Skip to content
etf.net

NORW

GradeCNew York Stock Exchange Arca

Global X - MSCI Norway ETF

Countries & Regions · Global X · Inception 2010-11-09 · SEC filings

$36.56−0.17 (−0.45%)

As of Sep 23, 2026, 2:59 PM EDT

Intraday session: down, 30 prints from 36.73 to 36.56. Range 36.28 to 36.66. Use the arrow keys to read each point.$36.30$36.40$36.50$36.7010 AM12 PM2 PM4 PM
Expense ratio
0.50%
Fund size
$95M
1Y return
+31.9%
Yield · Last 12 months
6.90%
Holdings
59
Volume · 30D
0.1M sh
NAV per share
$36.72
52W range
low $27.84high $39.39

The ETF.net NORW Grade

C

44/ 100

Rank 26 of 38 in Developed Single Country⁠

Confidence High

Six-pillar profile for NORW. Scores out of 100: Cost 55, Risk 55, Mission 17, Tradability 49, Holdings 59, Durability 41. Strongest: Holdings (59). Weakest: Mission (17). No single pillar leads.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 44 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 55
    Category rank25/38 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    FScore 17
    Category rank34/35 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 55
    Category rank14/37 · top 38%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 49
    Category rank19/38 · top 50%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 59
    Category rank15/36 · top 42%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 41
    Category rank31/38 · bottom quartile

Graded as of Sep 22, 2026

Our read on NORW

ETF.net Research

CNorway in one ticker: not a skim of the blue chips, but the large, mid and small caps that make up nearly all of Oslo's investable market, with index caps that keep any single giant from taking over.

Stated mandate

NORW seeks to track, before fees and expenses, the price and yield performance of the MSCI Norway IMI 25/50 Index.

Why people hold it

  1. 01The index reaches past the blue chips: large, mid and small caps covering roughly 99% of Norway's free-float market value, about 60 stocks in all.msci.com
  2. 02A 25/50 capping rule borrowed from US fund tax law holds any one component to 25% of the index, so a single national champion cannot quietly become the whole fund.msci.commsci.com
  3. 03Trading since 2010 under Global X, at a 0.50% expense ratio that sits right at the median for single-country developed-market funds.globalxetfs.com

Worth knowing

  1. 01That 0.50% is median, not cheap. Broad single-country peers like FLKR and FLAU charge 0.09%, though neither one buys Norway.
  2. 02One country, one currency, about 60 stocks. Results are measured in US dollars, so krone swings land in your return alongside the stocks themselves.msci.com
  3. 03Distributions arrive once or twice a year rather than monthly, and volume is moderate rather than deep, which can matter on larger orders.

NORW Holdings

As of Sep 21, 2026, 6:06 PM
Asset class
Stocks
Holdings
59
Top-10 weight
58%
Largest holding
EQNR.OL12.5%

Sectors

  • Energy30.4%
  • Financials23.4%
  • Industrials15.2%
  • Cons. Staples11.3%
  • Materials9.0%
  • Communication6.0%
  • Technology3.1%
  • Utilities0.6%
  • Consumer Discr.0.6%
  • Real Estate0.4%

Geography

  • Norway89.50%
  • Luxembourg3.35%
  • Cyprus3.10%
  • Singapore1.05%
  • Faroe Islands0.98%
  • United Kingdom0.91%
  • Denmark0.62%
  • Bermuda0.47%
  • Other countries (1)0.01%

Developed 95% · Emerging 5% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 5.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001EQNR.OLEQUINOR ASA12.51%269,038$12M125
002DNB.OLDNB BANK ASA11.31%323,751$11M130
003KOG.OLKONGSBERG GRUPPEN ASA6.12%170,974$6M104
004AKRBP.OLAKER BP ASA5.09%129,315$5M109
005NHY.OLNORSK HYDRO ASA5.02%526,252$5M113
006MOWI.OLMOWI ASA3.91%177,742$4M102
007TEL.OLTELENOR ASA3.69%251,974$4M101
008STB.OLSTOREBRAND ASA3.54%160,537$3M62
009SUBC.OLSUBSEA 7 SA3.27%91,950$3M61
010YAR.OLYARA INTERNATIONAL ASA3.26%65,148$3M117
011FRO.OLFRONTLINE PLC3.19%59,166$3M52
012ORK.OLORKLA ASA2.93%291,910$3M107
013GJF.OLGJENSIDIGE FORSIKRING ASA2.50%81,718$2M96
014VAR.OLVAR ENERGI ASA2.29%383,083$2M103
015SB1NO.OLSPAREBANK 1 SOR-NORGE ASA2.09%83,530$2M57

Showing 1–15 of 62 holdings

NORW Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

NORW$13,193
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. NORW $13,193. SPY $11,723. Use the arrow keys to read each point.$8,939$11,501$14,064Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for NORW. Periods over one year show the average yearly return.
PeriodNORW
Year to date+30.3%
1 month−1.6%
3 months+9.9%
1 year+31.9%
3 years+21.2%per year
5 years+9.5%per year
10 years+9.1%per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for NORW
YearReturn barNORW
2026 YTD+30.3%
2025+32.6%
2024−2.5%
2023+5.0%
2022−12.5%
2021+18.0%
2020+1.5%

NORW in the news

ETF.net Research hasn’t filed on NORW yet — coverage lands here as it’s written.

NORW Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
6.90%Last 12 months
Payout per share
$2.53Last 12 months
Last payment
$2.10 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Twice a year

Distribution history

2017–2026

One bar per payment. 18 payments from 2017 to 2026 YTD. Dec 28, 2017 $0.83; Dec 28, 2018 $0.69; Jun 27, 2019 $0.52; Dec 30, 2019 $0.02; Jun 29, 2020 $0.13; Dec 30, 2020 $0.18; Jun 29, 2021 $0.31; Oct 29, 2021 $0.06; Dec 30, 2021 $0.15; Jun 29, 2022 $0.56; Dec 29, 2022 $0.47; Jun 29, 2023 $0.84; Dec 28, 2023 $0.50; Jun 27, 2024 $0.81; Dec 30, 2024 $0.60; Jun 27, 2025 $0.60; Dec 30, 2025 $0.43; Jun 29, 2026 $2.10. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Jun 29, 2026Jul 7, 2026$2.10
Dec 30, 2025Jan 7, 2026$0.43
Jun 27, 2025Jul 7, 2025$0.60
Dec 30, 2024Jan 7, 2025$0.60
Jun 27, 2024Jul 5, 2024$0.81
Dec 28, 2023Jan 8, 2024$0.50
Jun 29, 2023Jul 10, 2023$0.84
Dec 29, 2022Jan 9, 2023$0.47
Jun 29, 2022Jul 8, 2022$0.56
Dec 30, 2021Jan 7, 2022$0.15
Oct 29, 2021Nov 1, 2021$0.06
Jun 29, 2021Jul 8, 2021$0.31

NORW Risk

How much the fund’s monthly returns vary, scaled to a year.
17.9%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.99
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−32.9%
Trough Sep 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.46
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

NORW Cost

Expense ratio0.50%
  • The middle half of Developed Single Country funds
  • Median 0.50%

13 of the 38 Developed Single Country funds charge less.

NORW costs $50.00 a year on $10,000. The median Developed Single Country fund costs $50.00.