NORTHERN TRUST CREDIT-SCORED US CORPORATE BOND ETF
Invested Smart. SKOR'd Big
SKOR has delivered top-decile results across the 3- and 5-year periods. Its credit-scored approach focuses on quality and value rather than simply rewarding the biggest borrowers.
CLIENT BENEFITS
Quality & Value Underpin Long-Term Results
Quality in the form of management efficiency, profitability and solvency are critical to an issuer’s growth potential and credit worthiness. Securities offering this high quality and trading at an attractive valuation relative to peers have led to better excess returns.
A Risk-Aware Approach that Has Delivered
Offering a systematic and repeatable security selection process that focuses on credit metrics, risk controls and liquidity. By assessing a company’s credit worthiness and developing a forward-looking analysis, our risk-aware approach has delivered strong risk adjusted returns.
Strong Performance History
This disciplined approach has helped drive top-decile performance across the 3- and 5-year periods.
VIDEO
SKOR: Strong Performance Backed by Credit Quality and Value
SKOR has delivered strong performance through a disciplined, credit-scored approach to investment-grade corporate bond exposure. By focusing on quality and value rather than issuance size, it offers a differentiated way to manage credit risk across market environments.
PERFORMANCE
Strong Performance – Top-Decile Across 3- and 5-Year Periods (June 30, 2026)
| 1 Year | 3 Year | 5 Year | 10 Year | |
|---|---|---|---|---|
| Northern Trust Credit-Scored US Corporate Bond ETF (SKOR) Mkt. Price | 4.21% | 6.06% | 1.80% | 2.83% |
| Northern Trust Credit-Scored US Corporate Bond ETF (SKOR) NAV | 4.17% | 6.11% | 1.79% | 2.84% |
| Morningstar Corporate Bond Category Average Return | 4.20% | 5.42% | 0.55% | 2.57% |
| SKOR Return Ranking | 52nd | 9th | 6th | 29th |
| SKOR Standard Deviation Ranking | 6th | 6th | 8th | 14th |
| SKOR Sharpe Ratio Ranking | 48th | 1st | 36th | 21st |
| SKOR Max Drawdown Ranking | 5th | 6th | 14th | 15th |
Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month end is available by calling 855-353-9383.
Source: Morningstar. Index performance returns do not reflect any fees, transaction costs, expenses or taxes. Net of fee performance. SKOR inception date Nov 12, 2014. Morningstar category data is for Corporate Bond category. Number of funds in category: 1 Yr = 168, 3 Yr = 155, 5 Yr = 150, 10 Yr = 96.
Morningstar Return ranking are based on total return. Morningstar Standard Deviation rankings depicts how widely the returns varied over a period of time. Morningstar Sharpe Ratio ranking is based on value added per unit of active risk by a manager over a risk free rate. Morningstar Max Drawdown ranking is based on the peak to trough decline during a specific time period.
Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total Returns are calculated using the daily 4:00 pm EST Net Asset Value. Beginning July 1, 2024, market price performance is determined using the closing price on the primary exchange. Prior to July 1, 2024, market price performance was determined using the bid/ask midpoint at 4:00pm EST, when the NAV is typically calculated. Market price returns do not represent the returns you would receive if you traded shares at other times.
RISK MATTERS
Risk-Aware Approach
We use a systematic, repeatable process focused on credit metrics, risk controls, and liquidity. By assessing creditworthiness with a forward‑looking lens, our risk‑aware approach has delivered strong risk‑adjusted outcomes and consistently compared favorably to peers.
SKOR Lower Risk and Competitive Performance – June 30, 2026
Source: Morningstar. 3 Year Performance of Morningstar corporate bond category funds.
EXPLORE THE FUND
SKOR | Invested Smart; SKOR’d Big – with a History of Strong Performance
SKOR uses a credit-scored approach that emphasizes issuer quality and value rather than simply rewarding the biggest borrowers, which has resulted in strong long-term performance.
Northern Trust Credit-Scored US Corporate Bond ETF
Gross Expense Ratio
0.16%
Net Expense Ratio1
0.15%
Morningstar Category Average Gross Expense Ratio
0.65%
Morningstar Category Average Net Expense Ratio
0.61%
SKOR Gross Expense Ratio Morningstar Ranking
12th
SKOR Net Expense Ratio Morningstar Ranking
14th
Disclaimer: Data as of June 30, 2026. Source: Morningstar.
Morningstar Gross and Net Expense Ratio ranking based on Corporate Bond category. Number of funds ranked = 176.
2Northern Trust Investments, Inc. (“NTI” or the “Adviser”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.15% until March 1, 2027. Performance would have been lower without fee waivers and expense reimbursements in effect.
Learn More About SKOR
Definitions
Quality
A measure of relative quality that incorporates a company’s management efficiency, profitability and cash generation abilities.
Return
A measure of the change in monthly net asset value, reinvesting all income and capital-gains distributions during that month, and dividing by the starting NAV.
Value
A measure of relative value that incorporates an issuer’s default risk and a market based price of default within a sector.
Benchmarks
Northern Trust US Corporate Bond Quality Value Index Return
Has an inception date of January 31, 2020, and is designed to measure the performance of a diversified universe of intermediate maturity, US -dollar denominated bonds of companies with investment grade credit quality, favorable valuations, and enhanced short-term and long-term solvency.
Investments Objectives
Northern Trust Credit-Scored US Corporate Bond ETF
The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust US Corporate Bond Quality Value Index (the “Underlying Index”).
Important Information
1Northern Trust Investments, Inc. (“NTI” or the “Adviser”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.08 % for QLV, 0.12% for QLVD, and 0.18% for QLVE until March 1, 2027. Performance would have been lower without fee waivers and expense reimbursements in effect.
Before investing, carefully consider the investment objectives, risks, charges and expenses. This and other information is in the prospectus and a summary prospectus, copies of which may be obtained by visiting etfs.ntam.northerntrust.com. Read the prospectus carefully before you invest.
Foreside Fund Services, LLC, distributor. Northern Trust FlexShares and Foreside are not related.
An investment is subject to numerous risks, including possible loss of principal. Fund returns may not match the return of the respective indexes. A full description of risks is in the prospectus.
All data provided by: Northern Trust, MSCI, S&P, and Morningstar.
Authorized Participant Concentration Risk is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants. Concentration Risk is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Equity Securities Risk is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets. Derivatives Risk is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Quality Factor Risk is the risk that the past performance of companies that have exhibited quality characteristics does not continue or the returns on securities issued by such companies may be less than returns from other styles of investing or the overall stock market. Low Volatility Risk is the risk that although the Underlying Index is designed to have overall volatility that is lower than that of the parent index, there is no guarantee it will be successful. Securities or other assets in the Fund’s portfolio may be subject to price volatility and the prices may not be any less volatile than the market as a whole and could be more volatile. The market prices of the securities or other assets in the Fund’s portfolio may fluctuate, sometimes rapidly and unpredictably. Tracking Error Risk is the risk that the Fund’s performance may vary substantially from the performance of the Underlying Index. The Fund’s performance may vary from the performance of the Underlying Index for a number of reasons including that the Fund incurs operating expenses that the Underlying Index does not and that the Fund accepts custom baskets. Market Trading Risk is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.