MSCI Norway ETF (NORW)

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.

As of recent (12/31/24) As of recent (12/31/24)	Fund NAV	Market Price	Index
1 Year	-2.89%	-2.53%	-2.37%
3 Years	-3.88%	-3.63%	-3.54%
5 Years	1.68%	1.83%	2.05%
10 Years	3.12%	3.18%	3.43%
Since Inception	1.73%	1.75%	2.25%
1 Year	9.34%	9.60%	9.95%
3 Years	-0.44%	-0.90%	-0.10%
5 Years	4.62%	4.62%	5.00%
10 Years	3.95%	3.86%	4.25%
Since Inception	2.23%	2.19%	2.75%
Year-to-Date	-2.89%	-2.53%	-2.37%
1 Month	-4.67%	-4.93%	-4.62%
3 Months	-7.18%	-6.66%	-7.06%
Since Inception	27.47%	27.88%	36.94%
Year-to-Date	7.35%	6.44%	7.39%
1 Month	7.35%	6.44%	7.39%
3 Months	3.03%	1.99%	3.13%
Since Inception	36.84%	36.11%	47.06%

As of recent

(12/31/24)

As of recent

(12/31/24)

Fund NAV

Market Price

Index

1 Year

-2.89%

-2.53%

-2.37%

3 Years

-3.88%

-3.63%

-3.54%

5 Years

1.68%

1.83%

2.05%

10 Years

3.12%

3.18%

3.43%

Since Inception

1.73%

1.75%

2.25%

1 Year

9.34%

9.60%

9.95%

3 Years

-0.44%

-0.90%

-0.10%

5 Years

4.62%

5.00%

10 Years

3.95%

3.86%

4.25%

Since Inception

2.23%

2.19%

2.75%

Year-to-Date

-2.89%

-2.53%

-2.37%

1 Month

-4.67%

-4.93%

-4.62%

3 Months

-7.18%

-6.66%

-7.06%

Since Inception

27.47%

27.88%

36.94%

Year-to-Date

7.35%

6.44%

7.39%

1 Month

7.35%

6.44%

7.39%

3 Months

3.03%

1.99%

3.13%

Since Inception

36.84%

36.11%

47.06%

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.

Net Assets (%)	Ticker	Name	SEDOL	Market Price ($)	Shares Held	Market Value ($)
12.13	EQNR NO	EQUINOR ASA	7133608	23.20	239,354	5,553,767.10
12.06	DNB NO	DNB BANK ASA	BNG7113	21.59	255,813	5,523,372.64
5.81	MOWI NO	MOWI ASA	B02L486	20.03	132,857	2,661,625.89
5.68	KOG NO	KONGSBERG GRUPPEN ASA	5208241	103.64	25,112	2,602,490.67
5.19	NHY NO	NORSK HYDRO ASA	B11HK39	5.93	401,428	2,379,020.01
4.52	TEL NO	TELENOR ASA	4732495	12.48	165,785	2,068,907.24
4.36	AKRBP NO	AKER BP ASA	B1L95G3	22.12	90,166	1,994,713.45
4.23	ORK NO	ORKLA ASA	B1VQF42	9.68	200,028	1,936,117.95
3.00	YAR NO	YARA INTERNATIONAL ASA	7751259	29.09	47,214	1,373,536.83
2.93	STB NO	STOREBRAND ASA	4852832	11.04	121,365	1,339,727.54
2.56	GJF NO	GJENSIDIGE FORSIKRING ASA	B4PH0C5	20.55	56,998	1,171,137.30
2.37	TOM NO	TOMRA SYSTEMS ASA	BPLXRG7	17.14	63,231	1,084,000.67
2.30	SUBC NO	SUBSEA 7 SA	5258246	16.31	64,589	1,053,196.88
2.22	SALM NO	SALMAR ASA	B1W5NW2	53.98	18,812	1,015,445.72
1.79	SB1NO NO	SPAREBANK 1 SOR-NORGE ASA	B40JTQ3	13.97	58,795	821,608.01
1.77	BAKKA NO	BAKKAFROST P/F	B6632T7	56.50	14,353	810,940.46
1.61	SCHB NO	SCHIBSTED ASA-B SHS	BWVFKQ3	28.52	25,871	737,956.81
1.60	FRO NO	FRONTLINE PLC	BMHDM54	17.85	41,155	734,814.77
1.47	NOD NO	NORDIC SEMICONDUCTOR ASA	B00ZG06	12.90	52,012	670,858.21
1.34	SCHA NO	SCHIBSTED ASA-CL A	4790534	29.57	20,810	615,329.57
1.28	MING NO	SPAREBANK 1 SMN	B0LGG75	15.94	36,901	588,156.67
1.26	TGS NO	TGS ASA	B15SLC4	10.35	55,805	577,834.55
0.94	PROT NO	PROTECTOR FORSIKRING ASA	B182K93	28.27	15,209	429,994.46
0.91	BNOR NO	BLUENORD ASA	B23D2M5	61.50	6,761	415,780.57
0.83	LSG NO	LEROY SEAFOOD GROUP ASA	4691916	4.98	75,934	378,088.93
0.78	AKER NO	AKER ASA-A SHARES	B02R4D9	56.54	6,310	356,797.30
0.76	DOFG NO	DOF GROUP ASA	BQWSKZ8	8.26	41,836	345,611.98
0.75	GOGL NO	GOLDEN OCEAN GROUP LTD	BDCHQL2	9.38	36,825	345,496.00
0.70	EPR NO	EUROPRIS ASA	BZ07696	7.09	45,488	322,332.52
0.70	BWLPG NO	BW LPG LTD	BT5GCN2	12.70	25,146	319,242.41
0.69	NONG NO	SPAREBANK 1 NORD-NORGE	B06T259	11.63	26,985	313,724.54
0.68	AUTO NO	AUTOSTORE HOLDINGS LTD	BN49G27	1.02	305,546	311,151.40
0.63	CADLR NO	CADELER A/S	BMYDHR4	4.83	59,658	287,916.16
0.61	HAUTO NO	HOEGH AUTOLINERS ASA	BMFDP24	8.54	32,420	277,020.42
0.59	WAWI NO	WALLENIUS WILHELMSEN ASA	B55WMQ5	8.81	30,382	267,812.97
0.58	ATEA NO	ATEA ASA	B12TR11	11.87	22,244	263,973.82
0.56	AUSS NO	AUSTEVOLL SEAFOOD ASA	B16MKT5	9.91	25,722	254,990.86
0.53	SCATC NO	Scatec ASA	BQSSWW3	7.04	34,152	240,313.23
0.50	FLNG NO	FLEX LNG LTD	BJJMGB2	24.96	9,236	230,520.58
0.50	CRAYN NO	CRAYON GROUP HOLDING AS	BD9PZ12	9.96	22,773	226,781.66
0.48	ENTRA NO	ENTRA ASA	BRJ2VC4	10.55	20,881	220,349.19
0.48	AKSO NO	AKER SOLUTIONS ASA	BQN1C50	2.88	76,268	219,610.64
0.47	NAS NO	NORWEGIAN AIR SHUTTLE AS	7742123	1.04	207,043	215,967.87
0.45		OTHER PAYABLE & RECEIVABLES		1.00	206,704	206,703.59
0.44	SPOL NO	SPAREBANK 1 OESTLANDET	BZ12WQ9	14.58	13,673	199,365.73
0.40	MPCC NO	MPC CONTAINER SHIPS AS	BF20GN7	1.69	108,063	182,873.98
0.39	KIT NO	KITRON ASA	5399684	3.46	52,065	180,296.67
0.38	ELK NO	ELKEM ASA	BG0T3J8	2.06	83,198	171,546.13
0.36	SNI NO	STOLT-NIELSEN LTD	B4PKZG3	24.36	6,700	163,182.89
0.35	ODL NO	ODFJELL DRILLING LTD	BDX87W2	5.69	27,735	157,825.73
0.28	DNO NO	DNO ASA	B15GGN4	1.03	124,623	128,480.21
0.27	NORCO NO	NORCONSULT AS	BMTQPF2	3.98	31,421	125,188.90
0.24	WWI NO	WILH WILHELMSEN HOLDING-A	B682WX6	37.05	3,013	111,635.30
0.22	NEL NO	NEL ASA	B02NR83	0.21	477,892	101,505.66
0.20	GSF NO	GRIEG SEAFOOD ASA	B1Y1P66	6.32	14,759	93,288.18
0.18	HEX NO	HEXAGON COMPOSITES ASA	5186002	2.80	29,693	83,280.76
0.15	PLSV NO	PARATUS ENERGY SERVICES L	BLCCJ92	3.85	18,138	69,898.16
0.15	BWO NO	BW OFFSHORE LTD	BYYNFR4	2.86	24,067	68,801.55
0.13	BELCO NO	BELSHIPS ASA	4109174	1.83	31,818	58,156.93
0.12	ODF NO	ODFJELL SE-A SHS	B086463	9.33	5,941	55,418.13
0.12	CLCO NO	COOL CO LTD	BPBKK81	7.87	6,985	54,968.06
0.04		CASH		1.00	18,799	18,798.97
0.03	AGAS NO	AVANCE GAS HOLDING LTD	BFH4P48	2.45	5,600	13,710.16
0.00		NORWEGIAN KRONE		0.09	5,840	525.85
0.00	CAVEN NO	CAVENDISH HYDROGEN ASA	BT3CMZ4	0.47	1	0.47
0.00		SWEDISH KRONE		0.09	4	0.41

Net Assets (%)

Ticker

Name

SEDOL

Market Price ($)

Shares Held

Market Value ($)

12.13

EQNR NO

EQUINOR ASA

7133608

23.20

239,354

5,553,767.10

12.06

DNB NO

DNB BANK ASA

BNG7113

21.59

255,813

5,523,372.64

5.81

MOWI NO

MOWI ASA

B02L486

20.03

132,857

2,661,625.89

5.68

KOG NO

KONGSBERG GRUPPEN ASA

5208241

103.64

25,112

2,602,490.67

5.19

NHY NO

NORSK HYDRO ASA

B11HK39

5.93

401,428

2,379,020.01

4.52

TEL NO

TELENOR ASA

4732495

12.48

165,785

2,068,907.24

4.36

AKRBP NO

AKER BP ASA

B1L95G3

22.12

90,166

1,994,713.45

4.23

ORK NO

ORKLA ASA

B1VQF42

9.68

200,028

1,936,117.95

3.00

YAR NO

YARA INTERNATIONAL ASA

7751259

29.09

47,214

1,373,536.83

2.93

STB NO

STOREBRAND ASA

4852832

11.04

121,365

1,339,727.54

2.56

GJF NO

GJENSIDIGE FORSIKRING ASA

B4PH0C5

20.55

56,998

1,171,137.30

2.37

TOM NO

TOMRA SYSTEMS ASA

BPLXRG7

17.14

63,231

1,084,000.67

2.30

SUBC NO

SUBSEA 7 SA

5258246

16.31

64,589

1,053,196.88

2.22

SALM NO

SALMAR ASA

B1W5NW2

53.98

18,812

1,015,445.72

1.79

SB1NO NO

SPAREBANK 1 SOR-NORGE ASA

B40JTQ3

13.97

58,795

821,608.01

1.77

BAKKA NO

BAKKAFROST P/F

B6632T7

56.50

14,353

810,940.46

1.61

SCHB NO

SCHIBSTED ASA-B SHS

BWVFKQ3

28.52

25,871

737,956.81

1.60

FRO NO

FRONTLINE PLC

BMHDM54

17.85

41,155

734,814.77

1.47

NOD NO

NORDIC SEMICONDUCTOR ASA

B00ZG06

12.90

52,012

670,858.21

1.34

SCHA NO

SCHIBSTED ASA-CL A

4790534

29.57

20,810

615,329.57

1.28

MING NO

SPAREBANK 1 SMN

B0LGG75

15.94

36,901

588,156.67

1.26

TGS NO

TGS ASA

B15SLC4

10.35

55,805

577,834.55

0.94

PROT NO

PROTECTOR FORSIKRING ASA

B182K93

28.27

15,209

429,994.46

0.91

BNOR NO

BLUENORD ASA

B23D2M5

61.50

6,761

415,780.57

0.83

LSG NO

LEROY SEAFOOD GROUP ASA

4691916

4.98

75,934

378,088.93

0.78

AKER NO

AKER ASA-A SHARES

B02R4D9

56.54

6,310

356,797.30

0.76

DOFG NO

DOF GROUP ASA

BQWSKZ8

8.26

41,836

345,611.98

0.75

GOGL NO

GOLDEN OCEAN GROUP LTD

BDCHQL2

9.38

36,825

345,496.00

0.70

EPR NO

EUROPRIS ASA

BZ07696

7.09

45,488

322,332.52

0.70

BWLPG NO

BW LPG LTD

BT5GCN2

12.70

25,146

319,242.41

0.69

NONG NO

SPAREBANK 1 NORD-NORGE

B06T259

11.63

26,985

313,724.54

0.68

AUTO NO

AUTOSTORE HOLDINGS LTD

BN49G27

1.02

305,546

311,151.40

0.63

CADLR NO

CADELER A/S

BMYDHR4

4.83

59,658

287,916.16

0.61

HAUTO NO

HOEGH AUTOLINERS ASA

BMFDP24

8.54

32,420

277,020.42

0.59

WAWI NO

WALLENIUS WILHELMSEN ASA

B55WMQ5

8.81

30,382

267,812.97

0.58

ATEA NO

ATEA ASA

B12TR11

11.87

22,244

263,973.82

0.56

AUSS NO

AUSTEVOLL SEAFOOD ASA

B16MKT5

9.91

25,722

254,990.86

0.53

SCATC NO

Scatec ASA

BQSSWW3

7.04

34,152

240,313.23

0.50

FLNG NO

FLEX LNG LTD

BJJMGB2

24.96

9,236

230,520.58

0.50

CRAYN NO

CRAYON GROUP HOLDING AS

BD9PZ12

9.96

22,773

226,781.66

0.48

ENTRA NO

ENTRA ASA

BRJ2VC4

10.55

20,881

220,349.19

0.48

AKSO NO

AKER SOLUTIONS ASA

BQN1C50

2.88

76,268

219,610.64

0.47

NAS NO

NORWEGIAN AIR SHUTTLE AS

7742123

1.04

207,043

215,967.87

0.45

OTHER PAYABLE & RECEIVABLES

1.00

206,704

206,703.59

0.44

SPOL NO

SPAREBANK 1 OESTLANDET

BZ12WQ9

14.58

13,673

199,365.73

0.40

MPCC NO

MPC CONTAINER SHIPS AS

BF20GN7

1.69

108,063

182,873.98

0.39

KIT NO

KITRON ASA

5399684

3.46

52,065

180,296.67

0.38

ELK NO

ELKEM ASA

BG0T3J8

2.06

83,198

171,546.13

0.36

SNI NO

STOLT-NIELSEN LTD

B4PKZG3

24.36

6,700

163,182.89

0.35

ODL NO

ODFJELL DRILLING LTD

BDX87W2

5.69

27,735

157,825.73

0.28

DNO NO

DNO ASA

B15GGN4

1.03

124,623

128,480.21

0.27

NORCO NO

NORCONSULT AS

BMTQPF2

3.98

31,421

125,188.90

0.24

WWI NO

WILH WILHELMSEN HOLDING-A

B682WX6

37.05

3,013

111,635.30

0.22

NEL NO

NEL ASA

B02NR83

0.21

477,892

101,505.66

0.20

GSF NO

GRIEG SEAFOOD ASA

B1Y1P66

6.32

14,759

93,288.18

0.18

HEX NO

HEXAGON COMPOSITES ASA

5186002

2.80

29,693

83,280.76

0.15

PLSV NO

PARATUS ENERGY SERVICES L

BLCCJ92

3.85

18,138

69,898.16

0.15

BWO NO

BW OFFSHORE LTD

BYYNFR4

2.86

24,067

68,801.55

0.13

BELCO NO

BELSHIPS ASA

4109174

1.83

31,818

58,156.93

0.12

ODF NO

ODFJELL SE-A SHS

B086463

9.33

5,941

55,418.13

0.12

CLCO NO

COOL CO LTD

BPBKK81

7.87

6,985

54,968.06

0.04

CASH

1.00

18,799

18,798.97

0.03

AGAS NO

AVANCE GAS HOLDING LTD

BFH4P48

2.45

5,600

13,710.16

0.00

NORWEGIAN KRONE

0.09

5,840

525.85

0.00

CAVEN NO

CAVENDISH HYDROGEN ASA

BT3CMZ4

0.47

0.00

SWEDISH KRONE

0.09

0.41

	Sector	Weight (%)
	Energy	25.5
	Financials	23.6
	Consumer Staples	15.5
	Industrials	14.4
	Materials	8.7
	Communication Services	7.4
	Information Technology	3.2
	Consumer Discretionary	0.7
	Utilities	0.5
	Real Estate	0.5

Sector

Weight (%)

Energy

25.5

Financials

23.6

Consumer Staples

15.5

Industrials

14.4

Materials

8.7

Communication Services

7.4

Information Technology

3.2

Consumer Discretionary

0.7

Utilities

0.5

Real Estate

0.5

	Industry	Weight (%)
	Energy	25.6
	Banks	16.2
	Food, Beverage & Tobacco	15.5
	Capital Goods	10.1
	Materials	8.6
	Insurance	6.7
	Telecommunication Services	4.4
	Transportation	4.3
	Media & Entertainment	3.0
	Software & Services	1.7
	Semiconductors & Semiconductor Equipment	1.2
	Other	2.7

Industry

Weight (%)

Energy

25.6

Banks

16.2

Food, Beverage & Tobacco

15.5

Capital Goods

10.1

Materials

8.6

Insurance

6.7

Telecommunication Services

4.4

Transportation

4.3

Media & Entertainment

3.0

Software & Services

1.7

Semiconductors & Semiconductor Equipment

1.2

Other

2.7

Versus	Beta
S&P 500	0.98
NASDAQ-100	0.59
MSCI EAFE	1.07
MSCI Emg. Mkts	0.77
Standard Deviation	23.00%

Versus

Beta

S&P 500

0.98

NASDAQ-100

0.59

MSCI EAFE

1.07

MSCI Emg. Mkts

0.77

Standard Deviation

23.00%

Inception Date	11/09/10
Total Expense Ratio	0.51%
Net Assets	$45.80 million
NAV	$25.08
Fact Sheet	View the document

Ticker	NORW
Bloomberg Index Ticker	M1NO5IM
CUSIP	37950E101
ISIN	US37950E1010
Primary Exchange	NYSE Arca
Shares Outstanding	1,826,111
Number of Holdings	62
30-Day Median Bid-Ask Spread	0.40%

30-Day SEC Yield	3.78%
Distribution Frequency	Semi-Annually

NAV	$25.08	Daily Change	$0.30	1.21%
Market Price	$25.09	Daily Change	$0.37	1.50%

Return on Equity	14.70%
Weighted Avg. Market Cap	19,456 M
	2024	2025
Price-to-earnings	11.33	10.73
Price-to-book value	1.61	1.54

NORW

MSCI Norway ETF

Reasons to Consider NORW

Growth Potential

Targeted Exposure

Efficient Access

Key Information As of 02/14/25

ETF Summary

ETF Objective

Trading Details As of 02/13/25

Distributions As of 02/14/25

ETF Prices As of 02/14/25

Performance History

Top Holdings As of 02/14/25

Exposure As of 01/31/25

ETF Characteristics As of 02/14/25

ETF Risk Stats As of 01/31/25

ETF Documents

Days at Premium	16
Days at NAV	0
Days at Discount	14
Greatest Premium	0.53%
Greatest Discount	-0.76%