NORW


MSCI Norway ETF

Reasons to Consider NORW

Growth Potential

Rebounding from the pandemic, Norway is forecasted to exceed 4% GDP growth in 2022. Its energy producers could be well-positioned for an inflationary environment.1

Targeted Exposure

The Fund targets exposure to a single country.

Efficient Access

Efficient access to a broad basket of Norwegian securities.

1OECD, Dec 2021

Key Information As of 09/29/22

Inception Date 11/09/10
Total Expense Ratio 0.50%
Net Assets $90.34 million
NAV $21.74
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 09/29/22

Ticker NORW
Bloomberg Index Ticker M1NO5IM
CUSIP 37950E101
ISIN US37950E1010
Primary Exchange NYSE Arca
Shares Outstanding 4,156,111
Number of Holdings 68
30-Day Median Bid-Ask Spread 0.45%

Distributions As of 09/29/22

30-Day SEC Yield 1.27%
Distribution Frequency Semi-Annually

ETF Prices As of 09/29/22

NAV $21.74 Daily Change -$0.25 -1.16%
Market Price $22.08 Daily Change -$0.47 -2.08%

Performance History

As of recent
(06/30/22)
As of recent
(06/30/22)
Fund NAV Market Price Index
1 Year -10.58% -9.43% -10.14%
3 Years 2.88% 3.36% 3.28%
5 Years 5.20% 5.37% 5.58%
10 Years 2.98% 3.05% 3.44%
Since Inception 1.82% 1.93% 2.38%
1 Year -6.31% -6.67% -5.86%
3 Years 7.59% 7.73% 8.01%
5 Years 3.65% 3.59% 4.02%
10 Years 2.54% 2.48% 2.94%
Since Inception 2.27% 2.26% 2.83%
Year-to-Date -14.02% -12.58% -13.82%
1 Month -13.51% -12.03% -13.46%
3 Months -18.23% -16.47% -18.13%
Since Inception 23.43% 24.91% 31.49%
Year-to-Date -9.15% -8.90% -8.88%
1 Month -2.78% -3.20% -2.73%
3 Months -8.62% -8.32% -8.50%
Since Inception 30.41% 30.17% 39.03%

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 09/29/22

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
22.51 EQNR NO EQUINOR ASA 7133608 32.46 626,664 20,339,439.86
10.39 DNB NO DNB BANK ASA BNG7113 15.75 596,282 9,389,656.33
6.46 AKRBP NO AKER BP ASA B1L95G3 28.77 202,801 5,834,330.83
4.59 NHY NO NORSK HYDRO ASA B11HK39 5.40 766,710 4,141,892.04
4.55 TEL NO TELENOR ASA 4732495 9.44 435,482 4,111,282.22
3.98 YAR NO YARA INTERNATIONAL ASA 7751259 35.06 102,581 3,596,119.42
3.90 ORK NO ORKLA ASA B1VQF42 7.29 482,948 3,520,843.09
3.86 MOWI NO MOWI ASA B02L486 12.42 280,974 3,490,206.04
2.88 TOM NO TOMRA SYSTEMS ASA BPLXRG7 17.06 152,250 2,596,870.60
2.43 GJF NO GJENSIDIGE FORSIKRING ASA B4PH0C5 17.10 128,624 2,198,915.59
2.27 STB NO STOREBRAND ASA 4852832 6.78 301,873 2,046,882.15
1.93 KOG NO KONGSBERG GRUPPEN ASA 5208241 30.23 57,516 1,738,653.64
1.55 NOD NO NORDIC SEMICONDUCTOR ASA B00ZG06 12.63 110,784 1,399,322.61
1.47 SALM NO SALMAR ASA B1W5NW2 34.95 37,890 1,324,409.91
1.37 BAKKA NO BAKKAFROST P/F B6632T7 38.56 32,120 1,238,642.20
1.34 SUBC NO SUBSEA 7 SA 5258246 7.97 151,879 1,210,370.21
1.22 ADE NO ADEVINTA ASA BJ0DP40 5.91 185,736 1,097,874.46
1.17 SRBNK NO SPAREBANK 1 SR BANK ASA B40JTQ3 9.27 114,159 1,058,104.35
1.16 AKER NO AKER ASA-A SHARES B02R4D9 63.06 16,587 1,046,016.60
1.12 NEL NO NEL ASA B02NR83 1.09 931,231 1,013,407.99
1.01 TGS NO TGS ASA B15SLC4 12.16 74,744 908,642.33
0.94 MING NO SPAREBANK 1 SMN B0LGG75 10.23 82,682 845,950.01
0.93 FRO NO FRONTLINE LTD BDDJSX3 10.85 77,509 841,325.46
0.89 SCHB NO SCHIBSTED ASA-B SHS BWVFKQ3 13.01 61,997 806,732.27
0.78 BRG NO BORREGAARD ASA B8B6WX9 11.68 60,484 706,596.01
0.76 LSG NO LEROY SEAFOOD GROUP ASA 4691916 3.61 189,977 685,604.71
0.73 ELK NO ELKEM ASA BG0T3J8 3.24 204,856 663,084.65
0.71 SCHA NO SCHIBSTED ASA-CL A 4790534 13.75 46,505 639,315.34
0.68 GOGLO QX GOLDEN OCEAN GROUP LTD BDCHQL2 7.37 82,927 611,197.35
0.65 FLNG NO FLEX LNG LTD BJJMGB2 30.94 18,849 583,111.49
0.64 SCATC NO Scatec ASA BQSSWW3 7.65 75,675 579,145.59
0.61 AKSO NO AKER SOLUTIONS ASA BQN1C50 3.45 159,126 549,401.89
0.59 VEI NO VEIDEKKE ASA B1XCHJ7 7.66 69,977 536,319.48
0.56 EPR NO EUROPRIS ASA BZ07696 4.95 102,554 507,464.04
0.52 ATEA NO ATEA ASA B12TR11 8.70 54,441 473,455.04
0.52 NONG NO SPAREBANK 1 NORD-NORGE B06T259 7.53 61,763 465,322.92
0.44 PROT NO PROTECTOR FORSIKRING ASA B182K93 10.27 39,093 401,429.34
0.42 BONHR NO BONHEUR ASA B1662B3 27.95 13,506 377,495.92
0.41 ENTRA NO ENTRA ASA BRJ2VC4 9.27 40,366 374,139.93
0.41 AUSS NO AUSTEVOLL SEAFOOD ASA B16MKT5 6.32 59,169 373,959.64
0.41 BWLPG NO BW LPG LTD BGLPC98 7.10 52,471 372,378.77
0.37 SNI NO STOLT-NIELSEN LTD B4PKZG3 19.77 16,817 332,390.42
0.37 WAWI NO WALLENIUS WILHELMSEN ASA B55WMQ5 4.86 68,260 331,419.32
0.36 CRAYN NO CRAYON GROUP HOLDING AS BD9PZ12 7.32 44,946 329,217.30
0.35 DNO NO DNO ASA B15GGN4 1.13 283,530 319,626.42
0.34 KAHOT NO KAHOOT! ASA BZ17B89 1.84 164,816 302,766.28
0.32 MPCC NO MPC CONTAINER SHIPS AS BF20GN7 1.69 171,946 290,355.04
0.32 HAFNI NO HAFNIA LTD BJK0P85 3.99 72,269 288,370.20
0.32 RECSI NO REC SILICON ASA B01VHW2 1.62 175,975 285,128.19
0.31 BORR NO BORR DRILLING LTD BPK3P64 3.28 85,963 281,845.90
0.30 SPOL NO SPAREBANK 1 OESTLANDET BZ12WQ9 10.01 26,631 266,526.74
0.29 NAS NO NORWEGIAN AIR SHUTTLE AS 7742123 0.66 401,292 263,590.20
0.29 ACC NO AKER CARBON CAPTURE ASA BMPRVC8 1.25 210,114 262,953.97
0.24 GSF NO GRIEG SEAFOOD ASA B1Y1P66 6.42 32,999 211,936.37
0.21 CASH 0.46 423,678 193,393.94
0.21 NYKD NO NYKODE THERAPEUTICS ASA BL1GQG1 2.27 84,981 192,864.68
0.19 AKH NO AKER HORIZONS ASA BMG4FY8 1.21 145,050 174,849.25
0.17 HEX NO HEXAGON COMPOSITES ASA 5186002 2.13 72,959 155,265.85
0.16 ELO NO ELOPAK ASA BMCQVP1 1.82 79,089 144,182.71
0.14 ODL NO ODFJELL DRILLING LTD BDX87W2 2.16 60,131 129,756.00
0.14 BEWI NO BEWI AS BN15TW9 4.19 30,422 127,333.10
0.13 BWO NO BW OFFSHORE LTD BYYNFR4 2.11 57,089 120,218.11
0.13 BWE NO BW ENERGY LTD BKM1QH9 1.96 58,663 115,129.80
0.12 NRS NO NORWAY ROYAL SALMON ASA B3MVZM8 13.45 7,873 105,888.69
0.10 VOLUE NO VOLUE ASA BLPJR07 2.80 32,642 91,235.17
0.10 HPUR NO HEXAGON PURUS ASA BN7FJV2 1.79 49,462 88,331.16
0.10 SBO NO SELVAAG BOLIG ASA B4V6DD8 2.98 29,099 86,610.21
0.09 MWTR NO MELTWATER HOLDING NV BNDJT07 0.93 86,986 80,624.62
0.08 LINK NO LINK MOBILITY GR BM99YX2 0.65 114,608 74,459.89
Holdings are subject to change.

Sector Breakdown As of 08/31/22

Sector Weight (%)
Energy 33.7
Financials 19.0
Consumer Staples 14.8
Materials 10.1
Industrials 9.7
Communication Services 7.5
Information Technology 2.9
Utilities 0.9
Real Estate 0.6
Consumer Discretionary 0.5
Health Care 0.3

Source: AltaVista Research, LLC

ETF Characteristics As of 09/29/22

Return on Equity 25.20%
Weighted Avg. Market Cap 34,519 M
2021 2022
Price-to-earnings 12.88 7.32
Price-to-book value 1.97 1.73

Source: AltaVista Research, LLC

ETF Risk Stats As of 08/31/22

Versus Beta
S&P 500 1.27
MSCI EAFE 1.40
MSCI Emg. Mkts 1.17
Standard Deviation 28.10%

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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