CALV ETF: what CALV.TO is, what it holds, and how it works

Short answer: CALV.TO is the Avantis CIBC U.S. Large Cap Value ETF. It listed on the TSX on February 20, 2026, at a 0.25% management fee. It holds large U.S. companies that look cheap on fundamentals and are reliably profitable. It is the Canadian-listed sibling of the U.S.-listed AVLV. The full MER isn’t published yet because of the first-year reporting rule.

CALV is the U.S. large-cap value sleeve of the Avantis CIBC lineup. It’s a more targeted tool than the broad CAUS: same U.S. focus, but concentrated in the large, cheap, profitable end of the market.

This is not financial advice. I’m sharing what I’ve learned from my own research, and your situation might differ. Fund details change, so always check the latest disclosures before deciding.

What CALV actually is

CALV.TO is an ETF listed on the TSX in Canadian dollars. CIBC handles the wrapper; Avantis runs the strategy. It holds large-capitalization U.S. companies screened toward value and profitability. Its closest U.S.-listed cousin is AVLV, the Avantis U.S. Large Cap Value ETF.

What CALV holds

CALV holds large U.S. companies that screen as cheap on fundamentals and reliably profitable. Compared with a cap-weighted U.S. large-cap index, it deliberately underweights expensive megacap growth names and overweights the cheaper, profitable large-caps. It is a single-factor building block, not a complete portfolio.

CIBC hasn’t published a full top-holdings breakdown yet. The mandate is clear: U.S. large-cap value, Avantis methodology.

The fee, and the first-year MER rule

CALV’s management fee is 0.25%. The U.S.-listed AVLV runs at 0.15%, but buying it as a Canadian means USD conversion and a USD account. CALV removes that by being CAD-denominated. The full MER isn’t published under the first-year rule; expect it a few basis points above 0.25%.

How the value tilt works

A cap-weighted U.S. large-cap fund owns the biggest companies in proportion to size, which today means heavy concentration in a small number of expensive growth names. CALV instead weights toward large companies that are cheap on fundamentals and profitable. The academic basis is Fama-French value plus Novy-Marx profitability.

How CALV fits with the rest of the lineup

CALV is a targeted U.S. large-value sleeve. It’s used by investors who want a value tilt specifically in U.S. large-caps rather than the broad-market CAUS or the small-cap CAUV. If you want one fund and no work, CAGE already applies value tilts across its global portfolio. Full lineup in the Avantis CIBC ETFs guide.

Frequently asked questions

What is CALV.TO?

The Avantis CIBC U.S. Large Cap Value ETF, managed by CIBC with Avantis as sub-advisor. Listed February 20, 2026, CAD-denominated, holding large U.S. companies tilted toward value and profitability.

What is CALV’s MER?

Management fee 0.25%. Full MER not published yet (first-year rule). The U.S.-listed AVLV is 0.15% but carries USD friction for a Canadian.

How is CALV different from CAUV?

CALV is large-cap value. CAUV is small-cap value. Same value-and-profitability methodology, different ends of the size range. Small-cap value is the more aggressive, higher-tracking-error tilt.

Can I hold CALV in a TFSA or RRSP?

Yes, in any standard Canadian registered or non-registered account. Being Canadian-listed, no currency conversion is needed.

Bottom line

CALV is a clean, CAD-denominated U.S. large-cap value sleeve. It’s a deliberate tilt, not a default holding. If you don’t have a specific view on U.S. large-cap value, a broad fund like CAUS or the all-in-one CAGE is the simpler choice.