Model Portfolios | News | Contact

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 01/14/25

Inception Date 11/09/10
Total Expense Ratio 0.51%
Net Assets $47.33 million
NAV $24.20
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 01/13/25

Ticker NORW
Bloomberg Index Ticker M1NO5IM
CUSIP 37950E101
ISIN US37950E1010
Primary Exchange NYSE Arca
Shares Outstanding 1,956,111
Number of Holdings 62
30-Day Median Bid-Ask Spread 0.37%

Distributions As of 01/14/25

30-Day SEC Yield 3.83%
Distribution Frequency Semi-Annually

ETF Prices As of 01/14/25

NAV $24.20 Daily Change $0.24 1.00%
Market Price $24.24 Daily Change $0.16 0.66%

Performance History

As of recent month & quarter-end (12/31/24)
As of recent month & quarter-end (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 -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%
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 -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%

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 01/14/25

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
13.83 EQNR NO EQUINOR ASA 7133608 25.53 256,397 6,546,047.66
11.89 DNB NO DNB BANK ASA BNG7113 20.53 274,039 5,627,015.00
6.16 KOG NO KONGSBERG GRUPPEN ASA 5208241 108.38 26,906 2,915,986.37
5.22 NHY NO NORSK HYDRO ASA B11HK39 5.75 430,041 2,471,578.14
5.21 MOWI NO MOWI ASA B02L486 17.33 142,321 2,466,137.37
4.58 AKRBP NO AKER BP ASA B1L95G3 22.43 96,601 2,166,824.35
4.23 TEL NO TELENOR ASA 4732495 11.26 177,602 1,999,664.19
3.92 ORK NO ORKLA ASA B1VQF42 8.65 214,289 1,853,776.19
3.07 YAR NO YARA INTERNATIONAL ASA 7751259 28.75 50,581 1,453,967.20
3.00 STB NO STOREBRAND ASA 4852832 10.92 130,023 1,419,425.17
2.55 SUBC NO SUBSEA 7 SA 5258246 17.42 69,204 1,205,244.35
2.36 GJF NO GJENSIDIGE FORSIKRING ASA B4PH0C5 18.25 61,067 1,114,482.67
2.04 SALM NO SALMAR ASA B1W5NW2 48.00 20,151 967,181.46
1.78 TOM NO TOMRA SYSTEMS ASA BPLXRG7 12.41 67,755 840,823.23
1.77 SB1NO NO SPAREBANK 1 SOR-NORGE ASA B40JTQ3 13.31 62,994 838,724.98
1.71 BAKKA NO BAKKAFROST P/F B6632T7 52.48 15,380 807,077.87
1.69 FRO NO FRONTLINE PLC BMHDM54 18.14 44,093 799,670.17
1.64 SCHB NO SCHIBSTED ASA-B SHS BWVFKQ3 28.03 27,717 777,016.60
1.40 SCHA NO SCHIBSTED ASA-CL A 4790534 29.61 22,292 660,173.05
1.34 TGS NO TGS ASA B15SLC4 10.60 59,796 633,870.58
1.30 MING NO SPAREBANK 1 SMN B0LGG75 15.55 39,540 614,654.58
1.14 NOD NO NORDIC SEMICONDUCTOR ASA B00ZG06 9.69 55,743 539,991.65
0.94 BNOR NO BLUENORD ASA B23D2M5 61.21 7,242 443,315.07
0.87 PROT NO PROTECTOR FORSIKRING ASA B182K93 25.38 16,301 413,745.50
0.79 DOFG NO DOF GROUP ASA BQWSKZ8 8.36 44,839 374,701.91
0.77 GOGL NO GOLDEN OCEAN GROUP LTD BDCHQL2 9.21 39,477 363,697.92
0.76 LSG NO LEROY SEAFOOD GROUP ASA 4691916 4.40 81,394 358,496.17
0.73 AKER NO AKER ASA-A SHARES B02R4D9 51.29 6,765 346,977.92
0.71 HAUTO NO HOEGH AUTOLINERS ASA BMFDP24 9.66 34,747 335,684.43
0.69 CADLR NO CADELER A/S BMYDHR4 5.07 63,948 324,058.91
0.68 BWLPG NO BW LPG LTD BT5GCN2 12.70 25,449 323,191.71
0.68 NONG NO SPAREBANK 1 NORD-NORGE B06T259 11.17 28,922 323,099.75
0.66 EPR NO EUROPRIS ASA BZ07696 6.36 48,712 309,952.78
0.60 ATEA NO ATEA ASA B12TR11 12.00 23,843 286,043.97
0.58 AUTO NO AUTOSTORE HOLDINGS LTD BN49G27 0.83 327,516 273,260.79
0.57 WAWI NO WALLENIUS WILHELMSEN ASA B55WMQ5 8.24 32,540 268,065.90
0.54 FLNG NO FLEX LNG LTD BJJMGB2 25.79 9,886 254,916.44
0.53 CRAYN NO CRAYON GROUP HOLDING AS BD9PZ12 10.34 24,411 252,338.33
0.52 SCATC NO Scatec ASA BQSSWW3 6.72 36,583 245,788.72
0.50 AUSS NO AUSTEVOLL SEAFOOD ASA B16MKT5 8.58 27,581 236,539.38
0.47 AKSO NO AKER SOLUTIONS ASA BQN1C50 2.73 81,780 223,228.33
0.46 ENTRA NO ENTRA ASA BRJ2VC4 9.68 22,363 216,437.67
0.44 SPOL NO SPAREBANK 1 OESTLANDET BZ12WQ9 14.21 14,635 207,991.75
0.42 NAS NO NORWEGIAN AIR SHUTTLE AS 7742123 0.90 221,759 199,435.47
0.41 SNI NO STOLT-NIELSEN LTD B4PKZG3 27.05 7,181 194,248.12
0.41 MPCC NO MPC CONTAINER SHIPS AS BF20GN7 1.67 115,746 193,397.94
0.37 KIT NO KITRON ASA 5399684 3.12 55,731 173,758.63
0.33 ODL NO ODFJELL DRILLING LTD BDX87W2 5.25 29,685 155,904.78
0.30 DNO NO DNO ASA B15GGN4 1.07 133,554 142,630.26
0.29 ELK NO ELKEM ASA BG0T3J8 1.51 89,048 134,750.58
0.27 NORCO NO NORCONSULT AS BMTQPF2 3.81 33,631 128,188.98
0.25 WWI NO WILH WILHELMSEN HOLDING-A B682WX6 36.58 3,221 117,822.14
0.24 HEX NO HEXAGON COMPOSITES ASA 5186002 3.59 31,864 114,317.72
0.22 NEL NO NEL ASA B02NR83 0.20 511,900 101,874.67
0.18 GSF NO GRIEG SEAFOOD ASA B1Y1P66 5.48 15,799 86,583.55
0.16 PLSV NO PARATUS ENERGY SERVICES L BLCCJ92 3.91 19,490 76,205.83
0.15 ODF NO ODFJELL SE-A SHS B086463 11.38 6,370 72,504.61
0.15 BWO NO BW OFFSHORE LTD BYYNFR4 2.73 25,757 70,352.07
0.14 CLCO NO COOL CO LTD BPBKK81 8.61 7,479 64,403.92
0.13 BELCO NO BELSHIPS ASA 4109174 1.77 34,132 60,402.93
0.13 OTHER PAYABLE & RECEIVABLES 1.00 60,356 60,355.78
0.11 AGAS NO AVANCE GAS HOLDING LTD BFH4P48 8.28 5,990 49,608.91
0.07 CASH 1.00 33,774 33,773.60
0.00 CAVEN NO CAVENDISH HYDROGEN ASA BT3CMZ4 0.66 1 0.66
0.00 SWEDISH KRONE 0.09 4 0.39
0.00 NORWEGIAN KRONE 0.09 -19 -1.68
Holdings are subject to change. "Cash" denotes U.S. dollars.

Exposure As of 12/31/24

Sector Weight (%)
Energy 25.8
Financials 23.3
Industrials 14.9
Consumer Staples 14.9
Materials 8.4
Communication Services 7.7
Information Technology 3.4
Consumer Discretionary 0.7
Utilities 0.6
Real Estate 0.5

Source: new windowAltaVista Research, LLC

Industry Weight (%)
Energy 25.9
Banks 16.2
Food, Beverage & Tobacco 14.9
Capital Goods 10.1
Materials 8.4
Insurance 6.3
Transportation 4.8
Telecommunication Services 4.3
Media & Entertainment 3.3
Software & Services 1.9
Semiconductors & Semiconductor Equipment 1.1
Other 2.8

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 01/13/25

Return on Equity 14.30%
Weighted Avg. Market Cap 18,986 M
2023 2024
Price-to-earnings 11.84 10.90
Price-to-book value 1.59 1.53

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 12/31/24

Versus Beta
S&P 500 0.94
NASDAQ-100 0.56
MSCI EAFE 1.04
MSCI Emg. Mkts 0.76
Standard Deviation 22.70%

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.