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Sunday, August 23, 2026The Morning Brief →Sign in

Global X MSCI Norway ETF

$37.31+1.75% today
283952-WK

The fund invests at least 80% of its total assets in the securities of the underlying index and in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") based on the securities in the underlying index. The underlying index is designed to represent the performance of the broad Norway equity universe. The fund is non-diversified.

Price & daily flows
36.635.734.737.31DAILY NET FLOWJul 24Aug 4Aug 12Aug 21

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 1M SHOWN

The desk’s read

Flows are quiet — the past month netted out near zero, while the price has returned +22.7% so far this year. At 0.51% a year it is not the cheapest way in — XLE runs the same ground at 0.09%.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$51Massets under management
0.51%expense ratio · $51 per $10,000 a year
net flow, trailing month
32Kavg daily volume, 30 days
69holdings · US-domiciled
2010listed November 8, 2010 · beta 0.43
The book at a glance
TEL+1.5%EQNR+0.0%KMAR+0.4%EPRFRO+0.3%TGS-0.1%STB3.7%SUBC3.5%ORK3.2%YAR3.1%GJF2.5%VAR2.1%SB1NO2.0%VEND1.9%SALM1.6%AKER1.5%NOD1.3%MING1.1%PROT1.1%BAKKA1.1%TOM1.1%BWLPG0.9%KIT0.8%DOFG0.8%HAUTO0.8%WAWI0.7%AUTO0.7%NONG0.7%ATEASCATCODLLSG

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1TELTE CONNECTIVITY3.74%$203.52+1.5%
2EQNREQUINOR ASA12.87%$42.86+0.0%
3KMARINNOVATOR US SMALL CAP POWER BUFFER ETF - MARCH1.10%$32.58+0.4%
4EPREPR PROPERTIES0.62%$60.35-1.4%
5FROFRONTLINE2.68%$43.67+0.3%
6TGSGAS TRANSPORTER OF THE SOUTH1.25%$28.10-0.1%
7LINKINTERLINK ELECTRONICS0.29%$5.08+0.6%
8STBStorebrand ASA3.67%
9SUBCSubsea 7 SA3.50%
10ORKOrkla ASA3.18%
11YARYara International ASA3.14%
12GJFJH MULTIFACTOR DEV INTL ETF2.53%
13VARVar Energi ASA2.14%
14SB1NOSPAREBANK 1 SOR-NORGE ASA2.04%
15VENDGENERATION NEXT FRANCHISE BRANDS INC1.85%

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Sector weights
Energy26.5%
Finance20.83%
Energy Minerals20.74%
Financial Services20.39%
Financials19.05%
Industrials16.89%
Consumer Defensive14.88%
Consumer Discretionary14.4%
Consumer Non-Durables14.32%
Basic Materials9.37%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Country weights
Norway92.52%
Bermuda5.97%
United States3.5%
United Kingdom2.46%
Luxembourg2.3%
Other1.63%
Singapore0.78%
Denmark0.74%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week+1.2%
1 month+7.7%
3 months-4.1%
6 months+6.7%
YTD+22.7%
1 year+25.1%
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week
1 month
3 months
YTD
1 year

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows
SepOctNovDecJanFebMarAprMayJunJulAug
DAILY CREATION/REDEMPTION RECORDS, TRAILING TWELVE MONTHS
The risk read
14%realized volatility, 30 days (annualized)
18%realized volatility, 1 year
-19.3%deepest fall from a peak, 1 year
-5.2%where it sits vs. that peak today

The top holding is 12.9% of the book; the top ten carry 59%. Spread across 61+ names, it behaves like roughly 20 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

Options tape
13calls today
5puts today
0.38put/call ratio
24Kshares traded
Most-traded holdings, options premiumBullishBearish
FRO FRONTLINE$689,593$382,988
EQNR EQUINOR ASA$215,504$271,668
TEL TE CONNECTIVITY$77,503$33,869
EPR EPR PROPERTIES$16,511$18,438
TGS GAS TRANSPORTER OF THE SOUTH$330

TODAY’S OPTIONS PREMIUM IN THE FUND’S UNDERLYING NAMES

The case against NORW

Due diligence cuts both ways. These funds sit on the same shelf and beat NORW on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
IDEV iShares Core MSCI International Developed Markets ETF0.04%$32.7B+$104M-47bp on fee · 644× the assets · +$104M in over the monthHead-to-head
IEFA iShares Core MSCI EAFE ETF0.07%$193.2B+$631M-44bp on fee · 3807× the assets · +$631M in over the monthHead-to-head
IEMG iShares Core MSCI Emerging Markets ETF0.09%$160.6B+$1.9B-42bp on fee · 3166× the assets · +$1.9B in over the monthHead-to-head
IAGG iShares Core International Aggregate Bond ETF0.07%$11.4B+$739M-44bp on fee · 224× the assets · +$739M in over the monthHead-to-head
IXUS iShares Core MSCI Total International Stock ETF0.07%$46.2B-44bp on fee · 910× the assetsHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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