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Name

As of 11/19/2024

Price

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

Global X MSCI Norway ETF

NORW | ETF

$25.47

$47.9 M

6.41%

$1.62

0.51%

Vitals

YTD Return

3.2%

1 yr return

8.8%

3 Yr Avg Return

-2.2%

5 Yr Avg Return

7.5%

Net Assets

$47.9 M

Holdings in Top 10

56.9%

52 WEEK LOW AND HIGH

$25.3
$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 11/19/2024

Price

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

Global X MSCI Norway ETF

NORW | ETF

$25.47

$47.9 M

6.41%

$1.62

0.51%

NORW - Profile

Distributions

  • YTD Total Return 3.2%
  • 3 Yr Annualized Total Return -2.2%
  • 5 Yr Annualized Total Return 7.5%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.09%
DIVIDENDS
  • Dividend Yield 6.4%
  • Dividend Distribution Frequency SemiAnnual

Fund Details

  • Legal Name
    Global X MSCI Norway ETF
  • Fund Family Name
    Global X Funds
  • Inception Date
    Aug 19, 2009
  • Shares Outstanding
    3946255
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Nam 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.
Read More

NORW - Performance

Return Ranking - Trailing

Period NORW Return Category Return Low Category Return High Rank in Category (%)
YTD 3.2% -33.7% 29.5% 58.02%
1 Yr 8.8% -17.1% 46.6% 61.73%
3 Yr -2.2%* -32.8% 21.8% 64.20%
5 Yr 7.5%* -19.2% 13.1% 29.49%
10 Yr 4.1%* -8.4% 10.4% 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 3.2% -33.7% 29.5% 58.02%
1 Yr 8.8% -17.1% 46.6% 61.73%
3 Yr -2.2%* -32.8% 21.8% 64.20%
5 Yr 7.5%* -19.2% 13.1% 29.49%
10 Yr 4.1%* -8.4% 10.4% 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 2.92 M 7.08 B 74.07%
Number of Holdings 66 13 873 25.93%
Net Assets in Top 10 29 M 1.66 M 2.8 B 82.72%
Weighting of Top 10 56.92% 10.1% 94.8% 51.85%

Top 10 Holdings

  1. EQUINOR ASA COMMON STOCK 14.24%
  2. DNB BANK ASA COMMON STOCK 10.43%
  3. KONGSBERG GRUPPEN ASA COMMON STOCK 5.26%
  4. MOWI ASA COMMON STOCK 4.67%
  5. AKER BP ASA COMMON STOCK 4.56%
  6. TELENOR ASA COMMON STOCK 4.46%
  7. NORSK HYDRO ASA COMMON STOCK 4.36%
  8. ORKLA ASA COMMON STOCK 3.51%
  9. YARA INTERNATIONAL ASA COMMON STOCK 2.80%
  10. STOREBRAND ASA COMMON STOCK 2.64%

Asset Allocation

Weighting Return Low Return High NORW % Rank
Stocks 		99.83% 49.47% 100.26% 17.28%
Other 		1.15% -7.90% 31.19% 3.70%
Preferred Stocks 		0.00% 0.00% 26.41% 93.83%
Convertible Bonds 		0.00% 0.00% 0.30% 93.83%
Cash 		0.00% 0.00% 19.34% 100.00%
Bonds 		0.00% 0.00% 2.39% 93.83%

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% 65.00%
Management Fee 0.50% 0.00% 1.10% 40.74%
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 6.41% 0.00% 6.29% 6.17%

Dividend Distribution Analysis

NORW Category Low Category High Category Mod
Dividend Distribution Frequency SemiAnnual Annual Quarterly Annual

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

View More +

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

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