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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 07/26/24

Inception Date 11/09/10
Total Expense Ratio 0.51%
Net Assets $49.64 million
NAV $25.12
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 07/25/24

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 07/26/24

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

ETF Prices As of 07/26/24

NAV $25.12 Daily Change $0.08 0.32%
Market Price $25.15 Daily Change $0.06 0.24%

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 07/26/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
14.21 EQNR NO EQUINOR ASA 7133608 25.82 273,122 7,051,001.55
10.45 DNB NO DNB BANK ASA BNG7113 20.17 257,191 5,188,193.63
5.27 KOG NO KONGSBERG GRUPPEN ASA 5208241 98.10 26,658 2,615,081.44
4.60 MOWI NO MOWI ASA B02L486 16.20 141,038 2,285,025.69
4.52 AKRBP NO AKER BP ASA B1L95G3 23.41 95,768 2,241,852.57
4.48 TEL NO TELENOR ASA 4732495 11.65 190,841 2,223,336.54
4.46 NHY NO NORSK HYDRO ASA B11HK39 5.50 402,095 2,212,099.40
3.51 ORK NO ORKLA ASA B1VQF42 8.21 212,406 1,742,792.79
2.90 YAR NO YARA INTERNATIONAL ASA 7751259 28.74 50,159 1,441,579.26
2.64 SUBC NO SUBSEA 7 SA 5258246 18.98 69,079 1,311,454.15
2.64 STB NO STOREBRAND ASA 4852832 9.77 133,970 1,309,352.89
2.29 TOM NO TOMRA SYSTEMS ASA BPLXRG7 15.84 71,686 1,135,422.89
2.16 SALM NO SALMAR ASA B1W5NW2 53.63 19,995 1,072,275.91
2.08 FRO NO FRONTLINE PLC BMHDM54 23.53 43,826 1,031,097.16
1.97 GJF NO GJENSIDIGE FORSIKRING ASA B4PH0C5 16.13 60,537 976,398.80
1.56 SCHB NO SCHIBSTED ASA-B SHS BWVFKQ3 26.20 29,467 772,083.30
1.55 BAKKA NO BAKKAFROST P/F B6632T7 50.59 15,241 771,042.04
1.49 TGS NO TGS ASA B15SLC4 12.42 59,333 736,965.69
1.39 SRBNK NO SPAREBANK 1 SR BANK ASA B40JTQ3 12.35 55,993 691,418.89
1.33 NOD NO NORDIC SEMICONDUCTOR ASA B00ZG06 11.86 55,435 657,639.93
1.29 HAFNI NO HAFNIA LTD BJK0P85 7.54 84,664 638,250.89
1.23 SCHA NO SCHIBSTED ASA-CL A 4790534 27.60 22,133 610,822.92
1.13 MING NO SPAREBANK 1 SMN B0LGG75 14.34 39,124 561,080.55
1.00 SDRL NO SEADRILL LIMITED BMYS6T4 55.76 8,889 495,630.95
0.98 GOGL NO GOLDEN OCEAN GROUP LTD BDCHQL2 12.40 39,109 485,057.48
0.96 BRG NO BORREGAARD ASA B8B6WX9 16.59 28,628 474,976.90
0.86 BORR NO BORR DRILLING LTD BPK3P64 6.74 63,581 428,298.51
0.84 DOFG NO DOF GROUP ASA BQWSKZ8 9.70 42,775 414,958.05
0.80 BWLPG NO BW LPG LTD BT5GCN2 15.77 25,301 398,903.33
0.80 HAUTO NO HOEGH AUTOLINERS ASA BMFDP24 10.62 37,331 396,329.97
0.79 AKER NO AKER ASA-A SHARES B02R4D9 58.39 6,709 391,718.47
0.78 AKSO NO AKER SOLUTIONS ASA BQN1C50 4.75 81,380 386,246.69
0.75 CADLR NO CADELER A/S BMYDHR4 6.44 58,063 373,756.03
0.66 BNOR NO BLUENORD ASA B23D2M5 45.88 7,094 325,440.87
0.66 LSG NO LEROY SEAFOOD GROUP ASA 4691916 4.04 80,589 325,429.09
0.65 PROT NO PROTECTOR FORSIKRING ASA B182K93 20.13 16,137 324,792.63
0.61 ATEA NO ATEA ASA B12TR11 12.80 23,654 302,809.63
0.58 WAWI NO WALLENIUS WILHELMSEN ASA B55WMQ5 9.09 31,788 289,064.35
0.58 SCATC NO Scatec ASA BQSSWW3 8.07 35,802 289,049.09
0.56 EPR NO EUROPRIS ASA BZ07696 5.86 47,674 279,434.82
0.56 NEL NO NEL ASA B02NR83 0.55 505,887 278,493.89
0.56 NONG NO SPAREBANK 1 NORD-NORGE B06T259 9.54 29,095 277,448.21
0.55 SNI NO STOLT-NIELSEN LTD B4PKZG3 38.44 7,036 270,471.86
0.52 FLNG NO FLEX LNG LTD BJJMGB2 26.40 9,841 259,813.07
0.52 CRAYN NO CRAYON GROUP HOLDING AS BD9PZ12 11.11 23,046 255,954.07
0.50 ENTRA NO ENTRA ASA BRJ2VC4 11.21 22,052 247,113.71
0.45 MPCC NO MPC CONTAINER SHIPS AS BF20GN7 1.93 114,791 221,987.79
0.45 NAS NO NORWEGIAN AIR SHUTTLE AS 7742123 1.00 220,784 221,587.68
0.44 AUSS NO AUSTEVOLL SEAFOOD ASA B16MKT5 7.91 27,322 216,126.65
0.36 KIT NO KITRON ASA 5399684 3.33 53,998 179,669.41
0.35 ELK NO ELKEM ASA BG0T3J8 2.03 85,883 174,727.17
0.30 ODL NO ODFJELL DRILLING LTD BDX87W2 5.12 28,661 146,814.92
0.29 DNO NO DNO ASA B15GGN4 0.99 145,932 144,875.53
0.28 SPOL NO SPAREBANK 1 OESTLANDET BZ12WQ9 13.28 10,493 139,331.43
0.19 NORCO NO NORCONSULT AS BMTQPF2 2.99 32,176 96,266.77
0.18 CLCO NO COOL CO LTD BPBKK81 12.03 7,315 88,006.68
0.17 GSF NO GRIEG SEAFOOD ASA B1Y1P66 5.62 15,075 84,738.23
0.16 AGAS NO AVANCE GAS HOLDING LTD BFH4P48 14.22 5,709 81,158.96
0.15 CASH 1.00 74,042 74,042.32
0.15 BWO NO BW OFFSHORE LTD BYYNFR4 2.83 25,953 73,530.58
0.14 ODF NO ODFJELL SE-A SHS B086463 15.41 4,575 70,513.20
0.14 BELCO NO BELSHIPS ASA 4109174 2.03 34,479 70,021.77
0.13 NYKD NO NYKODE THERAPEUTICS ASA BL1GQG1 1.33 49,421 65,641.66
0.13 OTHER PAYABLE & RECEIVABLES 1.00 62,984 62,984.46
0.13 ACC NO AKER CARBON CAPTURE ASA BMPRVC8 0.58 106,929 61,899.45
0.12 RECSI NO REC SILICON ASA B01VHW2 0.73 82,756 60,098.33
0.11 BWE NO BW ENERGY LTD BKM1QH9 2.90 19,523 56,640.76
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 07/25/24

Return on Equity 14.70%
Weighted Avg. Market Cap 22,105 M
2023 2024
Price-to-earnings 12.28 11.10
Price-to-book value 1.67 1.60

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

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.