NORW ETF — Holdings & Analysis

The Global X MSCI Norway ETF (NORW) offers targeted exposure to the Norwegian equity market, tracking the MSCI Norway IMI 25/50 Index.

With assets under management of $0.12 billion, NORW provides investors with a focused approach to investing in Norwegian companies. The fund's expense ratio is 0.50%, and it holds 56 stocks. NORW's top holdings include DNB Bank ASA, Equinor ASA, and Kongsberg Gruppen ASA, reflecting a significant allocation to the financial services and energy sectors within the Norwegian economy.

Global X - MSCI Norway ETF (NORW) ETF — Price, Holdings & Analysis

The Global X MSCI Norway ETF (NORW) offers targeted exposure to the Norwegian equity market, tracking the MSCI Norway IMI 25/50 Index. With assets under management of $0.12 billion, NORW provides investors with a focused approach to investing in Norwegian companies. The fund's expense ratio is 0.50%, and it holds 56 stocks. NORW's top holdings include DNB Bank ASA, Equinor ASA, and Kongsberg Gruppen ASA, reflecting a significant allocation to the financial services and energy sectors within the Norwegian economy.

ETF Overview

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.

The Global X MSCI Norway ETF (NORW) aims to replicate the performance of the MSCI Norway IMI 25/50 Index, providing investors with exposure to a broad range of companies in Norway. This ETF is designed for investors seeking to diversify their portfolios with a specific focus on the Norwegian economy. NORW's holdings are concentrated in key sectors such as Financial Services (24.6%) and Energy (23.9%), reflecting the composition of the Norwegian market. Top holdings include DNB Bank ASA (12.60%), Equinor ASA (10.81%), and Kongsberg Gruppen ASA (7.99%). The fund's allocation also includes significant positions in Industrials (15.8%) and Consumer Defensive (14.0%). NORW offers a way to access the Norwegian market without directly investing in individual Norwegian stocks. It's important to note that the fund's performance is closely tied to the economic conditions and market trends within Norway.

Risk Metrics

Investing in NORW involves certain risks, including concentration risk, as a significant portion of the fund is allocated to a single country, Norway (91.2%). Sector concentration is also a factor, with substantial exposure to Financial Services (24.6%) and Energy (23.9%). These sectors can be sensitive to economic cycles and commodity price fluctuations. The fund's beta of 0.96 indicates that it has historically exhibited slightly less volatility than the broader market. The expense ratio of 0.50% can create a drag on returns, especially in periods of lower market performance. these may be worth researching factors when evaluating NORW, as past performance does not guarantee future results. The fund's relatively small AUM of $0.12 billion could also impact liquidity.

Expense Ratio

0.50%

What does NORW hold?

Holding	Weight
DNB Bank ASA (DNB.OL)	12.60%
Equinor ASA (EQNR.OL)	10.81%
Kongsberg Gruppen ASA (KOG.OL)	7.99%
Norsk Hydro ASA (NHY.OL)	5.73%
Mowi ASA (MOWI.OL)	4.91%
Telenor ASA (TEL.OL)	4.64%
Orkla ASA (ORK.OL)	4.29%
Aker BP ASA (AKRBP.OL)	4.20%
Yara International ASA (YAR.OL)	3.74%
Storebrand ASA (STB.OL)	3.57%

How Is the Fund Allocated?

Sector	Weight
Financial Services	24.6%
Energy	23.9%
Industrials	15.8%
Consumer Defensive	14.0%
Basic Materials	9.9%
Communication Services	6.8%
Technology	3.7%
Utilities	0.7%
Real Estate	0.4%
Consumer Cyclical	0.3%

Country	Weight
Norway	91.2%
United Kingdom	3.3%
Cyprus	2.3%
Faroe Islands	1.0%
Bermuda	0.8%
Singapore	0.7%
Denmark	0.6%
Other	0.0%

Dividend Yield

0.00%

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Risk Metrics

Beta: 0.96

Questions & Answers

What is NORW and what does it track?

The Global X MSCI Norway ETF (NORW) is an exchange-traded fund designed to track the investment results of the MSCI Norway IMI 25/50 Index. This index represents a broad range of companies in the Norwegian equity market.

By investing in NORW, investors gain exposure to a diversified portfolio of Norwegian stocks, including large, mid, and small-cap companies.

What is the expense ratio for NORW?

The expense ratio for the Global X MSCI Norway ETF (NORW) is 0.50%. This means that for every $10,000 invested in the fund, $50 is used to cover the fund's operating expenses annually.

What are the top holdings in NORW?

As of 2026-03-15, the top holdings in the Global X MSCI Norway ETF (NORW) are: DNB Bank ASA (12.60%), Equinor ASA (10.81%), Kongsberg Gruppen ASA (7.99%), Norsk Hydro ASA (5.73%), and Mowi ASA (4.91%).

Is NORW a good long-term investment?

Whether NORW is a suitable long-term investment depends on an individual's investment goals, risk tolerance, and outlook on the Norwegian economy. NORW provides targeted exposure to the Norwegian equity market, which can offer diversification benefits.

However, it also exposes investors to country-specific risks. The fund's beta of 0.96 suggests it has historically moved in line with the broader market.

How does NORW compare to similar ETFs?

NORW is relatively unique, as there are few ETFs that offer focused exposure specifically to the Norwegian equity market. Compared to broader European or global equity ETFs, NORW is much more concentrated in a single country.

Its expense ratio of 0.50% is higher than many broad-based international ETFs.

Does NORW pay dividends?

As of 2026-03-15, the Global X MSCI Norway ETF (NORW) has a dividend yield of 0.00%. This indicates that the fund is not currently distributing dividends to its shareholders.

The dividend yield can fluctuate over time depending on the dividend policies of the underlying companies held within the fund and the fund's distribution policy. Investors seeking income-generating investments may want to consider other ETFs with higher dividend yields.