Morgan Stanley Investment Management (“MSIM”) today announced the launch of an exchange-traded fund (“ETF”) platform with the listing of six Calvert ETFs on NYSE Arca. The ETF product suite features Calvert Research and Management’s industry-leading approach to responsible investing and offers investors access to four indexed Environmental Social Governance (“ESG”) strategies and two active ESG strategies across a range of asset classes.

“The launch of MSIM’s ETF platform builds on our world class investment capabilities with a diverse set of investment vehicles that aim to provide strategic value for our clients,” said Dan Simkowitz, Head of Morgan Stanley Investment Management. “This launch is the first step in MSIM’s development of a robust ETF platform that supports products across our businesses, asset classes, jurisdictions, and brands.”

MSIM’s ETF platform draws on the Firm’s comprehensive product offering and client-focused approach, and the initial ETFs will capitalize on an integrated process that combines a principled approach, active engagement, and deep ESG research. The six new ETFs advised by MSIM include:

• Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF (CDEI)

• Calvert Ultra-Short Investment Grade ETF (CVSB)

• Calvert US Large-Cap Core Responsible Index ETF (CVLC)

• Calvert International Responsible Index ETF (CVIE)

• Calvert US-Mid Cap Core Responsible Index ETF (CVMC)

• Calvert US Select Equity ETF (CVSE)

“Throughout Calvert’s forty-year history, its commitment to responsible investing and approach to stewardship has been the foundation of its comprehensive offerings for investors,” said Ted Eliopoulos, CEO and President of Calvert Research and Management. “These new ETFs will resonate strongly with investors who seek competitive investment results while promoting positive change and supporting companies that are leaders in improving long-term shareholder value and societal outcomes.”

About the Strategies:

• The innovative Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF (CDEI) offers investors diversified exposure to U.S. companies that Calvert believes are successful at managing Diversity, Equity and Inclusion (“DEI”) issues. In further support of Morgan Stanley’s commitment to DEI, MSIM has committed to make an annual contribution to DEI initiatives or DEI-focused organizations in an amount equal to 0.02% of CDEI’s net annualized assets under management.
• The active equity ETF (CVSE) will focus on U.S. large-cap companies that Calvert believes are addressing global environmental or societal challenges, or are leaders in managing financially material environmental or social factors.
• The active fixed income product (CVSB) will focus on investment grade debt issuers and the three index equity ETFs offer exposure to either U.S. large companies (CVLC), U.S. mid-cap companies (CVMC), or international companies (CVIE).
• All six ETFs seek to invest in companies that operate their businesses in a manner consistent with the Calvert Principles for Responsible Investment, a framework for considering ESG factors.

“We are excited to introduce MSIM’s comprehensive investment capabilities in an ETF structure with this Calvert product suite,” said Anthony Rochte, Global Head of ETFs at MSIM. “Investors require a range of different product structures within a portfolio to help meet their distinct investment objectives, and ETFs can provide specific advantages including tax efficiency, transparency, value and trading flexibility. We look forward to continuing to strengthen our offering for clients with active and systematic strategies that build on MSIM’s global expertise.”

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,100 investment professionals around the world and $1.3 trillion in assets under management or supervision as of December 31, 2022. Morgan Stanley Investment Management strives to provide strong long-term investment performance, outstanding service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 41 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.

Before investing carefully consider the Fund's objective, risks, charges, and expenses available in the prospectus, please download one at https://www.calvert.com. Read carefully.

Risk Considerations:

There is no assurance that a portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline and that the value of portfolio shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in these portfolios. In general, equities securities’ values fluctuate in response to activities specific to a company. Fixed-income securities are subject to the ability of an issuer to make timely principal and interest payments (credit risk), changes in interest rates (interest-rate risk), the creditworthiness of the issuer and general market liquidity (market risk). In a rising interest-rate environment, bond prices may fall and may result in periods of volatility and increased portfolio redemptions. In a declining interest-rate environment, the portfolio may generate less income. Index Related Risk. The return may not track the return of the Index and therefore may not achieve its investment objective. In addition, the Portfolio can be expected to be less correlated with the return of the index. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Portfolio may underperform portfolios that do not utilize a responsible investment strategy. An investment’s ESG performance, or Calvert’s assessment of such performance may change over time, which could cause the Portfolio to temporarily hold securities that do not comply with the Portfolio’s responsible investment criteria.

An ESG investment strategy limits the types and number of investment opportunities available to the strategy and, as a result, the strategy may underperform other funds that do not have an ESG focus. Companies selected for inclusion in the strategy may not exhibit positive or favorable ESG characteristics at all times and may shift into and out of favor depending on market and economic conditions.

Calvert Research and Management is part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Morgan Stanley Investment Management Inc. is the adviser to the Calvert ETFs.

Calvert ETFs are distributed by Foreside Fund Services.

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