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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 04/17/24

Inception Date 11/09/10
Total Expense Ratio 0.51%
Net Assets $51.26 million
NAV $24.45
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 04/17/24

Ticker NORW
Bloomberg Index Ticker M1NO5IM
CUSIP 37950E101
ISIN US37950E1010
Primary Exchange NYSE Arca
Shares Outstanding 2,096,111
Number of Holdings 69
30-Day Median Bid-Ask Spread 0.61%

Distributions As of 04/17/24

30-Day SEC Yield 3.45%
Distribution Frequency Semi-Annually

ETF Prices As of 04/17/24

NAV $24.45 Daily Change $0.00 0.00%
Market Price $24.41 Daily Change -$0.12 -0.49%

Performance History

As of recent month & quarter-end (03/31/24)
As of recent month & quarter-end (03/31/24)
Fund NAV Market Price Index
1 Year 6.02% 6.74% 6.50%
3 Years -1.74% -1.56% -1.42%
5 Years 2.26% 2.34% 2.59%
10 Years 0.26% 0.31% 0.60%
Since Inception 1.73% 1.76% 2.24%
1 Year 6.02% 6.74% 6.50%
3 Years -1.74% -1.56% -1.42%
5 Years 2.26% 2.34% 2.59%
10 Years 0.26% 0.31% 0.60%
Since Inception 1.73% 1.76% 2.24%
Year-to-Date -4.12% -3.69% -4.01%
1 Month 2.39% 3.11% 2.44%
3 Months -4.12% -3.69% -4.01%
Since Inception 25.87% 26.36% 34.63%
Year-to-Date -4.12% -3.69% -4.01%
1 Month 2.39% 3.11% 2.44%
3 Months -4.12% -3.69% -4.01%
Since Inception 25.87% 26.36% 34.63%

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 04/17/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
15.07 EQNR NO EQUINOR ASA 7133608 27.37 282,271 7,724,492.41
10.89 DNB NO DNB BANK ASA BNG7113 19.25 289,990 5,583,280.23
5.24 NHY NO NORSK HYDRO ASA B11HK39 6.47 415,378 2,687,404.29
5.02 AKRBP NO AKER BP ASA B1L95G3 25.98 98,933 2,570,527.27
4.81 MOWI NO MOWI ASA B02L486 16.92 145,701 2,464,984.52
4.20 TEL NO TELENOR ASA 4732495 10.92 197,107 2,152,211.49
3.72 KOG NO KONGSBERG GRUPPEN ASA 5208241 69.33 27,527 1,908,502.72
3.07 ORK NO ORKLA ASA B1VQF42 7.17 219,395 1,572,841.68
3.01 YAR NO YARA INTERNATIONAL ASA 7751259 29.75 51,817 1,541,354.45
2.41 SALM NO SALMAR ASA B1W5NW2 59.72 20,666 1,234,151.90
2.33 STB NO STOREBRAND ASA 4852832 8.62 138,397 1,192,358.06
2.25 SUBC NO SUBSEA 7 SA 5258246 16.14 71,426 1,153,009.12
2.20 ADE NO ADEVINTA ASA BJ0DP40 10.30 109,443 1,127,516.05
2.00 FRO NO FRONTLINE PLC BMHDM54 24.44 41,850 1,022,846.92
1.93 TOM NO TOMRA SYSTEMS ASA BPLXRG7 13.35 74,202 990,557.82
1.85 BAKKA NO BAKKAFROST P/F B6632T7 59.95 15,773 945,523.16
1.80 GJF NO GJENSIDIGE FORSIKRING ASA B4PH0C5 14.73 62,662 922,883.09
1.62 SCHB NO SCHIBSTED ASA-B SHS BWVFKQ3 27.30 30,501 832,601.11
1.39 SRBNK NO SPAREBANK 1 SR BANK ASA B40JTQ3 12.26 57,959 710,647.10
1.29 HAFNI NO HAFNIA LTD BJK0P85 7.55 87,927 663,440.52
1.26 SCHA NO SCHIBSTED ASA-CL A 4790534 28.24 22,910 646,993.78
1.05 GOGL NO GOLDEN OCEAN GROUP LTD BDCHQL2 13.23 40,629 537,401.63
1.01 MING NO SPAREBANK 1 SMN B0LGG75 12.78 40,666 519,783.07
1.01 BRG NO BORREGAARD ASA B8B6WX9 17.36 29,764 516,641.92
0.96 TGS NO TGS ASA B15SLC4 12.03 40,816 491,199.34
0.93 SDRL NO SEADRILL LIMITED BMYS6T4 51.51 9,280 478,027.32
0.87 NOD NO NORDIC SEMICONDUCTOR ASA B00ZG06 8.27 54,050 447,040.58
0.77 BNOR NO BLUENORD ASA B23D2M5 53.42 7,341 392,127.16
0.75 AKER NO AKER ASA-A SHARES B02R4D9 55.46 6,930 384,313.91
0.75 BORR NO BORR DRILLING LTD BPK3P64 5.84 65,706 384,046.99
0.72 BWLPG NO BW LPG LTD BGLPC98 13.10 28,318 371,096.48
0.69 EPR NO EUROPRIS ASA BZ07696 7.13 49,377 352,192.28
0.67 LSG NO LEROY SEAFOOD GROUP ASA 4691916 4.12 83,482 343,720.24
0.66 NAS NO NORWEGIAN AIR SHUTTLE AS 7742123 1.51 224,596 338,320.30
0.65 PROT NO PROTECTOR FORSIKRING ASA B182K93 19.86 16,666 331,002.98
0.63 SNI NO STOLT-NIELSEN LTD B4PKZG3 43.98 7,281 320,250.03
0.62 DOFG NO DOF GROUP ASA BQWSKZ8 6.82 46,725 318,657.07
0.61 HAUTO NO HOEGH AUTOLINERS ASA BMFDP24 8.80 35,578 312,975.02
0.57 WAWI NO WALLENIUS WILHELMSEN ASA B55WMQ5 8.90 32,907 292,910.54
0.57 ATEA NO ATEA ASA B12TR11 11.92 24,469 291,586.89
0.52 AKSO NO AKER SOLUTIONS ASA BQN1C50 3.51 76,154 267,414.21
0.51 NONG NO SPAREBANK 1 NORD-NORGE B06T259 8.84 29,669 262,151.30
0.47 CADLR NO CADELER A/S BMYDHR4 4.57 52,945 241,998.07
0.47 SCATC NO Scatec ASA BQSSWW3 6.41 37,285 238,892.61
0.46 FLNG NO FLEX LNG LTD BJJMGB2 25.68 9,251 237,595.57
0.46 PGS NO PGS ASA B1L7YL5 0.80 295,904 235,882.72
0.43 NEL NO NEL ASA B02NR83 0.42 522,838 220,483.71
0.43 ENTRA NO ENTRA ASA BRJ2VC4 9.61 22,648 217,716.89
0.41 AUSS NO AUSTEVOLL SEAFOOD ASA B16MKT5 7.38 28,532 210,497.13
0.33 ELK NO ELKEM ASA BG0T3J8 1.89 88,587 167,426.47
0.31 CRAYN NO CRAYON GROUP HOLDING AS BD9PZ12 6.63 23,572 156,268.06
0.30 KIT NO KITRON ASA 5399684 2.78 54,910 152,480.06
0.28 DNO NO DNO ASA B15GGN4 0.97 150,039 145,322.15
0.27 ODL NO ODFJELL DRILLING LTD BDX87W2 4.76 29,139 138,736.38
0.26 MPCC NO MPC CONTAINER SHIPS AS BF20GN7 1.21 109,347 132,535.51
0.24 SPOL NO SPAREBANK 1 OESTLANDET BZ12WQ9 11.65 10,695 124,635.09
0.18 GSF NO GRIEG SEAFOOD ASA B1Y1P66 5.89 15,705 92,506.77
0.16 ODF NO ODFJELL SE-A SHS B086463 15.15 5,549 84,040.30
0.16 RECSI NO REC SILICON ASA B01VHW2 0.98 84,111 82,839.80
0.15 CLCO NO COOL CO LTD BPBKK81 10.61 7,427 78,805.35
0.15 NORCO NO NORCONSULT AS BMTQPF2 2.35 33,374 78,542.01
0.15 AGAS NO AVANCE GAS HOLDING LTD BFH4P48 13.26 5,915 78,425.72
0.15 ACC NO AKER CARBON CAPTURE ASA BMPRVC8 0.67 113,589 76,281.24
0.13 CASH 1.00 68,826 68,825.90
0.13 GCC NO GRAM CAR CARRIERS ASA BPGC145 19.09 3,539 67,559.91
0.12 BWO NO BW OFFSHORE LTD BYYNFR4 2.53 24,998 63,137.43
0.12 HEX NO HEXAGON COMPOSITES ASA 5186002 1.57 39,622 62,092.13
0.10 NYKD NO NYKODE THERAPEUTICS ASA BL1GQG1 1.16 44,179 51,404.24
0.10 BELCO NO BELSHIPS ASA 4109174 1.94 26,452 51,216.84
0.10 OTHER PAYABLE & RECEIVABLES 1.00 50,805 50,805.02
0.10 BWE NO BW ENERGY LTD BKM1QH9 2.55 19,205 48,941.72
0.00 SWEDISH KRONE 0.09 4 0.40
0.00 NORWEGIAN KRONE 0.09 -1,095 -99.28
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 03/31/24

Sector Weight (%)
Energy 32.2
Financials 19.9
Consumer Staples 13.9
Industrials 11.3
Communication Services 9.7
Materials 9.2
Information Technology 2.2
Consumer Discretionary 0.7
Utilities 0.5
Real Estate 0.5
Health Care 0.1

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Integrated Oil 15.6
Major Banks 11.6
Agricultural Commodities/Milling 6.0
Oil & Gas Production 5.9
Marine Shipping 5.9
Food: Meat/Fish/Dairy 5.4
Aluminum 5.2
Oilfield Services/Equipment 4.7
Major Telecommunications 4.5
Aerospace & Defense 3.8
Chemicals: Agricultural 3.3
Other 28.1

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 04/17/24

Return on Equity 14.30%
Weighted Avg. Market Cap 21,887 M
2023 2024
Price-to-earnings 11.93 10.97
Price-to-book value 1.60 1.54

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 03/31/24

Versus Beta
S&P 500 0.93
NASDAQ-100 0.54
MSCI EAFE 1.05
MSCI Emg. Mkts 0.77
Standard Deviation 22.20%

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.