ETF Evaluator:
Calvert Ultra-Short Investment Grade ETF (CVSB)
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(as of Sep 02)
Best Performing in Ultrashort Bond Over the Last Year
| 6.2% | iShares Interest Rate Hdg L/T Corp BdETF (IGBH) |
| 5.8% | Simplify Treasury Option Income ETF (BUCK) |
| 5.7% | iShares Interest Rate Hedged Corp Bd ETF (LQDH) |
| 5.3% | iShares Interest Rt Hdg U.S. Aggt Bd ETF (AGRH) |
| 5.3% | NEOS Enhanced Inc 1-3 Month T-Bill ETF (CSHI) |
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ETF Details
Calvert Ultra-Short Investment Grade ETF Overview
Calvert Ultra-Short Investment Grade ETF (CVSB) is an actively managed Taxable Bond Ultrashort Bond exchange-traded fund (ETF). Calvert ETFs launched the ETF in 2023.
The investment seeks to maximize income, to the extent consistent with preservation of capital, through investment in short-term bonds and income-producing securities.
The fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (including any borrowings for investment purposes) in a portfolio of investment grade, short-term fixed, variable and floating-rate securities. The fund is actively managed, not designed to track a benchmark, and therefore not constrained by the composition of a benchmark.
About Calvert Ultra-Short Investment Grade ETF (CVSB)
There are 5 members of the management team with an average tenure of 3.19 years: Brandon Matsui (2023), Brian Ellis (2023), Eric Jesionowski (2023), Kinzer Jennings (2023) and Alec Schaefer (2023). 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 9-12Mon U.S. short Try TR USD index with a weighting of 100%. Calvert Ultra-Short Investment Grade ETF has 272 securities in its portfolio. The top 10 holdings constitute 24.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is considered to have an ESG focus with its investment selection and management.
Calvert Ultra-Short Investment Grade ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Calvert Ultra-Short Investment Grade ETF has 18.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% 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 88.0% (69.0% domestic bond, 18.9% foreign bond and 0.0% convertible bond). Calvert Ultra-Short Investment Grade ETF has 12.0% of the portfolio in cash.
Assets Under Management
The fund has $220 million in total assets, which is below the $5 billion average for the Ultrashort Bond 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.
CVSB 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 Calvert Ultra-Short Investment Grade ETF expense ratio is below average compared to funds in the Ultrashort Bond category. Calvert Ultra-Short Investment Grade ETF has an expense ratio of 0.24%, which is 9% higher than its category average, making the fund expense ratio grade a D. 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. Calvert Ultra-Short Investment Grade ETF has a portfolio turnover rate of 134%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 57% for the Ultrashort Bond category.
Recently, in the month of July 2026, Calvert Ultra-Short Investment Grade ETF returned 0.3%, which earned it a grade of C, as the Ultrashort Bond category had an average return of 0.3%. 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.
Calvert Ultra-Short Investment Grade ETF has a trailing yield of 4.28%, which is above the 4.07% 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.
Calvert Ultra-Short Investment Grade ETF Grades
Year to date, the ETF has returned 2.2%, 0.0 percentage points better than the category, which translates into a grade of B. The fund has returned 4.4% over the past year (grade of B) and 5.4% over the past three years (grade of B).
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CVSB Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CVSB Return (NAV) | 0.3% | 1.0% | 4.4% | 5.4% | na | na |
| CVSB Return (Price) | 0.3% | 1.1% | 4.4% | 5.4% | na | na |
| NAV +/- Price Return | 0.010% | -0.099% | -0.001% | -0.003% | na | na |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.2% | 5.2% | 3.9% | 3.0% |
| CVSB Grade (NAV) | C | B | B | B | na | na |
| +/- Category (NAV) | 0.0% | 0.1% | 0.1% | 0.2% | na | na |
| CVSB Tax-Cost Ratio | na | na | 1.7% | 2.0% | na | na |
CVSB Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CVSB Return (NAV) | 2.2% | 5.0% | 6.1% | na | na | na | na | na | na | na | na |
| CVSB Return (Price) | 2.1% | 4.9% | 6.2% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.024% | -0.015% | 0.020% | na | na | na | na | na | na | na | na |
| Ultrashort Bond Avg | 2.2% | 4.8% | 5.8% | 6.1% | 0.4% | 0.3% | 1.4% | 3.6% | 1.4% | 2.3% | 1.9% |
| CVSB Grade (NAV) | B | B | B | na | na | na | na | na | na | na | na |
| +/- Category | 0.0% | 0.1% | 0.3% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.05 |
| R-Squared: | 60% |
| Standard Deviation: | 0.5% |
| Category Risk Index: | 0.77 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 0.04 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 4.3% |
| Total Assets: | $ 220 Mil |
| Share Class Assets: | $ 220 Mil |
| Turnover: | 134.0% |
| Expense Ratio: | 0.24% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Universal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | Yes |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 3.5 years | |||
| Average Tenure: 3.2 years | |||
| Managers (Year): Ellis Brian (2023), Jesionowski Eric (2023), Jennings Kinzer (2023), Schaefer Alec (2023), Matsui Brandon (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 272 |
| % in Top 10 Holdings: | 24.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 18.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 69.0% |
| Foreign Bond: | 18.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 12.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Calvert ETFs |
| Phone Number: | 800-836-2414 |
| Website: | |
| Inception Date: | January 30, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.24% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.22% |
