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 07/23/24

Inception Date 11/09/10
Total Expense Ratio 0.51%
Net Assets $50.00 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 07/23/24

Ticker NORW
Bloomberg Index Ticker M1NO5IM
CUSIP 37950E101
ISIN US37950E1010
Primary Exchange NYSE Arca
Shares Outstanding 1,976,111
Number of Holdings 65
30-Day Median Bid-Ask Spread 0.67%

Distributions As of 07/23/24

30-Day SEC Yield 1.70%
Distribution Frequency Semi-Annually

ETF Prices As of 07/23/24

NAV $25.30 Daily Change -$0.23 -0.90%
Market Price $25.33 Daily Change -$0.31 -1.21%

Performance History

As of recent month & quarter-end (06/30/24)
As of recent month & quarter-end (06/30/24)
Fund NAV Market Price Index
1 Year 17.37% 16.81% 18.10%
3 Years -0.27% -0.36% 0.10%
5 Years 3.85% 3.82% 4.22%
10 Years 0.42% 0.34% 0.73%
Since Inception 2.33% 2.30% 2.85%
1 Year 17.37% 16.81% 18.10%
3 Years -0.27% -0.36% 0.10%
5 Years 3.85% 3.82% 4.22%
10 Years 0.42% 0.34% 0.73%
Since Inception 2.33% 2.30% 2.85%
Year-to-Date 4.29% 3.98% 4.65%
1 Month -2.55% -3.45% -2.58%
3 Months 8.77% 7.97% 9.02%
Since Inception 36.90% 36.43% 46.78%
Year-to-Date 4.29% 3.98% 4.65%
1 Month -2.55% -3.45% -2.58%
3 Months 8.77% 7.97% 9.02%
Since Inception 36.90% 36.43% 46.78%

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 07/23/24

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
14.29 EQNR NO EQUINOR ASA 7133608 26.15 273,122 7,142,829.23
10.33 DNB NO DNB BANK ASA BNG7113 20.09 257,191 5,166,648.29
5.36 KOG NO KONGSBERG GRUPPEN ASA 5208241 100.53 26,658 2,680,045.29
4.53 MOWI NO MOWI ASA B02L486 16.07 141,038 2,266,750.58
4.50 AKRBP NO AKER BP ASA B1L95G3 23.48 95,768 2,248,262.44
4.43 NHY NO NORSK HYDRO ASA B11HK39 5.51 402,095 2,217,149.14
4.43 TEL NO TELENOR ASA 4732495 11.59 190,841 2,212,448.87
3.50 ORK NO ORKLA ASA B1VQF42 8.25 212,406 1,751,613.65
2.90 YAR NO YARA INTERNATIONAL ASA 7751259 28.88 50,159 1,448,755.10
2.66 STB NO STOREBRAND ASA 4852832 9.92 133,970 1,328,658.18
2.61 SUBC NO SUBSEA 7 SA 5258246 18.91 69,079 1,306,375.80
2.20 FRO NO FRONTLINE PLC BMHDM54 25.08 43,826 1,099,123.21
2.17 TOM NO TOMRA SYSTEMS ASA BPLXRG7 15.16 71,686 1,086,879.49
2.12 SALM NO SALMAR ASA B1W5NW2 52.89 19,995 1,057,610.72
1.98 GJF NO GJENSIDIGE FORSIKRING ASA B4PH0C5 16.33 60,537 988,571.79
1.60 SCHB NO SCHIBSTED ASA-B SHS BWVFKQ3 27.12 29,467 799,059.85
1.52 BAKKA NO BAKKAFROST P/F B6632T7 49.81 15,241 759,220.18
1.46 TGS NO TGS ASA B15SLC4 12.32 59,333 730,847.57
1.46 NOD NO NORDIC SEMICONDUCTOR ASA B00ZG06 13.14 55,435 728,271.60
1.39 SRBNK NO SPAREBANK 1 SR BANK ASA B40JTQ3 12.44 55,993 696,806.29
1.34 HAFNI NO HAFNIA LTD BJK0P85 7.90 84,664 668,662.33
1.27 SCHA NO SCHIBSTED ASA-CL A 4790534 28.62 22,133 633,459.65
1.12 MING NO SPAREBANK 1 SMN B0LGG75 14.28 39,124 558,883.91
1.03 GOGL NO GOLDEN OCEAN GROUP LTD BDCHQL2 13.21 39,109 516,624.19
0.97 BRG NO BORREGAARD ASA B8B6WX9 16.90 28,628 483,831.61
0.96 SDRL NO SEADRILL LIMITED BMYS6T4 53.94 8,889 479,431.17
0.84 BORR NO BORR DRILLING LTD BPK3P64 6.60 63,581 419,803.90
0.82 DOFG NO DOF GROUP ASA BQWSKZ8 9.55 42,775 408,340.28
0.81 HAUTO NO HOEGH AUTOLINERS ASA BMFDP24 10.89 37,331 406,411.21
0.81 BWLPG NO BW LPG LTD BT5GCN2 16.03 25,301 405,604.29
0.80 AKER NO AKER ASA-A SHARES B02R4D9 59.51 6,709 399,222.26
0.78 AKSO NO AKER SOLUTIONS ASA BQN1C50 4.81 81,380 391,384.66
0.73 CADLR NO CADELER A/S BMYDHR4 6.29 58,063 364,964.42
0.67 BNOR NO BLUENORD ASA B23D2M5 47.01 7,094 333,464.90
0.66 PROT NO PROTECTOR FORSIKRING ASA B182K93 20.51 16,137 331,041.62
0.64 LSG NO LEROY SEAFOOD GROUP ASA 4691916 3.96 80,589 319,115.21
0.61 ATEA NO ATEA ASA B12TR11 12.90 23,654 305,074.69
0.59 WAWI NO WALLENIUS WILHELMSEN ASA B55WMQ5 9.28 31,788 295,106.42
0.57 EPR NO EUROPRIS ASA BZ07696 5.98 47,674 285,197.69
0.56 SNI NO STOLT-NIELSEN LTD B4PKZG3 39.90 7,036 280,713.52
0.56 SCATC NO Scatec ASA BQSSWW3 7.84 35,802 280,650.58
0.56 NONG NO SPAREBANK 1 NORD-NORGE B06T259 9.56 29,095 278,011.28
0.54 FLNG NO FLEX LNG LTD BJJMGB2 27.26 9,841 268,285.57
0.53 NEL NO NEL ASA B02NR83 0.53 505,887 266,941.19
0.53 CRAYN NO CRAYON GROUP HOLDING AS BD9PZ12 11.47 23,046 264,253.56
0.50 ENTRA NO ENTRA ASA BRJ2VC4 11.41 22,052 251,657.64
0.46 MPCC NO MPC CONTAINER SHIPS AS BF20GN7 2.00 114,791 230,081.05
0.44 NAS NO NORWEGIAN AIR SHUTTLE AS 7742123 0.98 220,784 217,364.56
0.42 AUSS NO AUSTEVOLL SEAFOOD ASA B16MKT5 7.76 27,322 211,949.04
0.37 KIT NO KITRON ASA 5399684 3.45 53,998 186,334.92
0.34 ELK NO ELKEM ASA BG0T3J8 1.97 85,883 169,105.73
0.29 ODL NO ODFJELL DRILLING LTD BDX87W2 5.07 28,661 145,368.72
0.29 DNO NO DNO ASA B15GGN4 1.00 145,932 145,257.92
0.28 SPOL NO SPAREBANK 1 OESTLANDET BZ12WQ9 13.18 10,493 138,278.37
0.21 OTHER PAYABLE & RECEIVABLES 1.00 102,933 102,933.28
0.20 NORCO NO NORCONSULT AS BMTQPF2 3.04 32,176 97,918.09
0.18 CLCO NO COOL CO LTD BPBKK81 12.14 7,315 88,779.10
0.17 GSF NO GRIEG SEAFOOD ASA B1Y1P66 5.48 15,075 82,672.88
0.16 AGAS NO AVANCE GAS HOLDING LTD BFH4P48 14.26 5,709 81,387.25
0.15 BWO NO BW OFFSHORE LTD BYYNFR4 2.87 25,953 74,514.09
0.15 ODF NO ODFJELL SE-A SHS B086463 15.85 4,575 72,513.81
0.14 BELCO NO BELSHIPS ASA 4109174 2.08 34,479 71,824.74
0.13 NYKD NO NYKODE THERAPEUTICS ASA BL1GQG1 1.31 49,421 64,903.95
0.12 ACC NO AKER CARBON CAPTURE ASA BMPRVC8 0.57 106,929 60,577.93
0.12 BWE NO BW ENERGY LTD BKM1QH9 3.02 19,523 58,882.27
0.11 RECSI NO REC SILICON ASA B01VHW2 0.68 82,756 56,364.92
0.06 CASH 1.00 29,786 29,786.37
0.00 SWEDISH KRONE 0.09 4 0.41
0.00 NORWEGIAN KRONE 0.09 -19 -1.75
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 06/30/24

Sector Weight (%)
Energy 34.3
Financials 18.8
Industrials 13.0
Consumer Staples 12.8
Materials 9.1
Communication Services 7.2
Information Technology 3.1
Consumer Discretionary 0.6
Utilities 0.6
Real Estate 0.4
Health Care 0.1

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Energy 34.1
Food Products 14.1
Banking 13.0
Insurance 6.1
Metals & Mining 5.4
Telecommunication 4.7
Aerospace & Defense 4.7
Chemicals 4.6
Marine 3.7
Semiconductors 1.7
Media 1.4
Other 6.5

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 07/23/24

Return on Equity 14.70%
Weighted Avg. Market Cap 22,105 M
2023 2024
Price-to-earnings 12.40 11.21
Price-to-book value 1.69 1.62

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 06/30/24

Versus Beta
S&P 500 0.94
NASDAQ-100 0.56
MSCI EAFE 1.07
MSCI Emg. Mkts 0.79
Standard Deviation 23.20%

Source: new windowAltaVista Research, LLC

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.