Calvert Ultra-Short Investment Grade ETF (CVSB) is an actively managed exchange-traded fund that seeks to maximize current income without significantly increasing portfolio volatility by investing in a diversified portfolio of high-quality, short-term investment-grade fixed income securities, including corporate bonds, U.S. Treasury securities, asset-backed securities, and mortgage-backed securities from issuers demonstrating effective management of key environmental, social, and governance (ESG) risks and opportunities; it emphasizes securities with limited interest-rate sensitivity, such as those with an average duration of approximately 0.64 years and average maturity of 1.08 years, while holding positions in top issuers like United States Treasury (15.47%), Bank of America Corp (2.90%), and Wells Fargo & Co (2.02%). Launched on January 30, 2023, and domiciled in the United States, CVSB operates as part of the Morgan Stanley ETF Trust under the advisory of Morgan Stanley Investment Management, which leverages Calvert Research and Management's expertise in responsible investing; Calvert Research and Management, founded in 1976 and headquartered in Washington, DC, serves as a global leader in ESG-focused strategies and was acquired by Eaton Vance (now part of Morgan Stanley) in 2017. The fund targets institutional and retail investors seeking ultrashort bond exposure with ESG integration, primarily in U.S. markets, and features portfolio managers including Alec Schaefer (8 years tenure), Brandon Matsui, and Kinzer Jennings, who were added effective August 7, 2023. In recent developments, CVSB continues to benefit from Morgan Stanley Investment Management's ongoing expansion of its ETF platform, which in November 2025 launched the Eaton Vance Income Opportunities ETF (XAGG) and now offers 18 funds including five Calvert-branded ETFs, while navigating peer fund changes such as the September 2025 announcement of the liquidation of Calvert US Select Equity ETF (CVSE).