BenzingaT3·8mo ago
NORW Global X MSCI Norway ETF
ETFETF quote, holdings, sector allocation, technicals, and options analytics. Fibonacci levels
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
NORW
—
—
Key stats
About
Global X MSCI Norway ETF (NORW) ETF
No description available.
- Exchange
- ARCX
- Inception
- 2010-11-09
- Has Options
- No
Fund profile
holdings as of Oct 9, 2026issuer datathrough Jul 2026flows, SEC filings
International Equity
Single Country#100 of 163 by assets
Global X
Norway
Developed ex-US
Index-tracking
- Expense ratio
- 0.50% prospectus, filed Feb 26, 2026
- Assets
- $92M shares × price, Oct 9, 2026
- Trailing yield
- 7.12% paid semi-annual
- Average daily volume
- $778K 30 sessions
- Holdings
- 62 top 10 are 20.0%
- Listed
- Nov 9, 2010 NYSE Arca
- Last fee change
- -1 bp filed Feb 20, 2025
- Tracking difference
- -0.67 pts vs index, after fees, FY 2025
Cost52
Liquidity30
Scale36
Diversification20
Moves with. US large-cap stocks (5% of its variance, beta 0.27); Gold (4% of its variance, beta 0.08); Bitcoin (4% of its variance, beta 0.06); High yield over Treasuries (4% of its variance, beta 0.70). These factors explain 21% of its daily moves over the last year, so most of what drives this fund is something else.
Stated objective. "The Global X MSCI Norway ETF (the ""Fund"") 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 ""Underlying Index"")." (from the fund's prospectus)
All 62 holdingsFlow historyOverlap toolAll Single Country ETFs
Fund flows
through Jul 2026SEC filings- Jul 2026
- +$55K latest reported month
- Latest 3 months
- −$62M −70.5% of assets
- Latest 12 months
- +$20M +22.6% of assets
View as a table
| Month | Net flow |
|---|---|
| Jul 2026 | +$55K |
| Jun 2026 | −$56M |
| May 2026 | −$5.9M |
| Apr 2026 | +$1.9M |
| Mar 2026 | +$74M |
| Feb 2026 | +$4.1M |
| Jan 2026 | $0 |
| Dec 2025 | +$2.0M |
| Nov 2025 | +$1.9M |
| Oct 2025 | −$1.2M |
| Sep 2025 | $0 |
| Aug 2025 | −$893K |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 72 months ago
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| EMXCiShares MSCI Emerging Markets ex China ETF | — | 0.25% | $25.8B | +42.6% | compare |
| EWYiShares MSCI South Korea ETF | — | 0.59% | $25.2B | +110.5% | compare |
| EWJiShares MSCI Japan ETF | — | 0.49% | $23.7B | +19.7% | compare |
| BBJPJPMorgan BetaBuilders Japan ETF | — | 0.19% | $19.7B | +16.8% | compare |
| EWZiShares MSCI Brazil ETF | — | 0.59% | $12.6B | +45.8% | compare |
The largest other funds in the Single Country category.
What changed in the portfolio
Jan 31, 2026 → Apr 30, 2026| Action | Holding | Weight before | Weight after | Shares vs flows |
|---|---|---|---|---|
| New position | Kongsberg Maritime ASA | — | 1.20% | — |
| Exit | GRIEG SEAFOOD ASA | 0.19% | — | — |
| Increase | Kitron ASA | 0.81% | 0.98% | +10.5% |
| Increase | PUBLIC PROPERTY INVEST ASA | 0.14% | 0.20% | +94.7% |
Under the hood
fiscal year to Oct 31, 2025SEC census- Authorized participants
- 3 active of 22 with agreements; top 3 did 100%
- Created · redeemed
- $5.9M · $8.5M over the fiscal year
- Redemptions in kind
- 100% creations 86% in kind
- Creation unit
- 10,000 shares
- Securities lending
- 0.54% of assets on loan on average; earned 1.0 bp
- Return vs index
- -0.67 pts after fees; -0.07 before; daily s.d. 0.29
- Diversification status
- Non-diversified may concentrate in fewer issuers
From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.
ETF Profile
holdings as of 2026-10-09
Holdings
62
AUM
$91.9M
Provider
Global X
Inception
2010-11-09
Exchange
ARCX
Data As Of
2026-10-09
Expense Ratio
0.50%
Dividend Yield
7.12%
Distribution
Semi-Annual
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-06-29 | 2026-07-07 | $2.1048 | CD |
| 2025-12-30 | 2026-01-07 | $0.4297 | CD |
| 2025-06-27 | 2025-07-07 | $0.6042 | CD |
| 2024-12-30 | 2025-01-07 | $0.6025 | CD |
| 2024-06-27 | 2024-07-05 | $0.8110 | CD |
| 2023-12-28 | 2024-01-08 | $0.4979 | CD |
Asset Allocation
Top Holdings
top 50 of 62 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| — | EQUINOR ASA | 12.81% | Cash/Money Market | NO |
| — | DNB BANK ASA | 11.17% | Cash/Money Market | NO |
| — | KONGSBERG GRUPPEN ASA | 5.75% | Equity (Foreign) | NO |
| — | AKER BP ASA | 5.21% | Cash/Money Market | NO |
| — | NORSK HYDRO ASA | 4.73% | Cash/Money Market | NO |
| — | MOWI ASA | 4.13% | Cash/Money Market | NO |
| — | FRONTLINE PLC | 3.66% | Cash/Money Market | — |
| — | TELENOR ASA | 3.57% | Cash/Money Market | NO |
| — | SUBSEA 7 SA | 3.55% | Cash/Money Market | — |
| — | STOREBRAND ASA | 3.44% | Cash/Money Market | NO |
| — | ORKLA ASA | 3.10% | Cash/Money Market | NO |
| — | YARA INTERNATIONAL ASA | 3.07% | Equity (Foreign) | NO |
| — | GJENSIDIGE FORSIKRING ASA | 2.37% | Equity (Foreign) | NO |
| — | VAR ENERGI ASA | 2.32% | Cash/Money Market | NO |
| — | SPAREBANK 1 SOR-NORGE ASA | 2.09% | Equity (Foreign) | NO |
| — | SALMAR ASA | 1.74% | Cash/Money Market | NO |
| — | NORDIC SEMICONDUCTOR ASA | 1.48% | Equity (Foreign) | NO |
| — | VEND MARKETPLACES ASA CL | 1.43% | Equity (Foreign) | NO |
| — | AKER ASA-A SHARES | 1.41% | Cash/Money Market | — |
| — | TGS ASA | 1.24% | Cash/Money Market | — |
| — | KONGSBERG MARITIME ASA | 1.21% | Equity (Foreign) | NO |
| — | SPAREBANK 1 SMN | 1.19% | Cash/Money Market | NO |
| — | BW LPG LTD | 1.12% | Cash/Money Market | — |
| — | BAKKAFROST P/F | 1.02% | Cash/Money Market | FO |
| — | KITRON ASA | 1.01% | Cash/Money Market | NO |
| — | PROTECTOR FORSIKRING ASA | 1.00% | Equity (Foreign) | NO |
| — | TOMRA SYSTEMS ASA | 0.94% | Cash/Money Market | NO |
| — | HOEGH AUTOLINERS ASA | 0.90% | Cash/Money Market | NO |
| — | DOF GROUP ASA | 0.82% | Cash/Money Market | — |
| — | WALLENIUS WILHELMSEN ASA | 0.82% | Equity (Foreign) | NO |
| — | AUTOSTORE HOLDINGS LTD | 0.76% | Equity (US) | — |
| — | SPAREBANK 1 NORD-NORGE | 0.71% | Equity (Foreign) | NO |
| — | SCATEC ASA | 0.68% | Cash/Money Market | NO |
| — | EUROPRIS ASA | 0.61% | Cash/Money Market | NO |
| — | BLUENORD ASA | 0.61% | Cash/Money Market | NO |
| — | ATEA ASA | 0.60% | Cash/Money Market | NO |
| — | AKER SOLUTIONS ASA | 0.57% | Cash/Money Market | NO |
| — | ODFJELL DRILLING LTD | 0.56% | Cash/Money Market | — |
| — | CADELER A/S | 0.56% | Cash/Money Market | DK |
| — | MPC CONTAINER SHIPS ASA | 0.54% | Equity (Foreign) | NO |
| — | LEROY SEAFOOD GROUP ASA | 0.52% | Equity (Foreign) | NO |
| — | ELKEM ASA | 0.49% | Cash/Money Market | NO |
| — | SPAREBANK 1 OESTLANDET | 0.44% | Equity (Foreign) | NO |
| — | WILH WILHELMSEN HOLDING-A | 0.42% | Equity (Foreign) | NO |
| — | DNO ASA | 0.40% | Cash/Money Market | — |
| — | STOLT-NIELSEN LTD | 0.34% | Cash/Money Market | — |
| — | SATS ASA | 0.33% | Cash/Money Market | — |
| — | NORCONSULT AS | 0.32% | Cash/Money Market | NO |
| — | AUSTEVOLL SEAFOOD ASA | 0.31% | Equity (Foreign) | NO |
| — | LINK MOBILITY GROUP HOLDING | 0.28% | Equity (Foreign) | NO |
Geographic Breakdown
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 0.00% | -2.90% | 3.00% | -3.49% | 5.06% | 7.20% | 1.48% |
| Feb | 2.53% | 0.63% | -1.80% | -2.38% | 0.91% | 10.03% | 1.65% |
| Mar | 3.09% | 5.45% | -4.98% | 0.74% | 8.03% | 5.82% | 3.02% |
| Apr | 2.57% | -10.20% | -1.88% | 0.16% | -2.21% | 2.09% | -1.58% |
| May | 1.57% | 4.49% | -6.20% | 12.26% | 7.32% | -1.32% | 3.02% |
| Jun | -5.10% | -12.54% | -0.02% | -6.14% | 0.14% | -16.68% | -6.72% |
| Jul | -2.49% | 8.66% | 7.30% | -0.62% | -1.88% | 11.12% | 3.68% |
| Aug | 2.28% | -3.01% | -3.22% | 3.33% | 4.46% | 6.35% | 1.70% |
| Sep | -0.14% | -18.07% | 1.36% | 3.07% | 2.26% | -5.28% | -2.80% |
| Oct | 3.98% | 6.14% | -2.69% | -3.12% | -5.40% | 1.14%* | 0.01% |
| Nov | -10.01% | 7.52% | 4.36% | 1.13% | -0.44% | -- | 0.51% |
| Dec | 5.32% | -5.32% | 3.07% | -6.47% | 4.32% | -- | 0.18% |
| Total | 2.57% | -21.11% | -2.57% | -2.85% | 23.95% | 18.61% | 3.10% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $36.23
SMA 50: $36.48
SMA 200: $35.57
Current: $35.58
EMA 12: $35.70
EMA 26: $36.11
MACD: -0.4107 | Signal: -0.1152
BEARISH
ADX (14): 31.98
TREND
+DI: 22.15
−DI: 34.80
Momentum Oscillators
RSI (14): 41.23
NEUTRAL
Stoch %K: 14.79
Stoch %D: 11.77
Williams %R: -71.00
Volume & Volatility
BB Upper: $37.91
BB Lower: $34.55
NEUTRAL
OBV: 18,978
Vol SMA 20: 19,195
Vol ROC: -14.69%
ATR: $0.38
True Range: $0.32
HV 20: 11.6%
HV 30: 11.5%
HV 60: 13.5%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-11T00:00:00 – 2026-10-09T00:00:00
AI Analysis
LLM Stock Analysis Report: NORW
Executive Summary
BULLISH (Confidence Level: 7/10)
Key drivers:
- Strong technical signals, including bullish MACD crossover
- Positive recent news headlines highlighting policy shifts and AI buzz
- Low volatility, indicating reduced risk
Primary risks:
- Potential for mean reversion or a pullback if overbought conditions persist
- Impact of regulatory changes on the aquaculture industry
Investment thesis: NORW is poised to benefit from positive market trends and strong technical momentum, making it an attractive long-term investment opportunity.
Recent news sentiment impact: Positive news headlines have contributed significantly to the stock's recent price appreciation, with a net positive sentiment score.
Technical Analysis
Trend Direction: Bullish (Short-term), Bullish (Medium-term), Neutral (Long-term)
Support/Resistance Levels:
- Short-term support: $37.50
- Medium-term support: $36.00
- Resistance: $40.00
- Upper Bollinger Band: $39.43
Momentum Signals:
- RSI interpretation: Neutral (49.13)
- MACD signal: Bullish (0.14 / -0.11 / 0.25)
- Bollinger Bands position: Neutral
Volume Analysis:
- Volume SMA 20: 83162.80
- On-Balance Volume (OBV): 1716339.55
- Volume Rate of Change: 129.08%
News & Sentiment Analysis
Recent Headlines Summary: Positive news headlines highlight policy shifts, AI buzz, and trading updates.
Sentiment Assessment: Net positive sentiment score due to recent news.
Catalyst Identification: None immediate, but potential for earnings beats or regulatory changes in the near-term.
Market Narrative: The market is generally bullish on NORW's prospects, with technical signals aligning with positive news headlines.
Risk & Volatility Assessment
Beta Interpretation: Low risk relative to SPY (beta: 0.45).
Volatility Regime: Current volatility levels are low compared to historical norms.
Options Market Signals: No options data available for analysis.
Downside Protection: Support levels at $37.50 and $36.00 could serve as downside protection.
Market Context & Positioning
Sector Performance: Country ETFs have been performing well, with NORW outperforming the sector.
Institutional Activity: Moderate institutional interest, indicated by OBV and volume trends.
Correlation Analysis: NORW has a low correlation coefficient (0.32) with SPY, indicating reduced market sensitivity.
Relative Valuation: NORW is trading near its 52-week high, but still relatively undervalued compared to historical norms.
Key Levels & Action Items
- Critical price levels: $37.50 and $36.00
- Breakout/breakdown levels: $40.00 and $35.00
- Time-sensitive catalysts: None immediate, but potential earnings beats or regulatory changes in the near-term
- Risk management: Stop-loss levels at $37.50 and position sizing considerations based on risk tolerance.
Please note that this report is for informational purposes only and does not constitute a buy/sell recommendation. The analysis is based on the provided data and should be used as a starting point for further research and consideration of individual circumstances before making any investment decisions.
Generated
News
All NORW news →
GlobeNewswire Inc.T3·12mo ago
GlobeNewswire Inc.T3·12mo ago
Zacks Investment ResearchT3·28mo ago
Zacks Investment ResearchT3·36mo ago
Zacks Investment ResearchT3·37mo ago
Zacks Investment ResearchT3·38mo ago
Zacks Investment ResearchT3·38mo ago
Zacks Investment ResearchT3·42mo ago
Zacks Investment ResearchT3·57mo ago
Showing 1–10 of 14
Page 1 of 2
NORW Options Activity & IV Rank
Loading options activity...
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
ATM — / Wing —
30 DTE / 10d
—
—
pts
EXTREME
ATM — / Wing —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)
IV Rank (30 DTE)
Straddle Price (30 DTE)
Beta Analysis
Risk Metrics
Beta: 0.3683
Alpha: 13.81%
Correlation: 0.2636
R-Squared: 7.0%
Stock Volatility: 18.2%
Market Volatility: 13.0%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Low volatility - stock moves less than market
Beta & Alpha Over Time
NORW Institutional Ownership (13F)
Latest filings — 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
1 filers$568.35K notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Citadel Advisors LLC Custodian | $568.35K | 100.00% | 2026-06-30 |
Constituent Performance
Click any bar to view the full quote for that stock.
Constituents
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|