ETF Evaluator:
Global X MSCI Norway ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Focused Region Over the Last Year
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Risk
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ETF Details
Global X MSCI Norway ETF Overview
Global X MSCI Norway ETF (NORW) is a passively managed International Equity Focused Region exchange-traded fund (ETF). Global X Funds launched the ETF in 2010.
The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Norway IMI 25/50 Index.
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.
About Global X MSCI Norway ETF (NORW)
There are 2 members of the management team with an average tenure of 7.92 years: Nam To (2018) and Wayne Xie (2019). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI Norway IMI 25/50 NR USD index with a weighting of 100% and MSCI EM NR USD index with a weighting of 100%. Global X MSCI Norway ETF has 62 securities in its portfolio. The top 10 holdings constitute 58.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Global X MSCI Norway ETF is part of the Equity global asset class and is within the International Equity ETF group. Global X MSCI Norway ETF has 99.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.9% There is 99.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Global X MSCI Norway ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $87 million in total assets, which is below the $1 billion average for the Focused Region category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
NORW Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Global X MSCI Norway ETF expense ratio is average compared to funds in the Focused Region category. Global X MSCI Norway ETF has an expense ratio of 0.50%, which is 3% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Global X MSCI Norway ETF has a portfolio turnover rate of 8%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 26% for the Focused Region category.
Recently, in the month of July 2026, Global X MSCI Norway ETF returned 9.9%, which earned it a grade of A, as the Focused Region category had an average return of 1.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Global X MSCI Norway ETF has a trailing yield of 7.21%, which is above the 5.57% category average.
The fund normally distributes its income semi-annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Global X MSCI Norway ETF Grades
Year to date, the ETF has returned 24.7%, 14.1 percentage points better than the category, which translates into a grade of A. The fund has returned 32.5% over the past year (grade of B), 18.6% over the past three years (grade of B) and 9.2% per year over the past five years (grade of C) and 9.6% per year over the past 10 years (grade of B).
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NORW Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| NORW Return (NAV) | 9.9% | -2.6% | 32.5% | 18.6% | 9.2% | 9.6% |
| NORW Return (Price) | 10.5% | -2.5% | 33.8% | 18.7% | 9.4% | 9.6% |
| NAV +/- Price Return | -0.545% | -0.082% | -1.268% | -0.125% | -0.222% | -0.023% |
| Focused Region Avg | 1.8% | 1.8% | 29.5% | 85.6% | 9.2% | 8.4% |
| NORW Grade (NAV) | A | D | B | B | C | B |
| +/- Category (NAV) | 8.1% | -4.4% | 3.1% | -67.0% | -0.1% | 1.2% |
| NORW Tax-Cost Ratio | na | na | 2.9% | 1.8% | 1.7% | 1.6% |
NORW Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NORW Return (NAV) | 24.7% | 32.8% | -2.9% | 5.0% | -12.9% | 18.2% | 3.5% | 12.9% | -8.4% | 22.0% | 17.6% |
| NORW Return (Price) | 25.1% | 32.6% | -2.5% | 5.0% | -12.5% | 19.0% | 2.6% | 12.5% | -8.0% | 22.4% | 17.3% |
| NAV +/- Price Ret | 0.016% | -0.008% | -0.126% | 0.001% | -0.029% | 0.043% | -0.254% | -2.6% | -4.6% | 1.7% | -2.0% |
| Focused Region Avg | 10.6% | 40.0% | 7.6% | 33.4% | -15.0% | 8.3% | 3.6% | 20.0% | -13.7% | 26.4% | 13.0% |
| NORW Grade (NAV) | A | D | D | D | C | B | C | D | B | D | B |
| +/- Category | 14.1% | -7.2% | -10.4% | -28.4% | 2.1% | 10.0% | -0.1% | -7.1% | 5.3% | -4.3% | 4.6% |
| Risk Measures | |
| Beta: | 0.45 |
| R-Squared: | 13% |
| Standard Deviation: | 17.3% |
| Category Risk Index: | 0.21 |
| Category Risk Rating: | Average |
| Total Risk Index: | 1.41 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 7.2% |
| Total Assets: | $ 88 Mil |
| Share Class Assets: | $ 88 Mil |
| Turnover: | 9.0% |
| Expense Ratio: | 0.50% |
| Index Fund: | Yes |
| Index Tracked: | MSCI Norway IMI 25/50 NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Semi-Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 8.4 years | |||
| Average Tenure: 7.9 years | |||
| Managers (Year): To Nam (2018), Xie Wayne (2019) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 62 |
| % in Top 10 Holdings: | 58.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 99.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.9% |
| Foreign Stock: | 99.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Global X Funds |
| Phone Number: | 888-493-8631 |
| Website: | www.globalxfunds.com |
| Inception Date: | November 9, 2010 |
Expenses and Fees
| Expense Ratio (%): | 0.50% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.52% |
