NORW


MSCI Norway ETF

Reasons to Consider NORW

Efficient Access

Efficient access to a broad basket of Norwegian securities.

Targeted Exposure

The Fund targets exposure to a single country.

Key Information As of 11/30/21

Inception Date 11/09/10
Total Expense Ratio 0.50%
Net Assets $100.23 million
NAV $29.34
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 11/30/21

Ticker NORW
Bloomberg Index Ticker M1NO5IM
CUSIP 37950E101
ISIN US37950E1010
Primary Exchange NYSE Arca
Shares Outstanding 3,416,111
Number of Holdings 71
30-Day Median Bid-Ask Spread 0.48%

Distributions As of 11/30/21

30-Day SEC Yield 1.26%
Distribution Frequency Semi-Annually

ETF Prices As of 11/30/21

NAV $29.34 Daily Change -$0.40 -1.35%
Market Price $29.39 Daily Change -$0.34 -1.13%

Performance History

As of recent
(09/30/21)
As of recent
(09/30/21)
Fund NAV Market Price Index
1 Year 44.08% 44.06% 44.92%
3 Years 2.47% 2.36% 2.80%
5 Years 9.35% 9.21% 9.67%
10 Years 5.72% 5.79% 6.22%
Since Inception 3.20% 3.17% 3.77%
1 Year 64.44% 65.62% 65.23%
3 Years 7.48% 8.18% 7.83%
5 Years 10.66% 10.91% 10.98%
10 Years 4.69% 4.84% 5.15%
Since Inception 3.71% 3.80% 4.28%
Year-to-Date 16.09% 16.99% 16.47%
1 Month 1.25% 0.70% 1.32%
3 Months 2.11% 1.83% 2.26%
Since Inception 40.94% 40.44% 49.63%
Year-to-Date 22.88% 25.49% 23.28%
1 Month 5.85% 7.26% 5.85%
3 Months 9.54% 11.26% 9.61%
Since Inception 49.19% 50.64% 58.38%

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.

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 of the Fund, when observed, is unusual and investors should not expect such performance to be repeated.

Top Holdings As of 11/30/21

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
13.32 EQNR NO EQUINOR ASA 7133608 25.10 505,309 12,683,539.57
10.99 DNB NO DNB BANK ASA BNG7113 21.75 480,939 10,461,908.48
5.58 TEL NO TELENOR ASA 4732495 14.69 361,653 5,312,852.00
5.40 MOWI NO MOWI ASA B02L486 22.63 227,178 5,141,291.20
4.72 NHY NO NORSK HYDRO ASA B11HK39 6.46 695,002 4,492,815.86
4.39 YAR NO YARA INTERNATIONAL ASA 7751259 48.91 85,555 4,184,155.81
4.39 TOM NO TOMRA SYSTEMS ASA 4730875 68.29 61,183 4,178,092.45
3.70 ORK NO ORKLA ASA B1VQF42 9.09 388,054 3,527,318.38
3.15 NOD NO NORDIC SEMICONDUCTOR ASA B00ZG06 33.50 89,631 3,002,341.17
2.45 GJF NO GJENSIDIGE FORSIKRING ASA B4PH0C5 22.54 103,275 2,328,160.48
2.33 STB NO STOREBRAND ASA 4852832 9.16 241,571 2,213,851.79
2.15 AKRBP NO AKER BP ASA B1L95G3 31.43 65,070 2,045,366.27
2.02 SCHB NO SCHIBSTED ASA-B SHS BWVFKQ3 38.35 50,260 1,927,359.17
2.01 SALM NO SALMAR ASA B1W5NW2 62.98 30,404 1,914,734.39
2.00 ADE NO ADEVINTA ASA BJ0DP40 14.22 133,863 1,904,069.63
1.78 BAKKA NO BAKKAFROST P/F B6632T7 65.46 25,948 1,698,473.57
1.76 SCHA NO SCHIBSTED ASA-CL A 4790534 44.37 37,729 1,674,157.47
1.65 NEL NO NEL ASA B02NR83 2.08 753,646 1,569,104.98
1.43 ENTRA NO ENTRA ASA BRJ2VC4 22.30 61,063 1,361,818.13
1.42 KOG NO KONGSBERG GRUPPEN ASA 5208241 29.24 46,132 1,348,819.31
1.33 SRBNK NO SPAREBANK 1 SR BANK ASA B40JTQ3 13.75 92,339 1,269,853.17
1.28 AKER NO AKER ASA-A SHARES B02R4D9 90.60 13,422 1,216,050.42
1.22 BRG NO BORREGAARD ASA B8B6WX9 23.71 48,990 1,161,391.01
1.13 SCATC NO Scatec ASA BQSSWW3 17.58 61,422 1,079,950.22
1.13 LSG NO LEROY SEAFOOD GROUP ASA 4691916 7.02 153,557 1,077,604.81
1.07 MING NO SPAREBANK 1 SMN B0LGG75 15.17 66,917 1,014,990.03
0.85 SUBC NO SUBSEA 7 SA 5258246 6.97 115,875 807,571.05
0.83 VEI NO VEIDEKKE ASA B1XCHJ7 14.27 55,585 793,082.25
0.82 ATEA NO ATEA ASA B12TR11 18.00 43,294 779,271.57
0.79 KAHOT NO KAHOOT! ASA BZ17B89 5.62 133,835 752,802.14
0.66 GOGLO QX GOLDEN OCEAN GROUP LTD BDCHQL2 9.32 66,984 624,160.15
0.61 VACC NO VACCIBODY AS BL1GQG1 8.78 66,281 581,964.25
0.60 CRAYN NO CRAYON GROUP HOLDING AS BD9PZ12 20.52 28,049 575,673.53
0.59 EPR NO EUROPRIS ASA BZ07696 6.88 81,506 560,885.73
0.59 TGS NO TGS ASA B15SLC4 9.25 60,291 557,427.15
0.58 NONG NO SPAREBANK 1 NORD-NORGE B06T259 11.28 49,015 553,018.16
0.53 AUSS NO AUSTEVOLL SEAFOOD ASA B16MKT5 10.85 46,864 508,432.49
0.50 ELK NO ELKEM ASA BG0T3J8 3.22 147,753 475,463.90
0.50 ACC NO AKER CARBON CAPTURE ASA BMPRVC8 3.38 139,584 471,236.85
0.45 SBANK NO SBANKEN ASA BYNZ5N7 10.37 41,092 426,193.04
0.38 RECSI NO REC SILICON ASA B01VHW2 2.39 152,603 364,786.05
0.36 FLNG NO FLEX LNG LTD BJJMGB2 22.74 15,251 346,825.60
0.36 FRO NO FRONTLINE LTD BDDJSX3 6.69 50,595 338,619.75
0.35 PROT NO PROTECTOR FORSIKRING ASA B182K93 11.24 29,558 332,194.37
0.35 AKSO NO AKER SOLUTIONS ASA BQN1C50 2.64 125,917 331,951.50
0.35 SPOL NO SPAREBANK 1 OESTLANDET BZ12WQ9 16.00 20,728 331,689.86
0.34 MPCC NO MPC CONTAINER SHIPS AS BF20GN7 2.36 136,314 321,659.36
0.33 BONHR NO BONHEUR ASA B1662B3 31.61 9,794 309,577.83
0.32 NAS NO NORWEGIAN AIR SHUTTLE AS 7742123 0.99 308,268 306,530.65
0.27 DNO NO DNO ASA B15GGN4 1.16 223,999 260,105.19
0.26 WAWI NO WALLENIUS WILHELMSEN ASA B55WMQ5 4.58 53,912 247,094.57
0.26 HEX NO HEXAGON COMPOSITES ASA 5186002 4.03 61,052 246,182.01
0.26 GSF NO GRIEG SEAFOOD ASA B1Y1P66 8.78 27,648 242,756.56
0.25 FKRFT NO FJORDKRAFT HOLDING ASA BG0SKQ1 4.73 49,510 234,308.99
0.23 AKH NO AKER HORIZONS ASA BMG4FY8 3.73 59,147 220,681.05
0.23 BWLPG NO BW LPG LTD BGLPC98 5.06 42,938 217,250.11
0.22 QFUEL NO QUANTAFUEL AS BFZNKQ4 3.30 64,324 212,216.57
0.21 LINK NO LINK MOBILITY GR BM99YX2 2.27 89,189 202,285.14
0.21 SNI NO STOLT-NIELSEN LTD B4PKZG3 14.11 14,077 198,686.50
0.20 MWTR NO MELTWATER HOLDING BV BNDJT07 2.85 67,613 192,939.36
0.19 ELO NO ELOPAK ASA BMCQVP1 2.87 61,442 176,375.13
0.18 ASA NO ATLANTIC SAPPHIRE ASA BDFG5D1 4.72 36,876 174,234.53
0.18 VOLUE NO VOLUE ASA BLPJR07 6.65 25,421 169,076.22
0.18 PEXIP NO PEXIP HOLDING ASA BM8R3B8 4.31 39,052 168,271.61
0.15 BWO NO BW OFFSHORE LTD BYYNFR4 2.82 51,510 145,179.01
0.13 XXL NO XXL ASA BQZHXB9 1.59 75,863 120,396.98
0.12 SBO NO SELVAAG BOLIG ASA B4V6DD8 5.11 23,046 117,742.30
0.11 CASH 1.00 107,046 107,060.03
0.11 NRS NO NORWAY ROYAL SALMON ASA B3MVZM8 18.00 5,846 105,225.24
0.08 BWE NO BW ENERGY LTD BKM1QH9 2.32 34,309 79,452.54
0.08 1824459D NO HEXAGON PURUS LLC BN7FJV2 3.18 24,944 79,297.03
0.08 HAFNI NO HAFNIA LTD BJK0P85 1.72 45,936 78,951.83
Holdings are subject to change.

Sector Breakdown As of 10/31/21

Sector Weight (%)
Financials 22.7
Consumer Staples 17.9
Energy 15.9
Communication Services 12.2
Materials 11.5
Industrials 10.4
Information Technology 4.9
Real Estate 1.7
Utilities 1.6
Consumer Discretionary 0.9
Health Care 0.3

Source: AltaVista Research, LLC

ETF Characteristics As of 11/11/21

Return on Equity 4.50%
Weighted Avg. Market Cap 28,971 M
2020 2021
Price-to-earnings 78.61 32.82
Price-to-book value 1.50 1.47

Source: AltaVista Research, LLC

ETF Risk Stats As of 11/11/21

Versus Beta
S&P 500 1.27
MSCI EAFE 1.45
MSCI Emg. Mkts 1.09
Standard Deviation 27.30%

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.