NORW


MSCI Norway ETF

Reasons to Consider NORW

Growth Potential

Norway is forecasted to exceed 2.5% GDP growth in 2023. Its energy producers could be well-positioned for an inflationary environment.1

Targeted Exposure

The ETF targets exposure to a single country.

Efficient Access

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

1Statista, Dec 2022

Key Information As of 05/26/23

Inception Date 11/09/10
Total Expense Ratio 0.50%
Net Assets $53.88 million
NAV $23.26
Fact Sheet

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 05/25/23

Ticker NORW
Bloomberg Index Ticker M1NO5IM
CUSIP 37950E101
ISIN US37950E1010
Primary Exchange NYSE Arca
Shares Outstanding 2,316,111
Number of Holdings 70
30-Day Median Bid-Ask Spread 0.42%

Distributions As of 05/26/23

30-Day SEC Yield -0.11%
Distribution Frequency Semi-Annually

ETF Prices As of 05/26/23

NAV $23.26 Daily Change -$0.16 -0.68%
Market Price $23.26 Daily Change -$0.07 -0.30%

Performance History

As of recent
(03/31/23)
As of recent
(03/31/23)
Fund NAV Market Price Index
1 Year -21.35% -20.83% -21.29%
3 Years 17.27% 17.13% 17.66%
5 Years 0.36% -0.04% 0.66%
10 Years 0.90% 0.73% 1.31%
Since Inception 1.39% 1.37% 1.91%
1 Year -14.73% -12.64% -14.66%
3 Years 13.06% 13.64% 13.46%
5 Years -0.59% -0.47% -0.29%
10 Years 0.71% 0.72% 1.11%
Since Inception 1.42% 1.45% 1.93%
Year-to-Date -5.02% -5.26% -4.89%
1 Month -5.02% -4.78% -4.97%
3 Months -5.02% -5.26% -4.89%
Since Inception 18.72% 18.38% 26.42%
Year-to-Date -4.63% -4.17% -4.46%
1 Month 0.41% 1.15% 0.45%
3 Months -4.26% -4.36% -4.12%
Since Inception 19.21% 19.74% 26.99%

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 05/26/23

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
16.98 EQNR NO EQUINOR ASA 7133608 26.62 343,788 9,151,006.07
10.45 DNB NO DNB BANK ASA BNG7113 16.78 335,511 5,628,241.01
5.65 NHY NO NORSK HYDRO ASA B11HK39 6.29 484,472 3,045,305.05
4.85 TEL NO TELENOR ASA 4732495 10.37 251,988 2,613,384.11
4.79 AKRBP NO AKER BP ASA B1L95G3 22.69 113,783 2,581,939.20
4.73 MOWI NO MOWI ASA B02L486 17.10 148,948 2,547,021.69
4.24 YAR NO YARA INTERNATIONAL ASA 7751259 38.37 59,594 2,286,635.80
3.68 ORK NO ORKLA ASA B1VQF42 7.34 270,214 1,984,367.68
2.44 TOM NO TOMRA SYSTEMS ASA BPLXRG7 15.44 85,032 1,312,831.02
2.41 KOG NO KONGSBERG GRUPPEN ASA 5208241 40.76 31,839 1,297,826.72
2.29 STB NO STOREBRAND ASA 4852832 7.28 169,384 1,232,283.93
2.24 BAKKA NO BAKKAFROST P/F B6632T7 66.97 18,042 1,208,347.76
2.20 GJF NO GJENSIDIGE FORSIKRING ASA B4PH0C5 16.51 71,759 1,184,659.23
1.92 SALM NO SALMAR ASA B1W5NW2 44.26 23,402 1,035,662.44
1.66 SUBC NO SUBSEA 7 SA 5258246 10.40 85,927 893,481.34
1.37 NEL NO NEL ASA B02NR83 1.32 558,847 738,477.65
1.36 ADE NO ADEVINTA ASA BJ0DP40 7.02 104,186 731,161.17
1.32 FRO NO FRONTLINE PLC BMHDM54 14.86 47,702 708,884.21
1.28 SRBNK NO SPAREBANK 1 SR BANK ASA B40JTQ3 10.75 63,935 687,311.78
1.15 TGS NO TGS ASA B15SLC4 14.51 42,748 620,061.88
1.14 NOD NO NORDIC SEMICONDUCTOR ASA B00ZG06 10.53 58,420 615,369.22
1.13 SCHB NO SCHIBSTED ASA-B SHS BWVFKQ3 17.53 34,704 608,320.03
1.04 MING NO SPAREBANK 1 SMN B0LGG75 12.15 46,245 561,840.71
0.99 BRG NO BORREGAARD ASA B8B6WX9 16.61 32,051 532,307.72
0.94 BORR NO BORR DRILLING LTD BPK3P64 7.32 69,280 507,144.93
0.94 CASH 1.00 505,752 505,752.40
0.89 SCHA NO SCHIBSTED ASA-CL A 4790534 18.50 25,984 480,798.64
0.83 AKER NO AKER ASA-A SHARES B02R4D9 56.32 7,918 445,967.74
0.78 LSG NO LEROY SEAFOOD GROUP ASA 4691916 4.44 95,136 422,143.51
0.73 ATEA NO ATEA ASA B12TR11 13.14 29,871 392,567.64
0.67 EPR NO EUROPRIS ASA BZ07696 6.43 56,123 360,935.09
0.66 VEI NO VEIDEKKE ASA B1XCHJ7 9.33 38,164 356,186.77
0.64 GOGL NO GOLDEN OCEAN GROUP LTD BDCHQL2 7.46 46,188 344,693.41
0.63 PROT NO PROTECTOR FORSIKRING ASA B182K93 15.49 21,876 338,835.23
0.58 FLNG NO FLEX LNG LTD BJJMGB2 30.03 10,321 309,943.41
0.54 AKSO NO AKER SOLUTIONS ASA BQN1C50 3.34 86,521 288,952.60
0.52 SCATC NO Scatec ASA BQSSWW3 6.53 43,245 282,213.35
0.52 ELK NO ELKEM ASA BG0T3J8 2.49 112,441 279,912.52
0.52 NONG NO SPAREBANK 1 NORD-NORGE B06T259 8.32 33,545 279,165.71
0.50 NAS NO NORWEGIAN AIR SHUTTLE AS 7742123 1.16 229,771 267,643.43
0.50 BWLPG NO BW LPG LTD BGLPC98 8.91 29,995 267,355.63
0.46 AUSS NO AUSTEVOLL SEAFOOD ASA B16MKT5 7.79 31,975 249,071.88
0.46 CRAYN NO CRAYON GROUP HOLDING AS BD9PZ12 9.91 25,094 248,699.89
0.43 WAWI NO WALLENIUS WILHELMSEN ASA B55WMQ5 6.02 38,357 231,099.64
0.39 HAFNI NO HAFNIA LTD BJK0P85 4.82 43,867 211,437.76
0.38 KAHOT NO KAHOOT! ASA BZ17B89 2.18 94,374 205,718.27
0.38 ENTRA NO ENTRA ASA BRJ2VC4 8.85 23,176 205,215.82
0.36 PGS NO PGS ASA B1L7YL5 0.65 300,227 195,275.32
0.35 BONHR NO BONHEUR ASA B1662B3 24.78 7,604 188,403.00
0.33 MPCC NO MPC CONTAINER SHIPS AS BF20GN7 1.86 96,610 179,722.91
0.31 CADLR NO CADELER A/S BMYDHR4 4.42 37,401 165,417.96
0.29 SNI NO STOLT-NIELSEN LTD B4PKZG3 25.59 6,039 154,533.08
0.27 DNO NO DNO ASA B15GGN4 0.90 162,693 145,968.32
0.26 RECSI NO REC SILICON ASA B01VHW2 1.43 98,617 140,596.59
0.24 SPOL NO SPAREBANK 1 OESTLANDET BZ12WQ9 11.05 11,816 130,543.50
0.24 ACC NO AKER CARBON CAPTURE ASA BMPRVC8 1.08 117,382 127,035.19
0.22 GSF NO GRIEG SEAFOOD ASA B1Y1P66 7.74 15,388 119,171.61
0.19 HEX NO HEXAGON COMPOSITES ASA 5186002 2.48 42,173 104,529.38
0.18 NSKOG NO NORSKE SKOG ASA BKTRF73 3.83 25,738 98,501.76
0.17 ELO NO ELOPAK ASA BMCQVP1 2.09 44,835 93,887.66
0.17 HAUTO NO HOEGH AUTOLINERS ASA BMFDP24 5.73 16,012 91,774.63
0.16 NYKD NO NYKODE THERAPEUTICS ASA BL1GQG1 2.55 33,879 86,296.06
0.15 ODL NO ODFJELL DRILLING LTD BDX87W2 2.39 34,284 81,850.35
0.15 MWTR NO MELTWATER HOLDING NV BNDJT07 1.61 48,652 78,298.85
0.13 BEWI NO BEWI AS BN15TW9 4.15 17,330 71,954.80
0.13 BWE NO BW ENERGY LTD BKM1QH9 2.36 29,912 70,603.60
0.13 BWO NO BW OFFSHORE LTD BYYNFR4 2.29 30,882 70,578.51
0.11 AKH NO AKER HORIZONS ASA BMG4FY8 0.72 83,198 60,189.37
0.11 HPUR NO HEXAGON PURUS ASA BN7FJV2 2.02 28,172 56,832.74
0.10 CLCO NO COOL CO LTD BPBKK81 12.99 4,240 55,071.89
0.05 VOLUE NO VOLUE ASA BLPJR07 1.52 18,355 27,866.58
0.00 SWEDISH KRONE 0.09 4 0.41
0.00 NORWEGIAN KRONE 0.09 -20 -1.76
Holdings are subject to change. "Cash" denotes U.S. dollars.

Sector Breakdown As of 04/30/23

Sector Weight (%)
Energy 30.1
Financials 19.3
Consumer Staples 14.1
Materials 12.5
Industrials 10.6
Communication Services 9.1
Information Technology 2.5
Consumer Discretionary 0.7
Utilities 0.6
Real Estate 0.4
Health Care 0.1

Source: AltaVista Research, LLC

ETF Characteristics As of 05/26/23

Return on Equity 16.50%
Weighted Avg. Market Cap 6,643 M
2022 2023
Price-to-earnings 7.76 9.85
Price-to-book value 1.67 1.58

Source: AltaVista Research, LLC

ETF Risk Stats As of 04/30/23

Versus Beta
S&P 500 1.20
NASDAQ-100 0.75
MSCI EAFE 1.25
MSCI Emg. Mkts 0.85
Standard Deviation 25.80%

Source: AltaVista Research, LLC

ETF Research

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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.

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