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NORW

MSCI Norway ETF

 

Reasons to Consider NORW

Growth Potential

Norway's energy resources 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 Norway.

Efficient Access

NORW delivers efficient access to a broad basket of Norwegian securities.

Key Information As of 04/16/25

Inception Date 11/09/10
Total Expense Ratio 0.50%
Net Assets $47.45 million
NAV $25.56
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 04/16/25

Ticker NORW
Bloomberg Index Ticker M1NO5IM
CUSIP 37950E101
ISIN US37950E1010
Primary Exchange NYSE Arca
Shares Outstanding 1,856,111
Number of Holdings 59
30-Day Median Bid-Ask Spread 0.47%

Distributions As of 04/16/25

30-Day SEC Yield 2.70%
Distribution Frequency Semi-Annually

ETF Prices As of 04/16/25

NAV $25.56 Daily Change $0.02 0.08%
Market Price $25.44 Daily Change -$0.09 -0.35%

Performance History

As of recent month & quarter-end (03/31/25)
As of recent month & quarter-end (03/31/25)
Fund NAV Market Price Index
1 Year 16.37% 16.91% 17.01%
3 Years -1.00% -0.41% -0.64%
5 Years 14.75% 14.93% 15.21%
10 Years 4.84% 4.94% 5.15%
Since Inception 2.69% 2.75% 3.21%
1 Year 16.37% 16.91% 17.01%
3 Years -1.00% -0.41% -0.64%
5 Years 14.75% 14.93% 15.21%
10 Years 4.84% 4.94% 5.15%
Since Inception 2.69% 2.75% 3.21%
Year-to-Date 14.91% 15.52% 15.04%
1 Month 8.21% 8.75% 8.22%
3 Months 14.91% 15.52% 15.04%
Since Inception 46.48% 47.72% 57.53%
Year-to-Date 14.91% 15.52% 15.04%
1 Month 8.21% 8.75% 8.22%
3 Months 14.91% 15.52% 15.04%
Since Inception 46.48% 47.72% 57.53%

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 Index above 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 04/16/25

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
13.57 DNB NO DNB BANK ASA BNG7113 24.58 261,998 6,439,324.44
12.07 EQNR NO EQUINOR ASA 7133608 23.36 245,122 5,725,524.75
8.25 KOG NO KONGSBERG GRUPPEN ASA 5208241 152.06 25,734 3,913,176.10
5.13 MOWI NO MOWI ASA B02L486 17.87 136,186 2,434,054.62
5.01 TEL NO TELENOR ASA 4732495 14.13 168,247 2,377,026.25
4.96 ORK NO ORKLA ASA B1VQF42 11.47 205,117 2,352,873.12
4.33 NHY NO NORSK HYDRO ASA B11HK39 5.00 411,503 2,056,230.83
4.06 AKRBP NO AKER BP ASA B1L95G3 20.82 92,454 1,925,214.27
3.00 YAR NO YARA INTERNATIONAL ASA 7751259 29.47 48,314 1,423,660.70
2.94 STB NO STOREBRAND ASA 4852832 11.22 124,183 1,392,781.17
2.88 GJF NO GJENSIDIGE FORSIKRING ASA B4PH0C5 23.41 58,360 1,366,475.90
1.94 TOM NO TOMRA SYSTEMS ASA BPLXRG7 14.23 64,789 922,091.10
1.94 SALM NO SALMAR ASA B1W5NW2 47.66 19,265 918,196.43
1.93 SB1NO NO SPAREBANK 1 SOR-NORGE ASA B40JTQ3 15.17 60,257 914,003.63
1.92 SUBC NO SUBSEA 7 SA 5258246 13.76 66,308 912,357.35
1.68 SCHB NO SCHIBSTED ASA-B SHS BWVFKQ3 28.16 28,248 795,515.14
1.52 BAKKA NO BAKKAFROST P/F B6632T7 48.80 14,748 719,645.94
1.35 SCHA NO SCHIBSTED ASA-CL A 4790534 29.88 21,361 638,329.20
1.33 MING NO SPAREBANK 1 SMN B0LGG75 16.61 37,874 629,072.43
1.31 FRO NO FRONTLINE PLC BMHDM54 14.64 42,336 619,950.60
1.15 NOD NO NORDIC SEMICONDUCTOR ASA B00ZG06 10.21 53,513 546,536.42
1.03 PROT NO PROTECTOR FORSIKRING ASA B182K93 31.07 15,689 487,378.86
0.86 TGS NO TGS ASA B15SLC4 7.11 57,326 407,666.98
0.78 BNOR NO BLUENORD ASA B23D2M5 53.24 6,955 370,289.66
0.75 AKER NO AKER ASA-A SHARES B02R4D9 54.94 6,506 357,459.01
0.72 NONG NO SPAREBANK 1 NORD-NORGE B06T259 12.18 27,831 339,090.47
0.69 EPR NO EUROPRIS ASA BZ07696 7.10 46,235 328,357.43
0.69 DOFG NO DOF GROUP ASA BQWSKZ8 7.59 43,118 327,423.77
0.69 LSG NO LEROY SEAFOOD GROUP ASA 4691916 4.15 78,213 324,845.85
0.65 CADLR NO CADELER A/S BMYDHR4 5.11 60,651 309,718.95
0.61 ATEA NO ATEA ASA B12TR11 12.79 22,616 289,153.56
0.56 KIT NO KITRON ASA 5399684 5.01 52,914 264,955.30
0.56 GOGL NO GOLDEN OCEAN GROUP LTD BDCHQL2 7.05 37,437 263,750.54
0.54 BWLPG NO BW LPG LTD BT5GCN2 9.21 27,862 256,498.18
0.54 CRAYN NO CRAYON GROUP HOLDING AS BD9PZ12 11.06 23,154 256,181.60
0.53 NAS NO NORWEGIAN AIR SHUTTLE AS 7742123 1.19 210,451 250,262.07
0.52 SCATC NO Scatec ASA BQSSWW3 7.10 34,713 246,364.94
0.50 AUSS NO AUSTEVOLL SEAFOOD ASA B16MKT5 9.03 26,151 236,171.63
0.49 HAUTO NO HOEGH AUTOLINERS ASA BMFDP24 7.12 32,960 234,578.10
0.47 AUTO NO AUTOSTORE HOLDINGS LTD BN49G27 0.70 320,306 224,146.96
0.46 AKSO NO AKER SOLUTIONS ASA BQN1C50 2.75 78,860 216,565.58
0.45 FLNG NO FLEX LNG LTD BJJMGB2 22.65 9,389 212,647.81
0.45 SPOL NO SPAREBANK 1 OESTLANDET BZ12WQ9 15.22 13,898 211,573.02
0.43 WAWI NO WALLENIUS WILHELMSEN ASA B55WMQ5 6.66 30,880 205,728.44
0.38 ENTRA NO ENTRA ASA BRJ2VC4 11.16 15,986 178,384.81
0.32 MPCC NO MPC CONTAINER SHIPS AS BF20GN7 1.38 109,842 151,239.72
0.31 ELK NO ELKEM ASA BG0T3J8 1.76 84,554 148,644.76
0.30 ODL NO ODFJELL DRILLING LTD BDX87W2 5.12 28,188 144,210.73
0.30 SNI NO STOLT-NIELSEN LTD B4PKZG3 21.09 6,811 143,632.19
0.30 DNO NO DNO ASA B15GGN4 1.11 126,693 140,775.32
0.29 NORCO NO NORCONSULT AS BMTQPF2 4.37 31,934 139,518.36
0.29 OTHER PAYABLE & RECEIVABLES 1.00 135,391 135,391.09
0.25 ELO NO ELOPAK ASA BMCQVP1 3.71 31,437 116,685.48
0.24 WWI NO WILH WILHELMSEN HOLDING-A B682WX6 35.18 3,290 115,737.71
0.17 GSF NO GRIEG SEAFOOD ASA B1Y1P66 5.33 14,999 79,997.69
0.13 PLSV NO PARATUS ENERGY SERVICES L BLCCJ92 3.41 18,450 62,880.68
0.13 BWO NO BW OFFSHORE LTD BYYNFR4 2.57 24,460 62,800.39
0.12 ODF NO ODFJELL SE-A SHS B086463 9.48 6,040 57,232.24
0.12 HEX NO HEXAGON COMPOSITES ASA 5186002 1.88 30,197 56,826.76
0.08 CLCO NO COOL CO LTD BPBKK81 5.53 7,099 39,272.55
0.04 NORWEGIAN KRONE 0.09 182,622 17,269.86
0.03 CASH 1.00 15,739 15,738.87
0.00 SWEDISH KRONE 0.10 4 0.45
0.00 CURRENCY CONTRACT - USD 0.00 -182,641 -31.63
CURRENCY CONTRACT - USD 0.00 17,241
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 03/31/25

Sector Weight (%)
Financials 25.8
Energy 25.2
Industrials 14.3
Consumer Staples 14.1
Materials 8.2
Communication Services 7.5
Information Technology 3.3
Consumer Discretionary 0.8
Utilities 0.5
Real Estate 0.4

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Energy 25.3
Banks 18.2
Food, Beverage & Tobacco 14.0
Capital Goods 10.7
Materials 8.2
Insurance 6.9
Telecommunication Services 4.9
Transportation 3.6
Media & Entertainment 2.7
Software & Services 1.6
Semiconductors & Semiconductor Equipment 1.3
Other 2.6

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 04/16/25

Return on Equity 14.20%
Weighted Avg. Market Cap 22,962 M
2024 2025
Price-to-earnings 11.01 10.10
Price-to-book value 1.48 1.39

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 03/31/25

Versus Beta
S&P 500 0.88
NASDAQ-100 0.52
MSCI EAFE 1.07
MSCI Emg. Mkts 0.82
Standard Deviation 23.40%

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.