CVLC vs EFIV

CVLCBCalvert US Large-Cap Core Responsible Index ETF

EFIVAState Street SPDR S&P 500 ESG ETF

In short

CVLC A plain US large-cap core index fund wearing a Calvert conscience. It tracks the Calvert US Large-Cap Core Responsible Index, so the big-company exposure is familiar and the screening happens inside the index rather than as a bolt-on.

EFIV A screened S&P 500 that still looks like one. EFIV trims to about 300 names on ESG criteria but holds industry-group weights close to the parent index, for 0.10% a year.

Stated mandate

CVLC The Fund seeks to track the performance of the Calvert US Large-Cap Core Responsible Index.

EFIV The Fund seeks to track an index of securities selected using environmental, social, and governance sustainability criteria while retaining industry-group weights broadly similar to the S&P 500 Index.

Why people hold it

• CVLC Values screening without leaving the core: it tracks the Calvert US Large-Cap Core Responsible Index, so responsible criteria are built into the benchmark rather than layered on by a manager.
• 0.15% a year, in the same neighborhood as the typical US large-cap fund. Screened index products often ask for more.
• Does exactly what the prospectus says: a US equity, index-tracking fund in a standard 1940 Act wrapper, with no factor tilt advertised on the side.
• Rates in the upper half of its US large-cap peer group, mostly on how faithfully it delivers its stated mandate.

• EFIV Charges 0.10% a year, well under the 0.25% typical of its values-screened peer group.
• Keeps industry-group weights broadly similar to the S&P 500, so the screen changes which names you own more than which sectors.
• Tracks its declared index very tightly, one of the cleaner implementations in its cohort.
• Straightforward 1940 Act index fund from SPDR, running since 2020, distributing quarterly.

Worth knowing

• CVLC The unscreened giants are cheaper. SCHX and VV charge 0.03%, and BKLC lists a 0% fee. The responsible index is what you are paying the difference for.
• Thinly traded and mid-sized by ETF standards, so bid-ask spreads can be wider than the household-name large-cap funds.
• Launched in 2023, so the track record is short. A screened index also holds a different roster than the full market, and results can drift from it in either direction.

• EFIV About 300 stocks, not 500. The screens remove names, so results can diverge from the headline S&P 500.
• Cheaper shelf-mates exist: XVV at 0.08% and ESGV at 0.09% undercut it on fee.
• Mid-size asset base and moderate trading volume, which can mean wider spreads than the mega-cap index giants.

Full CVLC profile⁠

Full EFIV profile⁠