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 02/02/23

Inception Date 11/09/10
Total Expense Ratio 0.50%
Net Assets $100.07 million
NAV $25.62
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 02/02/23

Ticker NORW
Bloomberg Index Ticker M1NO5IM
CUSIP 37950E101
ISIN US37950E1010
Primary Exchange NYSE Arca
Shares Outstanding 3,906,111
Number of Holdings 69
30-Day Median Bid-Ask Spread 0.44%

Distributions As of 02/02/23

30-Day SEC Yield 1.06%
Distribution Frequency Semi-Annually

ETF Prices As of 02/02/23

NAV $25.62 Daily Change -$0.20 -0.77%
Market Price $25.54 Daily Change -$0.45 -1.73%

Performance History

As of recent
(12/31/22)
As of recent
(12/31/22)
Fund NAV Market Price Index
1 Year -12.92% -12.55% -12.89%
3 Years 2.14% 2.28% 2.42%
5 Years 1.96% 2.04% 2.26%
10 Years 1.50% 1.37% 1.94%
Since Inception 1.85% 1.85% 2.37%
1 Year -10.21% -10.47% -10.20%
3 Years 4.48% 4.86% 4.75%
5 Years 0.66% 0.84% 0.96%
10 Years 0.83% 0.95% 1.25%
Since Inception 1.81% 1.85% 2.32%
Year-to-Date -12.92% -12.55% -12.89%
1 Month -1.06% -2.79% -1.03%
3 Months 19.35% 19.49% 19.02%
Since Inception 25.00% 24.96% 32.92%
Year-to-Date -0.39% 0.19% -0.36%
1 Month -0.39% 0.19% -0.36%
3 Months 6.62% 7.26% 6.71%
Since Inception 24.52% 25.20% 32.44%

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 02/02/23

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
16.92 EQNR NO EQUINOR ASA 7133608 29.35 576,953 16,934,096.48
10.44 DNB NO DNB BANK ASA BNG7113 18.69 558,990 10,448,097.91
5.95 NHY NO NORSK HYDRO ASA B11HK39 8.02 742,821 5,954,566.23
5.59 AKRBP NO AKER BP ASA B1L95G3 29.40 190,391 5,596,712.89
4.69 MOWI NO MOWI ASA B02L486 17.94 261,584 4,691,872.78
4.52 TEL NO TELENOR ASA 4732495 11.07 408,828 4,527,640.97
4.30 YAR NO YARA INTERNATIONAL ASA 7751259 44.73 96,301 4,307,402.20
3.37 ORK NO ORKLA ASA B1VQF42 7.45 452,506 3,372,266.05
2.50 TOM NO TOMRA SYSTEMS ASA BPLXRG7 17.63 141,947 2,502,743.76
2.48 STB NO STOREBRAND ASA 4852832 8.82 281,466 2,481,339.08
2.19 GJF NO GJENSIDIGE FORSIKRING ASA B4PH0C5 18.27 119,868 2,190,135.77
2.10 KOG NO KONGSBERG GRUPPEN ASA 5208241 39.18 53,588 2,099,641.77
1.85 BAKKA NO BAKKAFROST P/F B6632T7 61.52 30,114 1,852,627.44
1.82 NOD NO NORDIC SEMICONDUCTOR ASA B00ZG06 17.48 103,914 1,816,583.90
1.73 SUBC NO SUBSEA 7 SA 5258246 12.13 142,675 1,730,530.47
1.70 SALM NO SALMAR ASA B1W5NW2 43.54 39,040 1,699,766.51
1.59 NEL NO NEL ASA B02NR83 1.82 873,844 1,588,322.92
1.54 ADE NO ADEVINTA ASA BJ0DP40 8.90 172,784 1,537,039.82
1.26 SCHB NO SCHIBSTED ASA-B SHS BWVFKQ3 21.65 58,213 1,260,288.64
1.24 SRBNK NO SPAREBANK 1 SR BANK ASA B40JTQ3 11.55 107,136 1,237,897.97
1.15 TGS NO TGS ASA B15SLC4 16.05 71,553 1,148,589.86
1.13 AKER NO AKER ASA-A SHARES B02R4D9 72.32 15,561 1,125,298.21
1.04 FRO NO FRONTLINE PLC BMHDM54 14.35 72,843 1,044,941.16
1.00 BRG NO BORREGAARD ASA B8B6WX9 17.57 56,756 997,291.78
1.00 LSG NO LEROY SEAFOOD GROUP ASA 4691916 5.59 178,086 995,913.13
0.99 MING NO SPAREBANK 1 SMN B0LGG75 12.69 77,618 985,275.67
0.98 SCHA NO SCHIBSTED ASA-CL A 4790534 22.49 43,671 982,126.08
0.75 GOGLO QX GOLDEN OCEAN GROUP LTD BDCHQL2 9.60 77,730 746,160.76
0.69 VEI NO VEIDEKKE ASA B1XCHJ7 10.75 64,368 692,267.39
0.68 ELK NO ELKEM ASA BG0T3J8 3.61 188,424 680,637.63
0.64 SCATC NO Scatec ASA BQSSWW3 8.81 72,331 637,508.75
0.64 EPR NO EUROPRIS ASA BZ07696 6.73 94,608 636,406.36
0.58 ATEA NO ATEA ASA B12TR11 11.47 50,110 574,986.81
0.57 WAWI NO WALLENIUS WILHELMSEN ASA B55WMQ5 8.92 64,167 572,415.72
0.57 AKSO NO AKER SOLUTIONS ASA BQN1C50 3.80 149,594 568,483.52
0.57 FLNG NO FLEX LNG LTD BJJMGB2 31.28 18,070 565,319.65
0.53 PROT NO PROTECTOR FORSIKRING ASA B182K93 14.51 36,750 533,353.99
0.53 NONG NO SPAREBANK 1 NORD-NORGE B06T259 9.30 56,811 528,088.82
0.51 AUSS NO AUSTEVOLL SEAFOOD ASA B16MKT5 9.39 54,282 509,463.44
0.48 ENTRA NO ENTRA ASA BRJ2VC4 12.43 38,700 481,197.03
0.46 BORR NO BORR DRILLING LTD BPK3P64 5.69 80,822 460,060.46
0.45 CRAYN NO CRAYON GROUP HOLDING AS BD9PZ12 10.61 42,253 448,511.57
0.41 SNI NO STOLT-NIELSEN LTD B4PKZG3 27.19 15,241 414,356.31
0.41 BWLPG NO BW LPG LTD BGLPC98 8.03 50,498 405,556.76
0.40 NAS NO NORWEGIAN AIR SHUTTLE AS 7742123 1.03 386,723 399,873.00
0.37 HAFNI NO HAFNIA LTD BJK0P85 5.34 70,165 374,501.34
0.35 BONHR NO BONHEUR ASA B1662B3 27.74 12,706 352,422.34
0.32 DNO NO DNO ASA B15GGN4 1.20 266,519 319,669.36
0.31 ACC NO AKER CARBON CAPTURE ASA BMPRVC8 1.59 197,496 314,460.19
0.29 KAHOT NO KAHOOT! ASA BZ17B89 1.83 159,322 290,782.40
0.28 MPCC NO MPC CONTAINER SHIPS AS BF20GN7 1.72 161,619 278,255.17
0.28 RECSI NO REC SILICON ASA B01VHW2 1.66 165,375 275,217.27
0.28 SPOL NO SPAREBANK 1 OESTLANDET BZ12WQ9 11.47 23,972 275,066.53
0.26 GSF NO GRIEG SEAFOOD ASA B1Y1P66 8.50 31,026 263,594.47
0.26 HEX NO HEXAGON COMPOSITES ASA 5186002 3.59 71,190 255,876.42
0.24 NYKD NO NYKODE THERAPEUTICS ASA BL1GQG1 3.05 79,990 243,852.45
0.21 AKH NO AKER HORIZONS ASA BMG4FY8 1.50 140,809 210,549.20
0.18 ELO NO ELOPAK ASA BMCQVP1 2.40 74,398 178,469.53
0.15 ODL NO ODFJELL DRILLING LTD BDX87W2 2.59 56,663 146,686.76
0.15 MWTR NO MELTWATER HOLDING NV BNDJT07 1.77 81,825 145,169.69
0.15 BEWI NO BEWI AS BN15TW9 5.05 28,674 144,734.23
0.14 BWE NO BW ENERGY LTD BKM1QH9 2.87 49,809 142,982.82
0.14 BWO NO BW OFFSHORE LTD BYYNFR4 2.64 53,498 141,166.96
0.14 CASH 1.00 135,126 135,126.34
0.13 HPUR NO HEXAGON PURUS ASA BN7FJV2 2.81 46,594 131,145.75
0.12 CADLR NO CADELER A/S BMYDHR4 4.27 27,157 115,959.04
0.10 NSKOG NO NORSKE SKOG ASA BKTRF73 7.02 14,788 103,835.86
0.10 VOLUE NO VOLUE ASA BLPJR07 3.13 30,694 96,026.13
0.09 HAUTO NO HOEGH AUTOLINERS ASA BMFDP24 5.90 15,794 93,139.89
0.08 COOL NO COOL CO LTD BPBKK81 10.48 7,434 77,930.39
0.00 SWEDISH KRONE 0.10 4 0.43
0.00 EURO 1.00 0 -0.01
0.00 NORWEGIAN KRONE 0.10 -5 -0.53
0.00 DANISH KRONE 0.15 -15 -2.25
Holdings are subject to change. "Cash" denotes U.S. dollars.

Sector Breakdown As of 12/31/22

Sector Weight (%)
Energy 32.9
Financials 20.5
Consumer Staples 12.8
Materials 11.6
Industrials 10.0
Communication Services 7.1
Information Technology 3.1
Utilities 0.8
Consumer Discretionary 0.7
Real Estate 0.4
Health Care 0.2

Source: AltaVista Research, LLC

ETF Characteristics As of 02/02/23

Return on Equity 18.50%
Weighted Avg. Market Cap 7,494 M
2022 2023
Price-to-earnings 8.65 9.49
Price-to-book value 1.82 1.70

Source: AltaVista Research, LLC

ETF Risk Stats As of 01/31/23

Versus Beta
S&P 500 1.28
MSCI EAFE 1.34
MSCI Emg. Mkts 1.05
Standard Deviation 31.00%

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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