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Global X MSCI Norway ETF
ETF
NORW
Payout Change
Pending
Price as of:
$24.022
+0.07
+0.3%
primary theme
Small Regions Equity
NORW (ETF)
Global X MSCI Norway ETF
Payout Change
Pending
Price as of:
$24.022
+0.07
+0.3%
primary theme
Small Regions Equity
NORW (ETF)
Global X MSCI Norway ETF
Payout Change
Pending
Price as of:
$24.022
+0.07
+0.3%
primary theme
Small Regions Equity
Name
As of 12/27/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
-2.7%
1 yr return
-2.7%
3 Yr Avg Return
-3.8%
5 Yr Avg Return
5.0%
Net Assets
$47.9 M
Holdings in Top 10
56.9%
52 WEEK LOW AND HIGH
$23.9
$23.22
$27.43
Expenses
OPERATING FEES
Expense Ratio 0.51%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 12/27/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
NORW - Profile
Distributions
- YTD Total Return -2.7%
- 3 Yr Annualized Total Return -3.8%
- 5 Yr Annualized Total Return 5.0%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 3.09%
- Dividend Yield 6.8%
- Dividend Distribution Frequency SemiAnnual
Fund Details
-
Legal NameGlobal X MSCI Norway ETF
-
Fund Family NameGlobal X Funds
-
Inception DateAug 19, 2009
-
Shares Outstanding3946255
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerNam To
Fund Description
The Fund invests at least 80% of its total assets in the securities of the MSCI Norway IMI 25/50 Index (the "Underlying Index") and in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") based on the securities in the Underlying Index. The Fund also invests at least 80% of its total assets in securities of companies that are economically tied to Norway. The Fund's 80% investment policies are non-fundamental and require 60 days prior written notice to shareholders before they can be changed. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received).
The Underlying Index is designed to represent the performance of the broad Norway equity universe, as defined by MSCI, Inc. ("MSCI"), the provider of the Underlying Index ("Index Provider"). The broad Norway equity universe includes securities that are classified in Norway according to the MSCI Global Investable Market Index Methodology, which is a methodology that seeks to identify the investable universe of companies globally in order to facilitate the construction of replicable indexes such as the Underlying Index. The MSCI Global Investable Market Index Methodology screens companies using size, liquidity and other criteria in order to determine the investable universe. The country classification of a company is generally determined by the Index Provider using the company’s country of incorporation and the primary listing of its securities. The Index Provider will classify a company in the country of incorporation if its securities have a primary listing in this country. In such cases where a company’s securities have a primary listing outside of the country of incorporation, additional criteria such as the location of the company’s headquarters and the geographic distribution of its operations (e.g. assets and revenues),
management, and shareholder base are considered for classification purposes. The Underlying Index follows a rules-based methodology that is designed to select securities that satisfy the above criteria and which meet minimum market capitalization and liquidity requirements.
The Underlying Index is sponsored by the Index Provider, which is an organization that is independent of, and unaffiliated with, the Fund and Global X Management Company LLC, the investment adviser for the Fund ("Adviser"). The Index Provider determines the relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.
The Underlying Index is weighted according to each component's free-float adjusted market capitalization. The weights are further modified so that, as of the rebalance date, no group entity (defined by the Index Provider as companies with a controlling stake owned by one entity) constitutes more than 25% of the Underlying Index and so that, in the aggregate, the individual group entities that would represent more than 5% of the Underlying Index represent no more than 50% of the Underlying Index ("25/50 Cap"). The Underlying Index is reconstituted and re-weighted quarterly. The Underlying Index may include large-, mid- and small-capitalization companies, and components primarily include financials, consumer staples and energy companies. As of December 31, 2023, the Underlying Index had 69 constituents. The Fund's investment objective and Underlying Index may be changed without shareholder approval.
The Adviser uses a "passive" or indexing approach to try to achieve the Fund's investment objective. Unlike many investment companies, the Fund does not try to outperform the Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued.
The Fund generally will use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the Underlying Index in approximately the same proportions as in the Underlying Index. However, the Fund may utilize a representative sampling strategy with respect to the Underlying Index when a replication strategy might be detrimental or disadvantageous to shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index, in instances in which a security in the Underlying Index becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations (such as tax diversification requirements) that apply to the Fund but not the Underlying Index.
The Adviser expects that, over time, the correlation between the Fund's performance and that of the Underlying Index, before fees and expenses, will exceed 95%. A correlation percentage of 100% would indicate perfect correlation. If the Fund uses a replication strategy, it can be expected to have greater correlation to the Underlying Index than if it uses a representative sampling strategy.
The Fund concentrates its investments (i.e., holds 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2023, the Underlying Index was concentrated in the oil, gas and consumable fuels industry and had significant exposure to the energy sector.
The Fund is classified as "non-diversified," which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.
NORW - Performance
Return Ranking - Trailing
| Period | NORW Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -2.7% | -47.5% | 32.1% | 75.31% |
| 1 Yr | -2.7% | -44.2% | 32.0% | 75.31% |
| 3 Yr | -3.8%* | -39.0% | 25.3% | 69.14% |
| 5 Yr | 5.0%* | -19.9% | 10.7% | 43.59% |
| 10 Yr | 4.3%* | -6.6% | 10.1% | 41.27% |
* Annualized
Return Ranking - Calendar
| Period | NORW Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -0.7% | -15.1% | 61.2% | 79.01% |
| 2022 | -15.9% | -84.3% | 99.1% | 50.62% |
| 2021 | 12.0% | -29.9% | 283.0% | 51.90% |
| 2020 | 24.4% | -50.2% | 41.8% | 7.69% |
| 2019 | 11.5% | -19.5% | 46.8% | 61.54% |
Total Return Ranking - Trailing
| Period | NORW Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -2.7% | -47.5% | 32.1% | 75.31% |
| 1 Yr | -2.7% | -44.2% | 32.0% | 75.31% |
| 3 Yr | -3.8%* | -39.0% | 25.3% | 69.14% |
| 5 Yr | 5.0%* | -19.9% | 10.7% | 43.59% |
| 10 Yr | 4.3%* | -6.6% | 10.1% | 41.27% |
* Annualized
Total Return Ranking - Calendar
| Period | NORW Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 5.0% | -12.6% | 64.7% | 74.07% |
| 2022 | -12.5% | -83.7% | 105.8% | 49.38% |
| 2021 | 13.9% | -27.5% | 283.0% | 53.16% |
| 2020 | 26.0% | -50.2% | 43.0% | 7.69% |
| 2019 | 14.4% | -17.8% | 50.2% | 66.67% |
NORW - Holdings
Concentration Analysis
| NORW | Category Low | Category High | NORW % Rank | |
|---|---|---|---|---|
| Net Assets | 47.9 M | 1.41 M | 7.7 B | 79.01% |
| Number of Holdings | 66 | 13 | 873 | 25.93% |
| Net Assets in Top 10 | 29 M | 1.66 M | 2.93 B | 83.95% |
| Weighting of Top 10 | 56.92% | 10.1% | 94.8% | 51.85% |
Top 10 Holdings
- EQUINOR ASA COMMON STOCK 14.24%
- DNB BANK ASA COMMON STOCK 10.43%
- KONGSBERG GRUPPEN ASA COMMON STOCK 5.26%
- MOWI ASA COMMON STOCK 4.67%
- AKER BP ASA COMMON STOCK 4.56%
- TELENOR ASA COMMON STOCK 4.46%
- NORSK HYDRO ASA COMMON STOCK 4.36%
- ORKLA ASA COMMON STOCK 3.51%
- YARA INTERNATIONAL ASA COMMON STOCK 2.80%
- STOREBRAND ASA COMMON STOCK 2.64%
Asset Allocation
| Weighting | Return Low | Return High | NORW % Rank | |
|---|---|---|---|---|
| Stocks | 99.83% | 49.47% | 100.26% | 23.46% |
| Other | 1.15% | -7.90% | 31.19% | 4.94% |
| Preferred Stocks | 0.00% | 0.00% | 26.41% | 81.48% |
| Convertible Bonds | 0.00% | 0.00% | 0.30% | 75.31% |
| Cash | 0.00% | 0.00% | 19.34% | 98.77% |
| Bonds | 0.00% | 0.00% | 2.39% | 76.54% |
NORW - Expenses
Operational Fees
| NORW Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.51% | 0.01% | 4.41% | 65.82% |
| Management Fee | 0.50% | 0.00% | 1.10% | 35.80% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.08% | 0.15% | N/A |
Sales Fees
| NORW Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
| NORW Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 2.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| NORW Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 4.00% | 217.50% | 19.27% |
NORW - Distributions
Dividend Yield Analysis
| NORW | Category Low | Category High | NORW % Rank | |
|---|---|---|---|---|
| Dividend Yield | 6.79% | 0.00% | 6.29% | 6.17% |
Dividend Distribution Analysis
| NORW | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | SemiAnnual | Annually | Quarterly | SemiAnnual |
Net Income Ratio Analysis
| NORW | Category Low | Category High | NORW % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 3.09% | -4.11% | 4.93% | 11.11% |
Capital Gain Distribution Analysis
| NORW | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Jun 27, 2024 | $0.811 | OrdinaryDividend |
| Dec 28, 2023 | $0.498 | OrdinaryDividend |
| Jun 29, 2023 | $0.844 | OrdinaryDividend |
| Dec 29, 2022 | $0.471 | OrdinaryDividend |
| Jun 29, 2022 | $0.557 | OrdinaryDividend |
| Dec 30, 2021 | $0.147 | OrdinaryDividend |
| Oct 29, 2021 | $0.060 | OrdinaryDividend |
| Jun 29, 2021 | $0.313 | OrdinaryDividend |
| Dec 30, 2020 | $0.182 | OrdinaryDividend |
| Jun 29, 2020 | $0.125 | OrdinaryDividend |
| Dec 30, 2019 | $0.019 | OrdinaryDividend |
| Jun 27, 2019 | $0.521 | OrdinaryDividend |
| Dec 28, 2018 | $0.694 | OrdinaryDividend |
| Dec 28, 2017 | $0.827 | OrdinaryDividend |
| Dec 28, 2016 | $0.718 | OrdinaryDividend |
| Dec 29, 2015 | $0.632 | OrdinaryDividend |
| Dec 29, 2014 | $0.849 | OrdinaryDividend |
| Dec 27, 2013 | $0.627 | OrdinaryDividend |
| Dec 27, 2012 | $0.495 | OrdinaryDividend |
| Dec 28, 2011 | $0.059 | CapitalGainShortTerm |
| Dec 28, 2011 | $0.005 | CapitalGainLongTerm |
| Dec 28, 2011 | $0.526 | OrdinaryDividend |
| Dec 29, 2010 | $0.165 | OrdinaryDividend |
| Dec 29, 2009 | $0.010 | OrdinaryDividend |
NORW - Fund Manager Analysis
Managers
Nam To
Start Date
Tenure
Tenure Rank
Mar 01, 2018
4.25
4.3%
Nam To, CFA, joined Global X Management Company LLC in July 2017 as a Portfolio Management Analyst. Mr. To has been a Portfolio Manager of the Fund since March 1, 2018. Previously, Mr. To was a Global Economics Research Analyst at Bunge Limited from 2014 through 2017 and an Advisory and Investment Analyst at Horizon Capital Group from June 2013 through August 2013. Mr. To received his Bachelor of Arts in Philosophy and Economics from Cornell University in 2014.
Wayne Xie
Start Date
Tenure
Tenure Rank
Mar 01, 2019
3.25
3.3%
Wayne Xie joined the Global X Management Company LLC in July 2018 as a Portfolio Management Associate. Previously, Mr. Xie was an Analyst at VanEck Associates on the Equity ETF Investment Management team from 2010 to 2018 and a Portfolio Administrator at VanEck Associates from 2007 to 2010. Mr. Xie received his BS in Business Administration from State University of New York at Buffalo.
Kimberly Chan
Start Date
Tenure
Tenure Rank
Jun 10, 2019
2.98
3.0%
Kimberly Chan is a Portfolio Management Associate. Previously, Ms. Chan was a US Associate Trader at Credit Agricole from 2016 to 2018, and an Investment Analyst at MetLife Investments from 2015 to 2016. Ms. Chan received her Bachelor of Science from New York University in 2015.
Vanessa Yang
Start Date
Tenure
Tenure Rank
Dec 31, 2020
1.41
1.4%
Vanessa Yang, Portfolio Management Associate, joined Global X Management Company LLC in 2016 as a Portfolio Administrator. She was appointed to the portfolio management team in June 2019. Previously, Ms. Yang was a Portfolio Administrator at VanEck Associates from 2011 to 2014. Ms. Yang received her MS in Financial Engineering from Drucker School of Management in 2010 and her BS in Economics from Guangdong University of Foreign Studies in 2008.
Sandy Lu
Start Date
Tenure
Tenure Rank
Mar 01, 2022
0.25
0.3%
Sandy Lu, CFA, Portfolio Manager, joined the Adviser in September 2021. Previously, Mr. Lu worked at PGIM Fixed Income from 2014 to 2021, where he led the portfolio analyst team covering Emerging Markets Debt. He began his career in 2010 as an Investment Analyst at Lincoln Financial Group. Mr. Lu graduated with a B.S. in Economics from the Wharton School of the University of Pennsylvania. He earned his CFA designation in September 2015, and holds the Series 3 license.
William Helm
Start Date
Tenure
Tenure Rank
Mar 01, 2022
0.25
0.3%
William Helm, CFA, Portfolio Manager, joined the Adviser in September 2021. Previously, Mr. Helm spent 14 years at Vanguard where he most recently served as an Equity Portfolio Manager and Trader. Previously, he held roles in Portfolio Review, Corporate Strategy and Corporate Finance. Mr. Helm received his BBA in Economics from Belmont University in 2007 and his MBA from Columbia Business School in 2020.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.25 | 31.8 | 8.72 | 10.64 |
