At a glance
SKOR charges 0.15% a year, above the 0.11% average of the 7 funds most like it (the 7th cheapest of 8). It has $736.7M in assets, the 8th largest of that group; it paid 4.75% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.1% with distributions reinvested, 5th of those 8 funds; over three years it returned +6.2% a year. At its worst it fell 16.0% in the 2020 crash (S&P 500: 33.7%) and 12.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 22 months after the lows. Its ten largest positions make up 16.7% of the fund, out of 1,651 in all.
The short version
FlexShares Credit-Scored US Corporate Bond Index Fund (SKOR), from Northern Trust, tracks an index of investment-grade US-dollar corporate bonds that mature in 1 to 10 years. The index leans toward issuers that score well on value and financial quality. SKOR pays income monthly, with a trailing yield of 4.75% as of October 27, 2026. Its 0.15% expense ratio is higher than plainer rivals such as SPIB at 0.04%.
Price history
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SKOR -0.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SKOR official prospectus, to Dec 31, 2025 | — | +8.00% | — | +1.55% | +3.28% | — |
| Bloomberg US Aggregate Bond Index index, same period | — | +7.30% | — | -0.36% | +2.01% | — |
| Bloomberg US Intermediate Corporate Bond Index index, same period | — | +7.95% | — | +1.60% | +3.29% | — |
| Hybrid Northern Trust Credit Scored US Corporate Bond Index SM Northern Trust US Corporate Bond Quality Value Index SM index, same period | — | +7.99% | — | +1.92% | +3.69% | — |
| SKOR price data to Oct 27, 2026 | -0.5% | -0.1% | +6.2% | +1.6% | +2.7% | +2.9% |
- Over the year to Oct 27, 2026, SKOR returned -0.1%, 5th of 8 among similar funds.
- Its 5-year annualized return was +1.6% and its 10-year +2.7%.
- In the 2020 COVID crash it fell 16% and regained its old high 2.3 months after the low.
- Its worst full calendar year was 2022 (-9.9%); its best was 2019 (+10.7%).
- The deepest fall in its price history was 16% (Mar 4, 2020 to Mar 19, 2020), recovered by May 28, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.5% | — |
| 2025 | +8.0% | +8.00% |
| 2024 | +4.4% | +4.63% |
| 2023 | +7.6% | +7.52% |
| 2022 | -9.9% | -10.03% |
| 2021 | -1.4% | -1.20% |
| 2020 | +8.8% | +8.65% |
| 2019 | +10.7% | +10.80% |
| 2018 | -1.3% | -0.82% |
| 2017 | +4.4% | +3.73% |
| 2016 | +2.7% | +3.22% |
| 2015 | +1.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 9.5% over that stretch · deepest drop along the way 16%, back to its old high 2.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.4% over that stretch · deepest drop along the way 12.5%, back to its old high 22.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.6843 | |
| 2025 | $2.3000 | -0.9% |
| 2024 | $2.3200 | +24.1% |
| 2023 | $1.8700 | +58.5% |
| 2022 | $1.1800 | -11.9% |
| 2021 | $1.3400 | -28.0% |
| 2020 | $1.8600 | 0.0% |
| 2019 | $1.8600 | +35.8% |
| 2018 | $1.3700 | +8.7% |
| 2017 | $1.2600 | -8.7% |
| 2016 | $1.3800 | +21.1% |
| 2015 | $1.1400 |
What's inside
As of Jul 31, 2026, the fund held 1,651 securities; the ten largest made up 16.74% of assets, and 2.01% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| CF SECURED LLC RA | 11.09% | |
| THE BANK OF NOVA SCOTIA, TORONTO RA | 2.04% | |
| Salesforce, Inc. Bonds and notes | 0.58% | |
| TD SECURITIES (USA) LLC RA | 0.54% | |
| Bank of Nova Scotia (The) Bonds and notes | 0.51% | |
| Novartis Capital Corp. Bonds and notes | 0.43% | |
| Broadcom, Inc. Bonds and notes | 0.41% | |
| Broadcom, Inc. Bonds and notes | 0.39% | |
| Alphabet, Inc. Bonds and notes | 0.38% | |
| NVIDIA Corp. Bonds and notes | 0.37% | |
| Meta Platforms, Inc. Bonds and notes | 0.37% | |
| HSBC Holdings plc Bonds and notes | 0.36% | |
| Bank of America Corp. Bonds and notes | 0.35% | |
| Amazon.com, Inc. Bonds and notes | 0.35% | |
| JPMorgan Chase & Co. Bonds and notes | 0.35% |
By country
United States 95.81%Canada 8.2%United Kingdom 3.91%Australia 0.82%Ireland 0.59%By issuer
Companies 112.74%The bonds mature in 6.5 years on average (weighted by size), with an average coupon of 4.69%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $48.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.35%, +0.13%, -0.65%.
How it works
SKOR tracks the Northern Trust US Corporate Bond Quality Value Index. Northern Trust Investments (NTI) creates the index and also manages the fund. To qualify, a bond must be issued in US dollars and publicly issued in the US. It must be rated at least Baa3 or BBB-, the lowest rung of investment grade. It must mature in one to just under 10 years and have at least $250 million outstanding. The index held 2,581 issues as of December 31, 2025.
Many bond indexes weight each company by how much debt it has issued. This one uses an optimizer instead. Each bond gets a value score, based on its price versus similar bonds, its extra yield and the issuer's solvency. It also gets a quality score, based on management efficiency, profitability and solvency. The optimizer leans toward the top scorers. It keeps duration, a measure of interest-rate sensitivity, close to the eligible universe, and it caps sector, issuer and turnover levels. The index is rebuilt monthly, and portfolio turnover was 65%.
The fund uses representative sampling, which means it holds a subset of bonds chosen to resemble the index. It had 1,651 holdings as of July 31, 2026. At least 80% of assets go into index bonds. The fund can lend up to one-third of its assets. It also holds repurchase agreements, which are short-term loans backed by collateral. These made up about 13.7% of the July 2026 holdings report. As of December 31, 2025, the index was concentrated in financial companies.
What it really costs
- SKOR charges 0.15% a year, versus an average of 0.11% for the similar funds below (7th of 8, cheapest first).
- The fee includes a 0.01% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $204 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SKOR | $15 | $51 | $89 | $204 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
SKOR pays monthly income from investment-grade corporate bonds with intermediate maturities, and its swings have been far smaller than those of stocks.
SKOR could supply monthly income and some ballast next to stocks, but it has had real losses. It launched in November 2014, so it has no record from 2008. In the 2020 COVID crash it fell 16% between March 4 and March 19, 2020, its deepest drop. It recovered by May 28, 2020. Rising rates did more lasting damage. It lost 12.5% from January to September 2022 and took about 22 months to recover. Its worst calendar year was 2022, at -10.03%. A retiree who sold shares for cash in late 2022 would have locked in that loss. The trailing yield was 4.75% as of October 27, 2026, paid monthly. Costs are 0.15% a year, or $15 on $10,000 in the first year under the SEC example. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Retirees seeking monthly income from investment-grade corporate bonds, with a trailing yield of 4.75% as of October 27, 2026.
- Investors wanting intermediate bonds, averaging 6.5 years to maturity, chosen by value, profitability and solvency scores rather than by how much debt companies issue.
- Those wanting a factor-tilted fund whose 10-year return through 2025, 3.28% a year, closely matched the Bloomberg US Intermediate Corporate Bond Index.
Look elsewhere if
- Cost-focused investors: the 0.15% expense ratio is several times SPIB's 0.04% or VCIT's 0.03%.
- Anyone who can't wait out long slumps: SKOR fell 12.5% in 2022 and needed about 22 months to recover.
- Investors wanting broad sector balance, since the index was concentrated in financial companies as of December 31, 2025.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SKOR this fund | 6.5 yrs | 0.15% | $736.7M | -0.1% | +6.2% |
| SPIB SPDR Portfolio Intermediate Term Corporate … | 5.6 yrs | 0.04% | $11.57B | 0.0% | +6.1% |
| USHY iShares Broad USD High Yield Corporate Bond… | 5.4 yrs | 0.08% | $28.59B | +1.2% | +7.7% |
| HYG iShares iBoxx $ High Yield Corporate Bond E… | 5.4 yrs | 0.49% | $16.19B | +0.9% | +7.4% |
| VCIT Vanguard Intermediate-Term Corporate Bond E… | 8.2 yrs | 0.03% | $72.04B | -0.6% | +7.1% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 8.1 yrs | 0.03% | $11.60B | -1.8% | +6.9% |
| IGIB iShares 5-10 Year Investment Grade Corporat… | 8.3 yrs | 0.04% | $18.72B | -1.0% | +6.4% |
| VCSH Vanguard Short-Term Corporate Bond ETF | 3.5 yrs | 0.03% | $51.74B | +1.9% | +5.7% |
Questions investors ask
Does SKOR pay monthly dividends?
Yes. SKOR pays income monthly. Over the 12 months to October 27, 2026, it paid about $2.24 per share, a trailing yield of 4.75%. Payouts come from interest on the corporate bonds it holds, so they can vary. The prospectus warns that income may fall when interest rates drop, because maturing bonds get replaced with lower-yielding ones.
What's the difference between SKOR and SPIB?
Both hold intermediate-term investment-grade corporate bonds, and SPIB is SKOR's closest match among similar funds. SPIB costs 0.04% a year versus SKOR's 0.15%. SPIB is also much larger, at about $11.6 billion in net assets as of June 30, 2026, against SKOR's $737 million as of July 31, 2026. SKOR picks bonds using value and quality scores. Three-year annualized returns were close: 6.2% for SKOR and 6.1% for SPIB as of October 27, 2026.
Is SKOR good for retirement income?
It may suit retirees who want monthly income from investment-grade corporate bonds, but it carries interest-rate and credit risk. The trailing yield was 4.75% as of October 27, 2026. However, SKOR lost 10.03% in 2022 and took about 22 months to recover from its 2022 drop. That matters for anyone who may need to sell shares during a downturn. Its 0.15% fee is also above the 0.11% average of similar funds.
What is SKOR's expense ratio?
SKOR's expense ratio is 0.15% a year, according to its prospectus filed February 25, 2026. In the SEC's standard example, $10,000 earning 5% a year would cost about $15 after one year, $51 after three, $89 after five and $204 after ten. That ranks seventh of eight among similar funds on cost. The average for those funds is 0.11%, and some charge as little as 0.03%.
Is SKOR a junk bond fund?
No. SKOR's index requires a minimum rating of Baa3 or BBB-, which is investment grade. Funds such as USHY and HYG hold high-yield, or junk, bonds instead. Those bonds pay more because the risk of default is higher. SKOR still carries credit risk. Its bonds sit near the lower end of investment grade at times, and it fell 16% in March 2020 when corporate bond markets were under stress.