---
ticker: "NORW"
name: "Global X - MSCI Norway ETF"
url: "https://etf.net/etf/NORW"
grade: "C"
score: 43
graded_at: "2026-10-12"
category: "Developed Single Country"
category_rank: "27 of 38"
methodology: "https://etf.net/methodology"
---

# NORW: Global X - MSCI Norway ETF

Grade **C**, Score 43 of 100. Rank 27 of 38 in Developed Single Country.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 55 | 10 of 38 |
| Mission | 16 | 34 of 35 |
| Risk | 52 | 14 of 37 |
| Tradability | 49 | 20 of 38 |
| Holdings | 60 | 13 of 36 |
| Durability | 41 | 31 of 38 |

## Top holdings

The fund holds 61 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | EQNR.OL | Equinor Asa | 12.81% |
| 2 | DNB.OL | Dnb Bank Asa | 11.17% |
| 3 | KOG.OL | Kongsberg Gruppen Asa | 5.75% |
| 4 | AKRBP.OL | Aker Bp Asa | 5.21% |
| 5 | NHY.OL | Norsk Hydro Asa | 4.73% |
| 6 | MOWI.OL | Mowi Asa | 4.13% |
| 7 | FRO.OL | Frontline PLC | 3.66% |
| 8 | TEL.OL | Telenor Asa | 3.57% |
| 9 | SUBC.OL | Subsea 7 SA | 3.55% |
| 10 | STB.OL | Storebrand Asa | 3.44% |
| 11 | ORK.OL | Orkla Asa | 3.10% |
| 12 | YAR.OL | Yara International Asa | 3.07% |
| 13 | GJF.OL | Gjensidige Forsikring Asa | 2.37% |
| 14 | VAR.OL | Var Energi Asa | 2.32% |
| 15 | SB1NO.OL | Sparebank 1 Sor-Norge Asa | 2.09% |
| 16 | SALM.OL | Salmar Asa | 1.74% |
| 17 | NOD.OL | Nordic Semiconductor Asa | 1.48% |
| 18 | VEND.OL | Vend Marketplaces Asa Class | 1.43% |
| 19 | AKER.OL | Aker Asa-A Shares | 1.41% |
| 20 | TGS.OL | Tgs Asa | 1.24% |
| 21 | KMAR.OL | Kongsberg Maritime Asa | 1.21% |
| 22 | MING.OL | Sparebank 1 Smn | 1.19% |
| 23 | BWLPG.OL | Bw Lpg Ltd | 1.12% |
| 24 | BAKKA.OL | Bakkafrost P/F | 1.02% |
| 25 | KIT.OL | Kitron Asa | 1.01% |
| 26 | PROT.OL | Protector Forsikring Asa | 1.00% |
| 27 | TOM.OL | Tomra Systems Asa | 0.93% |
| 28 | HAUTO.OL | Hoegh Autoliners Asa | 0.90% |
| 29 | DOFG.OL | Dof Group Asa | 0.82% |
| 30 | WAWI.OL | Wallenius Wilhelmsen Asa | 0.82% |

Source: etf.net, https://etf.net/etf/NORW. Please cite the page URL.