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 05/28/24

Inception Date 11/09/10
Total Expense Ratio 0.51%
Net Assets $53.87 million
NAV $27.26
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 05/28/24

Ticker NORW
Bloomberg Index Ticker M1NO5IM
CUSIP 37950E101
ISIN US37950E1010
Primary Exchange NYSE Arca
Shares Outstanding 1,976,111
Number of Holdings 68
30-Day Median Bid-Ask Spread 0.50%

Distributions As of 05/28/24

30-Day SEC Yield 1.66%
Distribution Frequency Semi-Annually

ETF Prices As of 05/28/24

NAV $27.26 Daily Change $0.38 1.41%
Market Price $27.28 Daily Change $0.39 1.45%

Performance History

As of recent
(03/31/24)
As of recent
(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 6.71% 5.18% 7.22%
3 Years -2.73% -2.85% -2.40%
5 Years 2.08% 1.81% 2.43%
10 Years 0.04% -0.09% 0.41%
Since Inception 1.80% 1.73% 2.32%
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 -3.10% -4.00% -2.92%
1 Month 1.06% -0.33% 1.13%
3 Months 1.64% 1.41% 1.80%
Since Inception 27.20% 25.94% 36.16%

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 05/28/24

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
14.78 EQNR NO EQUINOR ASA 7133608 28.76 276,809 7,959,794.17
10.36 DNB NO DNB BANK ASA BNG7113 19.70 283,135 5,578,948.30
5.11 NHY NO NORSK HYDRO ASA B11HK39 6.76 407,410 2,754,347.38
4.86 MOWI NO MOWI ASA B02L486 18.30 142,908 2,615,628.57
4.57 AKRBP NO AKER BP ASA B1L95G3 25.38 97,028 2,462,200.60
4.26 KOG NO KONGSBERG GRUPPEN ASA 5208241 84.98 27,006 2,295,091.01
4.23 TEL NO TELENOR ASA 4732495 11.77 193,348 2,276,276.13
3.13 ORK NO ORKLA ASA B1VQF42 7.85 215,144 1,687,902.58
2.96 YAR NO YARA INTERNATIONAL ASA 7751259 31.39 50,811 1,595,026.03
2.69 STB NO STOREBRAND ASA 4852832 10.66 135,688 1,446,110.72
2.35 SALM NO SALMAR ASA B1W5NW2 62.53 20,253 1,266,518.40
2.35 SUBC NO SUBSEA 7 SA 5258246 18.05 70,007 1,263,311.31
2.21 FRO NO FRONTLINE PLC BMHDM54 29.01 40,970 1,188,464.51
1.99 GJF NO GJENSIDIGE FORSIKRING ASA B4PH0C5 17.49 61,332 1,072,856.16
1.83 SCHB NO SCHIBSTED ASA-B SHS BWVFKQ3 33.27 29,684 987,566.05
1.76 TOM NO TOMRA SYSTEMS ASA BPLXRG7 13.09 72,609 950,340.62
1.57 BAKKA NO BAKKAFROST P/F B6632T7 54.96 15,350 843,579.45
1.40 SCHA NO SCHIBSTED ASA-CL A 4790534 33.84 22,270 753,645.09
1.36 SRBNK NO SPAREBANK 1 SR BANK ASA B40JTQ3 12.98 56,359 731,743.19
1.35 HAFNI NO HAFNIA LTD BJK0P85 8.48 85,479 725,216.61
1.24 NOD NO NORDIC SEMICONDUCTOR ASA B00ZG06 12.59 52,830 665,024.00
1.07 GOGL NO GOLDEN OCEAN GROUP LTD BDCHQL2 14.63 39,464 577,279.71
1.06 MING NO SPAREBANK 1 SMN B0LGG75 14.34 39,723 569,594.68
1.00 BRG NO BORREGAARD ASA B8B6WX9 18.49 29,073 537,662.66
0.92 TGS NO TGS ASA B15SLC4 12.41 40,071 497,346.96
0.92 BWLPG NO BW LPG LTD BGLPC98 18.04 27,463 495,321.76
0.86 SDRL NO SEADRILL LIMITED BMYS6T4 51.14 9,057 463,204.10
0.85 BORR NO BORR DRILLING LTD BPK3P64 7.08 64,566 457,002.57
0.76 NEL NO NEL ASA B02NR83 0.81 505,019 409,112.50
0.75 DOFG NO DOF GROUP ASA BQWSKZ8 8.75 45,872 401,428.92
0.74 HAUTO NO HOEGH AUTOLINERS ASA BMFDP24 11.53 34,524 398,221.57
0.73 AKER NO AKER ASA-A SHARES B02R4D9 58.25 6,729 391,931.38
0.69 BNOR NO BLUENORD ASA B23D2M5 51.95 7,117 369,753.05
0.69 PROT NO PROTECTOR FORSIKRING ASA B182K93 22.83 16,175 369,290.48
0.67 LSG NO LEROY SEAFOOD GROUP ASA 4691916 4.47 80,873 361,726.11
0.64 WAWI NO WALLENIUS WILHELMSEN ASA B55WMQ5 10.72 31,894 342,042.30
0.62 ATEA NO ATEA ASA B12TR11 14.01 23,713 332,293.72
0.62 SNI NO STOLT-NIELSEN LTD B4PKZG3 47.09 7,056 332,279.71
0.60 EPR NO EUROPRIS ASA BZ07696 6.72 47,823 321,398.79
0.60 AKSO NO AKER SOLUTIONS ASA BQN1C50 4.33 74,147 321,181.27
0.57 CADLR NO CADELER A/S BMYDHR4 5.92 51,587 305,386.74
0.57 NAS NO NORWEGIAN AIR SHUTTLE AS 7742123 1.40 217,458 304,105.17
0.51 NONG NO SPAREBANK 1 NORD-NORGE B06T259 9.50 28,736 273,111.37
0.51 SCATC NO Scatec ASA BQSSWW3 7.58 36,009 273,067.21
0.49 FLNG NO FLEX LNG LTD BJJMGB2 29.49 8,919 263,059.98
0.46 CRAYN NO CRAYON GROUP HOLDING AS BD9PZ12 10.76 22,942 246,912.75
0.46 PGS NO PGS ASA B1L7YL5 0.86 287,574 246,120.35
0.46 OTHER PAYABLE & RECEIVABLES 1.00 245,034 245,033.58
0.45 AUSS NO AUSTEVOLL SEAFOOD ASA B16MKT5 8.73 27,516 240,269.74
0.43 ENTRA NO ENTRA ASA BRJ2VC4 10.64 21,956 233,580.03
0.41 MPCC NO MPC CONTAINER SHIPS AS BF20GN7 2.05 106,760 219,317.93
0.32 ELK NO ELKEM ASA BG0T3J8 2.02 86,263 174,497.11
0.31 KIT NO KITRON ASA 5399684 3.14 53,376 167,401.84
0.29 DNO NO DNO ASA B15GGN4 1.08 145,932 157,893.66
0.28 ODL NO ODFJELL DRILLING LTD BDX87W2 5.33 28,661 152,728.98
0.28 NORWEGIAN KRONE 0.10 1,587,275 151,311.02
0.25 SPOL NO SPAREBANK 1 OESTLANDET BZ12WQ9 12.77 10,493 134,036.41
0.19 GSF NO GRIEG SEAFOOD ASA B1Y1P66 6.84 14,769 101,086.66
0.18 AGAS NO AVANCE GAS HOLDING LTD BFH4P48 17.79 5,555 98,812.98
0.18 HEX NO HEXAGON COMPOSITES ASA 5186002 2.56 37,210 95,240.63
0.17 CLCO NO COOL CO LTD BPBKK81 13.25 6,983 92,528.42
0.17 NORCO NO NORCONSULT AS BMTQPF2 2.89 31,370 90,609.86
0.17 ODF NO ODFJELL SE-A SHS B086463 17.16 5,213 89,449.63
0.15 GCC NO GRAM CAR CARRIERS ASA BPGC145 24.59 3,323 81,727.53
0.14 ACC NO AKER CARBON CAPTURE ASA BMPRVC8 0.69 106,929 73,493.52
0.13 RECSI NO REC SILICON ASA B01VHW2 0.90 79,083 71,505.39
0.13 BWO NO BW OFFSHORE LTD BYYNFR4 2.91 23,462 68,215.52
0.11 NYKD NO NYKODE THERAPEUTICS ASA BL1GQG1 1.43 41,479 59,350.89
0.11 BELCO NO BELSHIPS ASA 4109174 2.29 24,820 56,784.70
0.10 BWE NO BW ENERGY LTD BKM1QH9 3.06 18,017 55,132.56
0.00 SWEDISH KRONE 0.10 4 0.42
-0.05 CASH 1.00 -25,757 -25,757.49
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 04/30/24

Sector Weight (%)
Energy 32.8
Financials 19.0
Consumer Staples 13.6
Industrials 11.6
Communication Services 9.6
Materials 9.2
Information Technology 2.5
Consumer Discretionary 0.6
Utilities 0.5
Real Estate 0.4
Health Care 0.1
Other 0.1

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Integrated Oil 16.1
Major Banks 10.4
Marine Shipping 6.5
Oil & Gas Production 6.0
Agricultural Commodities/Milling 5.9
Aluminum 5.6
Food: Meat/Fish/Dairy 5.4
Oilfield Services/Equipment 5.0
Major Telecommunications 4.7
Aerospace & Defense 4.0
Savings Banks 3.3
Other 27.1

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 05/28/24

Return on Equity 14.40%
Weighted Avg. Market Cap 21,698 M
2023 2024
Price-to-earnings 13.46 12.49
Price-to-book value 1.83 1.76

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 04/30/24

Versus Beta
S&P 500 0.91
NASDAQ-100 0.52
MSCI EAFE 1.03
MSCI Emg. Mkts 0.77
Standard Deviation 22.10%

Source: new windowAltaVista Research, LLC

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.