At a glance
ENOR charges 0.53% a year. It has $90.5M in assets; it paid 4.96% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +37.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned +25.4% a year. At its worst it fell 45.1% in the 2020 crash (S&P 500: 33.7%) and 32.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 32 months after the lows. Its ten largest positions make up 58.5% of the fund, out of 62 in all.
The short version
The iShares MSCI Norway ETF (ENOR) is a BlackRock index fund. It tracks the MSCI Norway IMI 25/50 Index of large, mid-size and small Norwegian companies and held 62 stocks as of August 31, 2026. It is a concentrated bet on one oil-rich economy: Equinor and DNB Bank alone made up about 24% of assets. It costs 0.53% a year, and its trailing yield was 4.96% as of October 27, 2026.
Price history
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ENOR +37.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ENOR official prospectus, to Dec 31, 2024 | — | -2.67% | — | +1.66% | +3.08% | — |
| MSCIACWI Ex USA Index Net index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| ENOR price data to Oct 27, 2026 | +34.9% | +37.4% | +25.4% | +8.5% | +9.6% | +6.2% |
- Over the year to Oct 27, 2026, ENOR returned +37.4%.
- Its 5-year annualized return was +8.5% and its 10-year +9.6%.
- In the 2020 COVID crash it fell 45.1% and regained its old high 8.2 months after the low.
- Its worst full calendar year was 2014 (-22.0%); its best was 2025 (+32.0%).
- The deepest fall in its price history was 55.3% (Jun 6, 2014 to Mar 18, 2020), recovered by Apr 15, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +34.9% | — |
| 2025 | +32.0% | — |
| 2024 | -2.2% | -2.67% |
| 2023 | +4.8% | +4.55% |
| 2022 | -12.5% | -12.58% |
| 2021 | +18.7% | +17.95% |
| 2020 | +2.5% | +3.49% |
| 2019 | +12.8% | +12.75% |
| 2018 | -8.5% | -8.54% |
| 2017 | +22.0% | +21.89% |
| 2016 | +18.7% | +17.76% |
| 2015 | -16.6% | -15.72% |
| 2014 | -22.0% | — |
| 2013 | +9.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44.7% over that stretch · deepest drop along the way 45.1%, back to its old high 8.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.1% over that stretch · deepest drop along the way 32.6%, back to its old high 31.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.5600 | |
| 2025 | $0.8500 | -40.1% |
| 2024 | $1.4200 | +14.5% |
| 2023 | $1.2400 | +25.3% |
| 2022 | $0.9900 | +52.3% |
| 2021 | $0.6500 | +8.3% |
| 2020 | $0.6000 | -24.1% |
| 2019 | $0.7900 | +23.4% |
| 2018 | $0.6400 | 0.0% |
| 2017 | $0.6400 | -1.5% |
| 2016 | $0.6500 | +6.6% |
| 2015 | $0.6100 | -41.9% |
| 2014 | $1.0500 | +28.0% |
| 2013 | $0.8200 |
What's inside
As of Aug 31, 2026, the fund held 62 securities; the ten largest made up 58.46% of assets.
| Holding | Weight | |
|---|---|---|
| EQUINOR ASA | 12.54% | |
| DNB BANK ASA | 11.50% | |
| KONGSBERG GRUPPEN ASA | 5.90% | |
| Norsk Hydro ASA | 5.40% | |
| AKER BP ASA | 5.04% | |
| MOWI ASA | 3.97% | |
| TELENOR ASA | 3.76% | |
| STOREBRAND ASA | 3.67% | |
| Subsea 7 S.A. | 3.45% | |
| YARA INTERNATIONAL ASA | 3.24% | |
| ORKLA ASA | 3.08% | |
| FRONTLINE PLC | 2.66% | |
| GJENSIDIGE FORSIKRING ASA | 2.52% | |
| VAR ENERGI ASA | 2.08% | |
| SPAREBANK 1 SOR-NORGE ASA | 2.06% |
By country
Norway 89.03%Luxembourg 3.45%Cyprus 2.66%Bermuda 2.01%FO 1.02%By asset type
Stocks 99.64%Other 0.28%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $19.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -11.00%, +10.54%, +6.14%.
How it works
ENOR tracks the MSCI Norway IMI 25/50 Index, which MSCI builds and maintains. The index weights companies by free float-adjusted market capitalization. That means bigger companies get bigger weights, counting only the shares available for public trading. The "25/50" part is a cap. No single corporate group can exceed 25% of the index, and groups weighing more than 5% each cannot add up to more than 50% combined. Every quarter, MSCI rebalances the index so it stays as close as the caps allow to the uncapped MSCI Norway Index.
BlackRock uses "representative sampling." It buys a set of stocks that, taken together, behaves like the index, so the fund may not own every stock in it. At least 80% of assets go into index stocks or close equivalents. Up to 20% can go into futures, options, swaps, cash and other securities that help it track the index. The fund does not try to beat the index or move to cash when markets fall. Turnover was 12%, which is low. The fund may lend out up to one-third of its assets to earn extra income.
The fund's value is calculated in US dollars. If the Norwegian krone weakens against the dollar, returns go down even when Norwegian stocks hold steady. Because the index leans heavily on energy and financial companies, so does the fund.
What it really costs
- ENOR charges 0.53% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $54 in the first year and $665 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ENOR | $54 | $170 | $296 | $665 |
In a retirement portfolio
It is a single-country fund concentrated in energy and banks, and its past drops have been deep and slow to recover.
ENOR adds exposure to Norway's energy, banking and industrial companies, but it swings hard. In early 2020 it fell 45.1% in less than a month, then took about eight months to recover. In 2022 it fell 32.6% between March and September and did not regain its peak until May 21, 2025, about 32 months later. Its deepest drop was 55.3%, from June 2014 to March 2020. Its worst calendar year was 2014, at -22%. The fund launched in 2012, so it has no record from 2008. Anyone who has to sell shares during a stretch like these would lock in steep losses.
The trailing yield was 4.96% as of October 27, 2026, paid twice a year. Payouts from oil-linked companies can change from year to year. The expense ratio is 0.53%. Past results don't predict future returns, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want targeted Norway exposure: Equinor, DNB Bank and Kongsberg Gruppen made up about 30% of assets as of August 31, 2026.
- Income-minded holders comfortable with uneven payouts; the trailing yield was 4.96% as of October 27, 2026, paid twice a year.
- Investors adding a small satellite of oil, gas and Nordic banking stocks alongside a broad, diversified core portfolio.
Look elsewhere if
- Investors who can't tolerate deep losses: the fund fell 55.3% from 2014 to 2020 and 32.6% during 2022.
- Investors wanting broad international diversification; 89% of assets sit in Norway, and 10-year returns trailed the MSCI ACWI ex USA Index through 2024.
- Investors focused on low costs or steady monthly income; the 0.53% fee comes to $665 over 10 years in the SEC's $10,000 example.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does ENOR pay dividends?
Yes. ENOR pays dividends twice a year. Over the 12 months ending October 27, 2026, it paid $1.84 per share, a trailing yield of 4.96%. The dividends come from Norwegian companies such as Equinor and DNB Bank. Because many of the fund's holdings depend on oil prices, and because payouts are converted from krone into dollars, the amount can vary a lot from one payment to the next.
What is the expense ratio of ENOR?
ENOR's expense ratio is 0.53% a year, according to the prospectus filed December 19, 2025. All of it is the management fee, with no fee waiver. In the SEC's standard example, $10,000 earning 5% a year would pay about $54 in costs after one year, $170 after three years, $296 after five years and $665 after ten years. The example assumes shares are sold at the end of each period.
How much oil exposure does ENOR have?
A lot. The prospectus says energy and financials made up a significant portion of the index as of August 31, 2025. As of August 31, 2026, the largest holding was Equinor at 12.5%. Aker BP was 5.0%, Subsea 7 was 3.4% and Vår Energi was 2.1%, so those four energy companies totaled about 23%. The prospectus also flags oil and gas prices as a key risk for Norway's economy.
How has ENOR performed compared with international stocks?
Over the long run it trailed, though returns have jumped since. As of December 31, 2024, ENOR's 10-year average annual return was 3.08%. The MSCI ACWI ex USA Index returned 4.8% over the same period. ENOR's five-year return was 1.66% against 4.1% for the index. Based on price, the fund then rose 32% in 2025 and returned 37.4% for the year ending October 27, 2026.
Is ENOR a good fund for retirement?
It may suit some retirement portfolios as a small, higher-risk holding, but not as a core one. It holds stocks from one country, and its top 10 holdings made up 58% of assets as of August 31, 2026. It fell 45.1% in early 2020. After a 32.6% drop in 2022, it took about 32 months to recover. Its 4.96% trailing yield, as of October 27, 2026, is paid twice a year.