At a glance
NORW charges 0.5% a year. It has $87.7M in assets; it paid 6.73% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +35.5% with distributions reinvested (S&P 500: +11.5%); over three years it returned +25.0% a year. At its worst it fell 44.6% in the 2020 crash (S&P 500: 33.7%) and 32.7% 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 58.9% of the fund, out of 62 in all.
The short version
Global X MSCI Norway ETF (NORW) is an index fund that tracks the MSCI Norway IMI 25/50 Index, which covers large, mid-size and small Norwegian companies. Its holdings are concentrated. As of July 31, 2026, Equinor made up 12.7% of assets, DNB Bank 11.6% and the 10 largest holdings 58.9%. It charges 0.50% a year. Its trailing 12-month yield was 6.73% as of October 27, 2026, paid twice a year.
Price history
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NORW +35.5% 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 | |
|---|---|---|---|---|---|---|
| NORW official prospectus, to Dec 31, 2025 | — | +32.82% | — | +6.88% | +7.92% | — |
| NORW price data to Oct 27, 2026 | +33.3% | +35.5% | +25.0% | +9.3% | +9.9% | +5.4% |
- Over the year to Oct 27, 2026, NORW returned +35.5%.
- Its 5-year annualized return was +9.3% and its 10-year +9.9%.
- In the 2020 COVID crash it fell 44.6% and regained its old high 8.2 months after the low.
- Its worst full calendar year was 2014 (-23.6%); its best was 2025 (+32.5%).
- The deepest fall in its price history was 55% (Jun 18, 2014 to Mar 18, 2020), recovered by Apr 16, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +33.3% | — |
| 2025 | +32.5% | +32.82% |
| 2024 | -2.5% | -2.89% |
| 2023 | +5.0% | +5.01% |
| 2022 | -12.5% | -12.92% |
| 2021 | +24.1% | +18.24% |
| 2020 | +1.4% | +3.50% |
| 2019 | +12.5% | +12.85% |
| 2018 | -8.0% | -8.38% |
| 2017 | +22.5% | +22.04% |
| 2016 | +17.3% | +17.64% |
| 2015 | -15.8% | — |
| 2014 | -23.6% | — |
| 2013 | +11.9% | — |
| 2012 | +25.1% | — |
| 2011 | -18.4% | — |
| 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 44.6% over that stretch · deepest drop along the way 44.6%, back to its old high 8.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.7% over that stretch · deepest drop along the way 32.7%, back to its old high 31.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.1000 | |
| 2025 | $1.0300 | -27.0% |
| 2024 | $1.4100 | +5.2% |
| 2023 | $1.3400 | +30.1% |
| 2022 | $1.0300 | +64.6% |
| 2021 | $0.6257 | +140.7% |
| 2020 | $0.2600 | -70.5% |
| 2019 | $0.8800 | -18.5% |
| 2018 | $1.0800 | +42.1% |
| 2017 | $0.7600 | +18.8% |
| 2016 | $0.6400 | -13.5% |
| 2015 | $0.7400 | -55.4% |
| 2014 | $1.6600 | +112.8% |
| 2013 | $0.7800 | -9.3% |
| 2012 | $0.8600 | +19.4% |
| 2011 | $0.7200 |
What's inside
As of Jul 31, 2026, the fund held 62 securities; the ten largest made up 58.9% of assets.
| Holding | Weight | |
|---|---|---|
| EQUINOR ASA | 12.70% | |
| DNB BANK ASA | 11.58% | |
| KONGSBERG GRUPPEN ASA | 5.78% | |
| Norsk Hydro ASA | 5.21% | |
| AKER BP ASA | 4.94% | |
| MOWI ASA | 4.12% | |
| TELENOR ASA | 3.85% | |
| STOREBRAND ASA | 3.79% | |
| ORKLA ASA | 3.58% | |
| Subsea 7 S.A. | 3.34% | |
| YARA INTERNATIONAL ASA | 3.32% | |
| GJENSIDIGE FORSIKRING ASA | 2.64% | |
| FRONTLINE PLC | 2.54% | |
| VAR ENERGI ASA | 2.07% | |
| SPAREBANK 1 SOR-NORGE ASA | 2.05% |
By country
Norway 99.89%United States 0.26%By asset type
Stocks 99.89%RA 0.26%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $61.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.92%, -11.09%, -0.34%.
How it works
NORW tracks the MSCI Norway IMI 25/50 Index. MSCI, the index provider, designed it to represent the broad Norwegian stock market. MSCI screens companies for size and liquidity, which means how easily their shares trade. It then assigns each company to a country, generally based on where the company is incorporated and where its shares mainly trade. The index includes large, mid-size and small companies, mostly in financials, consumer staples and energy. It had 56 constituents as of December 31, 2025.
Stocks are weighted by free-float market value, which counts only the shares available to public investors. A cap then holds any group of companies controlled by one owner to 25% of the index or less. Groups above 5% can add up to no more than 50% combined. The index is rebuilt and reweighted every quarter. The adviser, Global X Management Company, generally holds every stock in the index in about the same proportions. It may hold a representative sample instead when full replication would be costly or impractical. Portfolio turnover was 8.98%, according to the latest prospectus.
The fund is non-diversified, so a handful of stocks can drive its results. It does not move into cash when markets fall. It may lend out securities worth up to one-third of its assets, and it may hold depositary receipts. The fund's value is counted in US dollars, so a weaker Norwegian krone can reduce returns.
What it really costs
- NORW charges 0.5% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NORW | $51 | $160 | $280 | $628 |
In a retirement portfolio
It is a non-diversified, single-country fund that once fell 55% from peak to trough, so it suits a small add-on position rather than a core holding.
NORW adds Norwegian energy, financial and consumer staples companies, which a US-focused portfolio may barely hold. It also pays meaningful income. Its trailing 12-month yield was 6.73% as of October 27, 2026, and it pays twice a year rather than monthly. It costs 0.50% a year. In the SEC's standard example, that comes to $51 in the first year on a $10,000 investment.
The fund has had large swings. In the 2020 COVID crash it fell 44.6% and recovered by November 2020. In 2022 it fell 32.7% and took about 32 months to regain its peak. Its deepest drop, 55%, ran from June 2014 to March 2020, and it did not fully recover until April 2021. Its worst calendar year was 2014, when it fell 23.6%. Anyone forced to sell shares in stretches like these would lock in losses. The fund started after the 2008 crisis, so it has no record from that period. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one index fund covering Norwegian energy, financial and consumer staples companies, including Equinor, DNB Bank and Kongsberg Gruppen, for 0.50% a year.
- Income-focused holders who can live with uneven payouts: the trailing yield was 6.73% as of October 27, 2026, paid twice a year.
- People adding a small, higher-risk satellite position who can hold on through declines like the fund's 32.7% drop in 2022.
Look elsewhere if
- Anyone seeking broad diversification: the 10 largest holdings made up 58.9% of assets as of July 31, 2026, led by Equinor at 12.7%.
- Retirees who may need to sell during downturns: after its 2022 drop, the fund took about 32 months to regain its earlier peak.
- Those who prefer larger funds: net assets were about $88 million, after roughly $62 million in outflows over the three months to July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does NORW pay monthly dividends?
No. NORW pays distributions twice a year, not monthly. Over the 12 months to October 27, 2026, it paid about $2.53 per share, a trailing yield of 6.73%. The fund passes along dividends from Norwegian companies, including energy producers and banks, so the amount can change a lot from one payment to the next. Investors who need steady monthly cash may have to plan around this uneven timing.
What are NORW's top holdings?
As of July 31, 2026, the largest holdings were Equinor (12.7%), DNB Bank (11.6%), Kongsberg Gruppen (5.8%), Norsk Hydro (5.2%), Aker BP (4.9%) and Mowi (4.1%). Telenor, Storebrand, Orkla and Subsea 7 completed the top 10, which together made up 58.9% of assets. The fund held 62 positions in total, and almost all of its assets were in Norwegian stocks.
What is NORW's expense ratio?
NORW's expense ratio is 0.50% a year, according to its prospectus filed February 26, 2026. All of it is the management fee. The fee comes out of fund assets, so holders never get a separate bill. In the SEC's standard example, $10,000 invested at a 5% yearly return would cost about $51 in the first year, $160 over three years, $280 over five years and $628 over ten years.
How has NORW performed over the last 10 years?
NORW returned an average of 7.92% a year over the 10 years to December 31, 2025, and 6.88% a year over five years, according to its prospectus. Returns were uneven. Calendar-year results ranged from −12.92% in 2022 to 32.82% in 2025. Its sharpest quarter was a 37.23% drop in early 2020. Based on market price, the fund gained 33.3% in 2026 through October 27.
Does NORW hedge Norwegian krone currency risk?
Not according to its filings. NORW's prospectus lists currency risk as a principal risk and describes no currency hedging. Its July 31, 2026 holdings report showed no derivatives. As a result, returns for US investors depend on both Norwegian stock prices and the krone's value against the dollar. A stronger dollar can reduce returns even when the shares rise in local terms, and a weaker dollar can add to them.