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 10/21/21

Inception Date 11/09/10
Total Expense Ratio 0.50%
Net Assets $56.61 million
NAV $15.90
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 10/21/21

Ticker NORW
Bloomberg Index Ticker M1NO5IM
CUSIP 37950E747
ISIN US37950E7470
Primary Exchange NYSE Arca
Shares Outstanding 3,560,000
Number of Holdings 69
30-Day Median Bid-Ask Spread 0.47%

Distributions As of 10/21/21

30-Day SEC Yield 1.21%
Distribution Frequency Semi-Annually

ETF Prices As of 10/21/21

NAV $15.90 Daily Change $0.01 0.03%
Market Price $15.86 Daily Change -$0.11 -0.69%

Performance History

As of recent month & quarter-end (09/30/21)
As of recent month & quarter-end (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 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%
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 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%

The Fund's name, investment objective and investment strategies changed effective July 15, 2014. Fund performance prior to July 15, 2014, will reflect the investment objective and strategies of the Fund when it was the Global X FTSE Norway 30 ETF. 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 10/21/21

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
13.65 EQNR NO EQUINOR ASA 7133608 28.06 283,206 7,946,504.28
11.94 DNB NO DNB BANK ASA BNG7113 25.77 269,628 6,947,197.85
6.47 MOWI NO MOWI ASA B02L486 29.28 128,556 3,764,602.36
5.78 TEL NO TELENOR ASA 4732495 16.47 204,181 3,362,219.77
4.87 NHY NO NORSK HYDRO ASA B11HK39 7.87 360,209 2,836,226.64
4.49 YAR NO YARA INTERNATIONAL ASA 7751259 50.94 51,241 2,610,391.15
3.60 ORK NO ORKLA ASA B1VQF42 9.31 225,136 2,094,891.85
3.35 TOM NO TOMRA SYSTEMS ASA 4730875 58.58 33,285 1,949,819.18
2.59 GJF NO GJENSIDIGE FORSIKRING ASA B4PH0C5 25.13 59,979 1,507,243.46
2.58 STB NO STOREBRAND ASA 4852832 10.69 140,257 1,498,751.09
2.42 SCHB NO SCHIBSTED ASA-B SHS BWVFKQ3 48.03 29,316 1,407,925.46
2.40 BAKKA NO BAKKAFROST P/F B6632T7 92.69 15,065 1,396,372.85
2.34 NOD NO NORDIC SEMICONDUCTOR ASA B00ZG06 29.66 45,961 1,363,017.34
2.33 ADE NO ADEVINTA ASA BJ0DP40 18.75 72,276 1,355,470.59
2.25 SALM NO SALMAR ASA B1W5NW2 77.15 16,966 1,308,986.43
2.09 SCHA NO SCHIBSTED ASA-CL A 4790534 54.79 22,243 1,218,593.31
1.69 ENTRA NO ENTRA ASA BRJ2VC4 25.53 38,466 981,872.84
1.50 KOG NO KONGSBERG GRUPPEN ASA 5208241 32.23 27,014 870,535.26
1.46 NEL NO NEL ASA B02NR83 2.01 422,410 849,501.13
1.46 LSG NO LEROY SEAFOOD GROUP ASA 4691916 9.49 89,371 847,693.14
1.45 SRBNK NO SPAREBANK 1 SR BANK ASA B40JTQ3 15.74 53,730 845,735.37
1.27 AKER NO AKER ASA-A SHARES B02R4D9 95.87 7,723 740,416.20
1.25 BRG NO BORREGAARD ASA B8B6WX9 25.75 28,278 728,267.53
1.22 SCATC NO Scatec ASA BQSSWW3 19.91 35,625 709,176.54
1.14 MING NO SPAREBANK 1 SMN B0LGG75 17.24 38,598 665,478.76
1.11 SUBC NO SUBSEA 7 SA 5258246 9.54 67,512 644,249.06
0.77 ATEA NO ATEA ASA B12TR11 18.27 24,581 449,189.05
0.75 VEI NO VEIDEKKE ASA B1XCHJ7 13.66 32,084 438,374.95
0.64 AUSS NO AUSTEVOLL SEAFOOD ASA B16MKT5 13.81 27,122 374,485.07
0.63 GOGLO QX GOLDEN OCEAN GROUP LTD BDCHQL2 9.43 39,109 368,839.87
0.62 EPR NO EUROPRIS ASA BZ07696 7.25 49,614 359,795.84
0.61 TGS NO TGS ASA B15SLC4 10.10 34,901 352,410.49
0.59 NONG NO SPAREBANK 1 NORD-NORGE B06T259 12.13 28,309 343,289.77
0.58 KAHOT NO KAHOOT! ASA BZ17B89 6.57 51,171 336,067.25
0.57 CRAYN NO CRAYON GROUP HOLDING AS BD9PZ12 22.37 14,759 330,129.81
0.56 ELK NO ELKEM ASA BG0T3J8 4.23 77,696 328,364.56
0.49 SBANK NO SBANKEN ASA BYNZ5N7 12.15 23,480 285,294.61
0.48 FRO NO FRONTLINE LTD BDDJSX3 9.44 29,315 276,647.92
0.44 BONHR NO BONHEUR ASA B1662B3 40.52 6,274 254,233.78
0.40 PROT NO PROTECTOR FORSIKRING ASA B182K93 10.78 21,711 234,083.67
0.37 DNO NO DNO ASA B15GGN4 1.49 144,254 215,285.09
0.34 SPOL NO SPAREBANK 1 OESTLANDET BZ12WQ9 16.69 11,979 199,917.28
0.32 FKRFT NO FJORDKRAFT HOLDING ASA BG0SKQ1 6.36 28,856 183,622.95
0.31 VACC NO VACCIBODY AS BL1GQG1 7.97 22,348 178,164.72
0.30 FLNG NO FLEX LNG LTD BJJMGB2 19.77 8,897 175,934.96
0.29 GSF NO GRIEG SEAFOOD ASA B1Y1P66 11.29 14,852 167,620.74
0.25 WAWI NO WALLENIUS WILHELMSEN ASA B55WMQ5 4.52 31,507 142,311.76
0.22 BWLPG NO BW LPG LTD BGLPC98 5.58 23,104 128,934.24
0.21 HEX NO HEXAGON COMPOSITES ASA 5186002 3.72 32,888 122,330.24
0.21 SNI NO STOLT-NIELSEN LTD B4PKZG3 15.97 7,562 120,754.49
0.20 PEXIP NO PEXIP HOLDING ASA BM8R3B8 5.43 21,117 114,600.26
0.19 ACC NO AKER CARBON CAPTURE ASA BMPRVC8 3.73 29,133 108,782.88
0.16 BWO NO BW OFFSHORE LTD BYYNFR4 3.61 26,425 95,498.48
0.15 AKSO NO AKER SOLUTIONS ASA BQN1C50 2.86 31,426 89,876.43
0.15 OCY NO OCEAN YIELD ASA BBH7MR1 4.92 17,928 88,167.14
0.14 XXL NO XXL ASA BQZHXB9 1.95 40,927 79,752.33
0.14 AKH NO AKER HORIZONS ASA BMG4FY8 4.18 18,715 78,308.26
0.13 NRS NO NORWAY ROYAL SALMON ASA B3MVZM8 22.14 3,531 78,176.03
0.13 BWE NO BW ENERGY LTD BKM1QH9 4.01 18,889 75,747.86
0.13 SBO NO SELVAAG BOLIG ASA B4V6DD8 6.06 12,443 75,445.17
0.13 VOLUE NO VOLUE ASA BLPJR07 6.93 10,579 73,288.43
0.12 HAFNI NO HAFNIA LTD BJK0P85 2.18 31,259 68,081.22
0.11 LINK NO LINK MOBILITY GR BM99YX2 3.62 17,827 64,490.00
0.09 CASH 1.00 54,505 54,522.05
0.09 1824459D NO HEXAGON PURUS LLC BN7FJV2 3.60 13,817 49,759.68
0.08 RECSI NO REC SILICON ASA B01VHW2 1.58 29,636 46,755.20
0.08 MWTR NO MELTWATER HOLDING BV BNDJT07 4.83 9,289 44,828.68
0.07 QFUEL NO QUANTAFUEL AS BFZNKQ4 3.20 13,244 42,361.21
0.06 AKBM NO AKER BIOMARINE ASA BMGNX52 5.52 6,065 33,460.41
0.04 ASA NO ATLANTIC SAPPHIRE ASA BDFG5D1 4.25 5,856 24,889.68
Holdings are subject to change.

Sector Breakdown As of 09/30/21

Sector Weight (%)
Financials 22.9
Consumer Staples 16.8
Energy 16.7
Communication Services 13.0
Materials 11.9
Industrials 9.2
Information Technology 5.2
Utilities 1.5
Real Estate 1.5
Consumer Discretionary 0.9
Health Care 0.3
Other/Cash 0.1

Source: AltaVista Research, LLC

ETF Characteristics As of 10/21/21

Return on Equity 4.30%
Weighted Avg. Market Cap 17,380 M
2020 2021
Price-to-earnings 39.85 17.12
Price-to-book value 0.75 0.73

Source: AltaVista Research, LLC

ETF Risk Stats As of 10/21/21

Versus Beta
S&P 500 1.26
MSCI EAFE 1.42
MSCI Emg. Mkts 1.09
Standard Deviation 27.60%

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.