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NORW

MSCI Norway ETF

 

Reasons to Consider NORW

Growth Potential

Norway's energy wealth and political stability position it for long-term growth as geopolitical tensions disrupt global oil and gas supplies, making Norway a reliable and attractive energy provider.

Targeted Exposure

The ETF targets exposure to a single country.

Efficient Access

NORW delivers efficient access to a broad basket of Norwegian securities.

Key Information As of 10/21/24

Inception Date 11/09/10
Total Expense Ratio 0.51%
Net Assets $49.24 million
NAV $25.30
Fact Sheet View the document

ETF Summary

The Global X MSCI Norway ETF (NORW) invests in among the largest and most liquid Norwegian securities.

ETF Objective

The Global X MSCI Norway ETF (NORW) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Norway IMI 25/50 Index.

Trading Details As of 10/18/24

Ticker NORW
Bloomberg Index Ticker M1NO5IM
CUSIP 37950E101
ISIN US37950E1010
Primary Exchange NYSE Arca
Shares Outstanding 1,946,111
Number of Holdings 62
30-Day Median Bid-Ask Spread 0.67%

Distributions As of 10/21/24

30-Day SEC Yield 3.64%
Distribution Frequency Semi-Annually

ETF Prices As of 10/21/24

NAV $25.30 Daily Change $0.03 0.12%
Market Price $25.24 Daily Change -$0.12 -0.47%

Performance History

As of recent month & quarter-end (09/30/24)
As of recent month & quarter-end (09/30/24)
Fund NAV Market Price Index
1 Year 10.07% 10.39% 10.68%
3 Years -0.86% -0.82% -0.51%
5 Years 4.88% 4.94% 5.26%
10 Years 1.33% 1.33% 1.63%
Since Inception 2.31% 2.29% 2.83%
1 Year 10.07% 10.39% 10.68%
3 Years -0.86% -0.82% -0.51%
5 Years 4.88% 4.94% 5.26%
10 Years 1.33% 1.33% 1.63%
Since Inception 2.31% 2.29% 2.83%
Year-to-Date 4.61% 4.43% 5.05%
1 Month -0.92% -1.11% -0.89%
3 Months 0.31% 0.43% 0.38%
Since Inception 37.33% 37.01% 47.34%
Year-to-Date 4.61% 4.43% 5.05%
1 Month -0.92% -1.11% -0.89%
3 Months 0.31% 0.43% 0.38%
Since Inception 37.33% 37.01% 47.34%

Performance for periods prior to November 1, 2021 reflects the historical performance of the Global X MSCI Norway ETF, CUSIP 37950E747, the predecessor fund. Effective as of the close of business on October 29, 2021, the predecessor fund was reorganized into the Fund. The Hybrid Norway Index (noted as "Index" above in the chart) consists of the FTSE Norway 30 Index from the inception of the Fund through July 14, 2014, and the MSCI Norway IMI 25/50 Index going forward.

Performance is shown on a total return basis (i.e., with gross income reinvested, where applicable). Cumulative return is the aggregate amount that an investment has gained or lost over time. Annualized return is the average return gained or lost by an investment each year over a given time period.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. High short-term performance, when observed, is unusual and investors should not expect such performance to be repeated.

Top Holdings As of 10/21/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
12.78 EQNR NO EQUINOR ASA 7133608 24.39 257,913 6,290,848.20
11.44 DNB NO DNB BANK ASA BNG7113 20.44 275,655 5,633,626.38
5.57 KOG NO KONGSBERG GRUPPEN ASA 5208241 101.27 27,063 2,740,750.92
5.52 NHY NO NORSK HYDRO ASA B11HK39 6.28 432,698 2,718,538.02
5.23 MOWI NO MOWI ASA B02L486 17.99 143,183 2,575,845.25
4.63 TEL NO TELENOR ASA 4732495 12.03 189,432 2,278,249.08
4.19 AKRBP NO AKER BP ASA B1L95G3 21.22 97,202 2,062,877.36
4.11 ORK NO ORKLA ASA B1VQF42 9.38 215,614 2,022,131.92
3.19 YAR NO YARA INTERNATIONAL ASA 7751259 30.83 50,911 1,569,553.60
2.94 STB NO STOREBRAND ASA 4852832 11.07 130,834 1,448,055.89
2.28 SUBC NO SUBSEA 7 SA 5258246 16.12 69,644 1,122,510.73
2.27 GJF NO GJENSIDIGE FORSIKRING ASA B4PH0C5 18.22 61,460 1,119,689.33
2.18 SALM NO SALMAR ASA B1W5NW2 52.69 20,327 1,071,053.55
1.98 FRO NO FRONTLINE PLC BMHDM54 21.88 44,455 972,678.94
1.87 BAKKA NO BAKKAFROST P/F B6632T7 59.36 15,521 921,287.42
1.85 TOM NO TOMRA SYSTEMS ASA BPLXRG7 13.36 68,211 911,298.86
1.69 SB1NO NO SPAREBANK 1 SOR-NORGE ASA B40JTQ3 13.13 63,403 832,589.21
1.65 SCHB NO SCHIBSTED ASA-B SHS BWVFKQ3 29.11 27,899 812,211.31
1.43 SCHA NO SCHIBSTED ASA-CL A 4790534 31.32 22,442 702,939.20
1.19 MING NO SPAREBANK 1 SMN B0LGG75 14.73 39,803 586,289.69
1.12 BRG NO BORREGAARD ASA B8B6WX9 18.86 29,251 551,598.22
1.09 TGS NO TGS ASA B15SLC4 8.95 60,184 538,603.55
1.02 NOD NO NORDIC SEMICONDUCTOR ASA B00ZG06 8.92 56,158 501,035.25
0.91 CADLR NO CADELER A/S BMYDHR4 6.93 64,836 449,386.55
0.89 GOGL NO GOLDEN OCEAN GROUP LTD BDCHQL2 11.03 39,855 439,654.81
0.86 HAUTO NO HOEGH AUTOLINERS ASA BMFDP24 12.03 35,067 421,741.63
0.80 LSG NO LEROY SEAFOOD GROUP ASA 4691916 4.78 82,548 394,625.66
0.77 PROT NO PROTECTOR FORSIKRING ASA B182K93 22.97 16,511 379,204.47
0.76 WAWI NO WALLENIUS WILHELMSEN ASA B55WMQ5 11.61 32,374 375,754.33
0.76 DOFG NO DOF GROUP ASA BQWSKZ8 8.25 45,498 375,182.13
0.75 BWLPG NO BW LPG LTD BT5GCN2 14.32 25,864 370,342.74
0.72 AKER NO AKER ASA-A SHARES B02R4D9 52.14 6,820 355,617.04
0.71 BORR NO BORR DRILLING LTD BPK3P64 5.08 68,685 348,737.60
0.69 BNOR NO BLUENORD ASA B23D2M5 46.02 7,337 337,684.51
0.68 AKSO NO AKER SOLUTIONS ASA BQN1C50 4.02 83,346 334,887.95
0.63 NONG NO SPAREBANK 1 NORD-NORGE B06T259 10.54 29,367 309,476.36
0.62 EPR NO EUROPRIS ASA BZ07696 6.31 48,464 305,594.14
0.61 ATEA NO ATEA ASA B12TR11 12.46 24,222 301,707.74
0.57 SCATC NO Scatec ASA BQSSWW3 7.68 36,396 279,519.26
0.55 CRAYN NO CRAYON GROUP HOLDING AS BD9PZ12 10.97 24,822 272,233.69
0.52 MPCC NO MPC CONTAINER SHIPS AS BF20GN7 2.23 115,155 256,271.56
0.52 AUSS NO AUSTEVOLL SEAFOOD ASA B16MKT5 9.10 28,088 255,471.37
0.51 FLNG NO FLEX LNG LTD BJJMGB2 25.26 9,836 248,446.44
0.50 ENTRA NO ENTRA ASA BRJ2VC4 11.10 22,249 247,062.12
0.47 NAS NO NORWEGIAN AIR SHUTTLE AS 7742123 1.06 220,627 233,408.56
0.45 SNI NO STOLT-NIELSEN LTD B4PKZG3 31.32 7,144 223,767.83
0.40 NEL NO NEL ASA B02NR83 0.38 509,284 195,191.58
0.31 ELK NO ELKEM ASA BG0T3J8 1.71 88,598 151,943.31
0.31 KIT NO KITRON ASA 5399684 2.71 55,449 150,286.41
0.30 SPOL NO SPAREBANK 1 OESTLANDET BZ12WQ9 13.61 10,699 145,576.59
0.29 ODL NO ODFJELL DRILLING LTD BDX87W2 4.81 29,535 142,137.83
0.27 DNO NO DNO ASA B15GGN4 1.01 132,867 134,679.72
0.27 OTHER PAYABLE & RECEIVABLES 1.00 130,983 130,983.01
0.24 NORCO NO NORCONSULT AS BMTQPF2 3.51 33,461 117,489.04
0.19 GSF NO GRIEG SEAFOOD ASA B1Y1P66 5.79 15,719 90,935.53
0.17 CLCO NO COOL CO LTD BPBKK81 11.36 7,441 84,530.56
0.16 ODF NO ODFJELL SE-A SHS B086463 12.49 6,337 79,164.76
0.15 BWO NO BW OFFSHORE LTD BYYNFR4 2.92 25,627 74,887.59
0.12 AGAS NO AVANCE GAS HOLDING LTD BFH4P48 10.15 5,960 60,521.98
0.12 BELCO NO BELSHIPS ASA 4109174 1.73 33,954 58,602.32
0.11 ACC NO AKER CARBON CAPTURE ASA BMPRVC8 0.56 98,264 55,320.95
0.09 BWE NO BW ENERGY LTD BKM1QH9 2.18 19,859 43,342.84
0.05 NYKD NO NYKODE THERAPEUTICS ASA BL1GQG1 0.47 50,272 23,573.75
0.01 CASH 1.00 2,546 2,545.90
0.00 SWEDISH KRONE 0.10 4 0.42
0.00 NORWEGIAN KRONE 0.09 -19 -1.76
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 09/30/24

Sector Weight (%)
Energy 27.9
Financials 21.2
Industrials 14.4
Consumer Staples 14.2
Materials 10.2
Communication Services 7.8
Information Technology 2.5
Consumer Discretionary 0.6
Real Estate 0.6
Utilities 0.6

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Energy 27.9
Banks 14.7
Food, Beverage & Tobacco 14.2
Materials 10.2
Capital Goods 8.9
Insurance 5.8
Transportation 5.4
Telecommunication Services 4.8
Media & Entertainment 3.0
Software & Services 1.2
Semiconductors & Semiconductor Equipment 1.0
Other 2.9

Source: new windowAltaVista Research, LLC

All Sector, Industry and Geographic breakdowns, where provided, are based on equity positions held by the ETF and exclude cash, currencies, and other holdings.

ETF Characteristics As of 10/18/24

Return on Equity 14.70%
Weighted Avg. Market Cap 19,404 M
2023 2024
Price-to-earnings 12.18 11.02
Price-to-book value 1.66 1.59

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 09/30/24

Versus Beta
S&P 500 0.98
NASDAQ-100 0.58
MSCI EAFE 1.07
MSCI Emg. Mkts 0.82
Standard Deviation 23.50%

Source: new windowAltaVista Research, LLC

ETF Documents

Investing involves risk, including the possible loss of principal. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. Securities focusing on a single country may be subject to higher volatility. NORW is non-diversified.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Beginning October 15, 2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates current NAV per share. Prior to October 15, 2020, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time. The returns shown do not represent the returns you would receive if you traded shares at other times. Indices are unmanaged and do not include the effect of fees, expenses or sales charges. One cannot invest directly in an index.

Carefully consider the Fund’s investment objectives, risks, and charges and expenses before investing. This and other information can be found in the Fund’s summary or full prospectuses. Please read the prospectus carefully before investing.

Global X Management Company LLC serves as an advisor to Global X Funds. The Funds are distributed by SEI Investments Distribution Co. (SIDCO), which is not affiliated with Global X Management Company LLC or Mirae Asset Global Investments. Global X Funds are not sponsored, endorsed, issued, sold or promoted by MSCI, nor does MSCI make any representations regarding the advisability of investing in the Global X Funds. Neither SIDCO, Global X nor Mirae Asset Global Investments are affiliated with MSCI.