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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 09/10/24

Inception Date 11/09/10
Total Expense Ratio 0.51%
Net Assets $47.59 million
NAV $24.45
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 09/10/24

Ticker NORW
Bloomberg Index Ticker M1NO5IM
CUSIP 37950E101
ISIN US37950E1010
Primary Exchange NYSE Arca
Shares Outstanding 1,946,111
Number of Holdings 64
30-Day Median Bid-Ask Spread 0.67%

Distributions As of 09/10/24

30-Day SEC Yield 2.86%
Distribution Frequency Semi-Annually

ETF Prices As of 09/10/24

NAV $24.45 Daily Change -$0.23 -0.93%
Market Price $24.57 Daily Change -$0.12 -0.49%

Performance History

As of recent
(06/30/24)
As of recent
(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 14.04% 14.09% 14.69%
3 Years -0.14% -0.22% 0.22%
5 Years 5.77% 5.88% 6.15%
10 Years 0.88% 0.84% 1.17%
Since Inception 2.39% 2.39% 2.91%
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 5.58% 5.60% 6.00%
1 Month 1.36% 1.28% 1.36%
3 Months -1.34% -1.94% -1.33%
Since Inception 38.60% 38.55% 48.67%

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 09/10/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
13.04 EQNR NO EQUINOR ASA 7133608 24.34 254,898 6,204,471.00
11.33 DNB NO DNB BANK ASA BNG7113 19.80 272,437 5,393,026.30
5.46 KOG NO KONGSBERG GRUPPEN ASA 5208241 97.18 26,752 2,599,748.11
5.09 MOWI NO MOWI ASA B02L486 17.12 141,537 2,423,350.84
4.95 TEL NO TELENOR ASA 4732495 12.59 187,257 2,356,704.42
4.59 NHY NO NORSK HYDRO ASA B11HK39 5.11 427,656 2,186,010.26
4.17 AKRBP NO AKER BP ASA B1L95G3 20.64 96,092 1,983,698.80
4.12 ORK NO ORKLA ASA B1VQF42 9.19 213,153 1,959,390.56
2.88 STB NO STOREBRAND ASA 4852832 10.60 129,362 1,371,636.29
2.85 YAR NO YARA INTERNATIONAL ASA 7751259 26.95 50,329 1,356,380.45
2.34 SUBC NO SUBSEA 7 SA 5258246 16.14 68,877 1,111,339.31
2.26 GJF NO GJENSIDIGE FORSIKRING ASA B4PH0C5 17.67 60,775 1,073,630.59
2.13 SALM NO SALMAR ASA B1W5NW2 50.62 20,060 1,015,401.21
2.03 TOM NO TOMRA SYSTEMS ASA BPLXRG7 14.33 67,458 966,537.88
2.02 FRO NO FRONTLINE PLC BMHDM54 21.85 43,965 960,704.51
1.74 BAKKA NO BAKKAFROST P/F B6632T7 54.17 15,313 829,473.58
1.68 SCHB NO SCHIBSTED ASA-B SHS BWVFKQ3 28.93 27,597 798,452.74
1.44 SCHA NO SCHIBSTED ASA-CL A 4790534 30.80 22,202 683,711.63
1.42 SRBNK NO SPAREBANK 1 SR BANK ASA B40JTQ3 12.04 56,167 676,330.24
1.40 NOD NO NORDIC SEMICONDUCTOR ASA B00ZG06 11.94 55,602 664,143.97
1.25 HAFNI NO HAFNIA LTD BJK0P85 6.96 85,179 592,944.29
1.18 TGS NO TGS ASA B15SLC4 9.40 59,575 559,722.34
1.15 MING NO SPAREBANK 1 SMN B0LGG75 13.94 39,388 548,880.44
1.09 BRG NO BORREGAARD ASA B8B6WX9 18.03 28,825 519,843.44
0.88 GOGL NO GOLDEN OCEAN GROUP LTD BDCHQL2 10.71 39,004 417,878.17
0.83 CADLR NO CADELER A/S BMYDHR4 6.23 63,131 393,481.00
0.80 SDRL SEADRILL LIMITED BNTBRX6 36.76 10,319 379,326.44
0.79 HAUTO NO HOEGH AUTOLINERS ASA BMFDP24 10.95 34,296 375,659.45
0.76 DOFG NO DOF GROUP ASA BQWSKZ8 8.20 44,302 363,332.03
0.76 LSG NO LEROY SEAFOOD GROUP ASA 4691916 4.52 80,341 362,967.48
0.73 BWLPG NO BW LPG LTD BT5GCN2 13.81 25,174 347,695.00
0.72 BORR NO BORR DRILLING LTD BPK3P64 5.09 67,287 342,766.09
0.72 AKER NO AKER ASA-A SHARES B02R4D9 50.89 6,682 340,079.11
0.70 WAWI NO WALLENIUS WILHELMSEN ASA B55WMQ5 10.58 31,670 334,923.70
0.69 PROT NO PROTECTOR FORSIKRING ASA B182K93 20.47 16,060 328,725.14
0.66 ATEA NO ATEA ASA B12TR11 13.39 23,551 315,290.13
0.62 BNOR NO BLUENORD ASA B23D2M5 41.49 7,136 296,075.01
0.62 AKSO NO AKER SOLUTIONS ASA BQN1C50 3.61 81,079 292,891.80
0.60 EPR NO EUROPRIS ASA BZ07696 5.96 47,470 282,958.12
0.59 NONG NO SPAREBANK 1 NORD-NORGE B06T259 9.84 28,657 281,922.38
0.57 ENTRA NO ENTRA ASA BRJ2VC4 12.52 21,785 272,766.94
0.54 SCATC NO Scatec ASA BQSSWW3 7.18 35,639 255,810.60
0.53 CRAYN NO CRAYON GROUP HOLDING AS BD9PZ12 10.42 24,123 251,329.90
0.52 SNI NO STOLT-NIELSEN LTD B4PKZG3 35.13 7,001 245,934.50
0.51 FLNG NO FLEX LNG LTD BJJMGB2 24.93 9,694 241,681.89
0.50 AUSS NO AUSTEVOLL SEAFOOD ASA B16MKT5 8.76 27,257 238,871.63
0.48 NEL NO NEL ASA B02NR83 0.46 499,521 228,623.00
0.47 MPCC NO MPC CONTAINER SHIPS AS BF20GN7 1.97 113,054 223,066.38
0.45 NAS NO NORWEGIAN AIR SHUTTLE AS 7742123 0.99 217,457 216,135.73
0.34 KIT NO KITRON ASA 5399684 2.99 53,645 160,649.61
0.29 SPOL NO SPAREBANK 1 OESTLANDET BZ12WQ9 13.35 10,334 137,965.79
0.28 ODL NO ODFJELL DRILLING LTD BDX87W2 4.63 28,510 131,957.88
0.28 ELK NO ELKEM ASA BG0T3J8 1.53 85,619 130,963.70
0.27 DNO NO DNO ASA B15GGN4 0.99 130,434 129,160.43
0.22 NORCO NO NORCONSULT AS BMTQPF2 3.19 32,136 102,370.37
0.16 ODF NO ODFJELL SE-A SHS B086463 12.48 6,233 77,812.65
0.16 CLCO NO COOL CO LTD BPBKK81 10.73 7,204 77,314.52
0.16 GSF NO GRIEG SEAFOOD ASA B1Y1P66 5.01 14,841 74,369.89
0.13 BWO NO BW OFFSHORE LTD BYYNFR4 2.36 25,569 60,233.63
0.12 BELCO NO BELSHIPS ASA 4109174 1.67 33,954 56,663.57
0.11 AGAS NO AVANCE GAS HOLDING LTD BFH4P48 9.26 5,619 52,014.83
0.10 ACC NO AKER CARBON CAPTURE ASA BMPRVC8 0.51 96,657 49,549.87
0.09 BWE NO BW ENERGY LTD BKM1QH9 2.14 19,226 41,125.51
0.07 CASH 1.00 35,287 35,287.05
0.05 NYKD NO NYKODE THERAPEUTICS ASA BL1GQG1 0.51 48,668 24,769.49
0.00 SWEDISH KRONE 0.10 4 0.42
0.00 NORWEGIAN KRONE 0.09 -19 -1.78
-0.46 OTHER PAYABLE & RECEIVABLES 1.00 -219,566 -219,565.98
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 08/31/24

Sector Weight (%)
Energy 31.1
Financials 20.2
Industrials 14.1
Consumer Staples 13.6
Materials 8.9
Communication Services 7.4
Information Technology 3.0
Consumer Discretionary 0.6
Utilities 0.5
Real Estate 0.5
Other 0.1

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Energy 30.2
Banks 14.7
Food, Beverage & Tobacco 13.6
Capital Goods 9.1
Materials 8.9
Insurance 5.5
Transportation 5.0
Telecommunication Services 4.6
Media & Entertainment 2.8
Semiconductors & Semiconductor Equipment 1.5
Software & Services 1.2
Other 2.9

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 09/10/24

Return on Equity 14.80%
Weighted Avg. Market Cap 21,305 M
2023 2024
Price-to-earnings 11.80 10.65
Price-to-book value 1.61 1.54

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 08/31/24

Versus Beta
S&P 500 0.94
NASDAQ-100 0.56
MSCI EAFE 1.05
MSCI Emg. Mkts 0.81
Standard Deviation 23.10%

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.