47B | +13.4% | +25.4% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 40% | 0.2% | $2.74B | +12.6% | +24.8% |
| IWL iShares Russell Top 200 ETF | 40% | 0.15% | $2.19B | +12.5% | +25.5% |
Questions investors ask
Is CVSE an ESG fund?
Yes. CVSE is an actively managed fund from Morgan Stanley that applies environmental, social and governance (ESG) research from Calvert Research and Management. It favors large, mostly US companies ranking in the top 20% to 40% of their peer group on financially material environmental or social issues. It aims for a lower carbon footprint and more women on company boards than the Russell 1000 Index. As of Sept. 30, 2025, it held 161 stocks, led by NVIDIA, Microsoft and Apple.
What is CVSE's expense ratio?
CVSE's expense ratio is 0.29% a year, according to its prospectus filed Jan. 28, 2025. In the SEC's standard example, a $10,000 investment earning 5% a year would cost $30 over one year, $163 over five years and $368 over ten. That makes it the costliest when compared with eight similar funds, which average 0.09%. iShares Climate Conscious & Transition MSCI USA ETF (USCL), for example, charges 0.08%.
CVSE vs USNZ: what's the difference?
Both hold large US stocks with a climate tilt tied to the Paris Agreement, and their portfolios overlap by about 44%. CVSE is actively managed with Calvert's research and charges 0.29% a year. Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) charges 0.10% and is much larger, with about $299 million in assets as of Aug. 31, 2026, against CVSE's $14.1 million as of Sept. 30, 2025. Over the three years through Oct. 27, 2026, USNZ returned 24.4% a year and CVSE 15.7%.
How has CVSE performed?
CVSE returned 15.7% a year over the three years through Oct. 27, 2026, behind all eight funds with the most similar holdings, including Vanguard Mega Cap ETF (MGC) at 26%. It gained 19.1% in 2024 and 10.1% in 2025, and its deepest drop was 20.3%, from December 2024 to April 2025. Its price was unchanged in 2026 through Oct. 27, which is unusual for a stock fund, so confirming with Morgan Stanley that it still trades may be worthwhile.
Does CVSE pay dividends?
No, not in the 12 months through Oct. 27, 2026. CVSE made no distributions in that period, so its yield was 0%. The fund's stated objective is long-term capital appreciation, meaning growth in share value, not income. For retirees who rely on regular payouts, that makes it a growth holding rather than an income source. Any cash drawn from it would mean cashing in shares, possibly at a loss in a down market.