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NOEQ

GradeANew York Stock Exchange Arca

Northern Trust US Equity ETF

Active Equity · FlexShares · Inception 2026-03-20

$29.92+0.00 (+0.00%)

As of Sep 23, 2026, 9:46 AM EDT

Market opens at 9:30 AM ET.History starts Mar 23, 2026.History starts Mar 23, 2026.
Intraday session: up, 5 prints from 29.50 to 29.92. Range 29.46 to 29.92. Use the arrow keys to read each point.$29.50$29.60$29.70$29.80Sep 17Sep 18Sep 22Sep 23
Expense ratio
0.12%
Fund size
$906M
1Y return
—
Yield · Last 12 months
Data unavailable
Holdings
406
Volume · 30D
0M sh
NAV per share
$29.90
52W range
low $24.64high $29.92

The ETF.net NOEQ Grade

A

75/ 100

Rank 12 of 127 in US Active Equity⁠

Confidence Medium

Six-pillar profile for NOEQ. Scores out of 100: Cost 98, Risk 97, Mission not scored, Tradability 33, Holdings 43, Durability 66. Strongest: Cost (98). Weakest: Tradability (33). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 75 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 98
    Category rank4/127 · top 3%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 97
    Category rank1/126 · top 1%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 33
    Category rank94/127 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 43
    Category rank88/124 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 66
    Category rank47/127 · top 37%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on NOEQ

ETF.net Research

AActive management at index-fund pricing: 0.12% a year for a broad slate of mid- and large-cap US stocks, run by Northern Trust's FlexShares. It launched in 2026, so the story here is the fee, not the track record.

Stated mandate

The Fund seeks long-term capital appreciation by investing primarily in equity securities of U.S. companies. It is actively managed and generally focuses on mid- and large-capitalization companies.

Why people hold it

  1. 010.12% a year is index-fund pricing on an actively run portfolio, matching the lowest fee among the strongest funds in its peer group (DFAU) and sitting far below the typical active US equity ETF.
  2. 02About 400 mid- and large-cap US names, so the manager's calls play out inside a diversified core rather than a handful of concentrated bets.
  3. 03Stands in the upper tier of a crowded field of hundreds of active US equity ETFs, with the low fee and a market-like risk profile doing most of the work.

Worth knowing

  1. 01Trading is thin, so spreads can run wider than in mega-cap index funds. Order size and timing matter more here than in the household-name giants.
  2. 02Launched in 2026, so the live record is short. And because the mandate is active, there is no published index to measure the portfolio against.
  3. 03Distributions arrive once or twice a year, not monthly, so it is not built as an income drip.

NOEQ Holdings

As of Sep 20, 2026, 7:06 AM
Asset class
Stocks
Holdings
406
Top-10 weight
62%
Largest holding
VGT14.1%

Geography

  • United States99.59%
  • United Kingdom0.20%
  • Ireland0.12%
  • Bermuda0.03%
  • Switzerland0.02%
  • Canada0.02%
  • Puerto Rico0.01%
  • Sweden0.01%
The fund’s holdings, weight-ordered — page 1 of 27.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001VGTVANGUARD INFORMATION TECHNOLOGY ETF ETP USD14.13%1,032,896$126M11
002SPYSTATE STREET SPDR S&#38;P 500 ETF TRUST ETP USD 013.91%163,291$124M38
003GOOGALPHABET INC-CL C - COMMON STOCK USD 0.0016.58%170,811$59M471
004AMZNAMAZON.COM INC COMMON STOCK USD 0.014.54%160,180$41M720
005JNJJOHNSON &#38; JOHNSON COMMON STOCK USD 14.13%136,668$37M521
006XOMEXXONMOBIL HOLDINGS CORP COMMON STOCK USD4.09%223,537$37M501
007XLCSTATE STREET COMMUNICATION SERVICES SELECT SECTOR3.95%318,772$35M27
008CVXCHEVRON CORP COMMON STOCK USD 0.753.84%164,087$34M468
009LLYELI LILLY AND COMPANY3.54%27,447$32M569
010NVDANVIDIA CORP COMMON STOCK USD 0.0013.50%140,927$31M828
011BABOEING CO/THE COMMON STOCK USD 53.20%144,262$29M305
012MRKMERCK &#38; CO INC COMMON STOCK USD 0.52.97%181,048$27M506
013AAPLAPPLE INC COMMON STOCK USD 0.000012.90%77,035$26M707
014GEGENERAL ELECTRIC CO2.21%62,991$20M404
015MSFTMICROSOFT CORP COMMON STOCK USD 0.000006252.16%39,154$19M792

Showing 1–15 of 405 holdings

NOEQ Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

NOEQ$10,543
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. NOEQ $10,543. SPY $10,415. Use the arrow keys to read each point.$9,733$10,168$10,603Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for NOEQ. Periods over one year show the average yearly return.
PeriodNOEQ
Year to dateFund launched this year—
1 month+0.8%
3 months+5.4%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for NOEQ
YearReturn barNOEQ
2026 YTD+18.8%

History from Mar 23, 2026

NOEQ in the news

ETF.net Research hasn’t filed on NOEQ yet — coverage lands here as it’s written.

NOEQ Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Upcoming payment
$0.07 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution data unavailable.

Distribution history

2026

One bar per payment. 2 payments in 2026 YTD. Jun 18, 2026 $0.05; Sep 18, 2026 $0.07. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Sep 18, 2026Pays Sep 24, 2026$0.07
Jun 18, 2026Jun 25, 2026$0.05

NOEQ Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Mar 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Mar 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Mar 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.81
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

NOEQ Cost

Expense ratio0.12%
  • The middle half of US Active Equity funds
  • Median 0.70%

2 of the 124 US Active Equity funds charge less.

NOEQ costs $12.00 a year on $10,000. The median US Active Equity fund costs $70.00.