Global X MSCI Norway ETF (NORW) is a Europe-focused ETF. As of October 9, 2026, ETF Copilot scores NORW 3.9 out of 10 — highest on Quality (7.7), lowest on Growth (0.0). It trades at 13.1 times earnings, against its own median of 14.2. Its ten largest holdings are 58% of the fund.
What stands out in NORW's data
Norwegian equities, weighted by market size across industries.
Earns more on its capital than the typical European fund — a sign of efficient use of its assets.
Return on invested capital of 17.4% tops the 16.9% category median and its own 11.2% historical median — profitability runs ahead on both fronts.
A single-country position that tilts a European allocation toward Norway's dividend-paying market.
How is NORW rated? ETF Copilot scores Global X MSCI Norway ETF (NORW) 3.9 out of 10
As of October 9, 2026, ETF Copilot scores Global X MSCI Norway ETF (NORW) 3.9 out of 10 overall.
ETF Copilot scores (0–10 scale, higher is better):
- Overall: 3.9 / 10
- Growth: 0.0 / 10
- Value: 6.0 / 10
- Risk: 2.9 / 10
- Quality: 7.7 / 10
- Return: 4.4 / 10
NORW is ranked #10 of 10 in ETF Copilot's Rising Stars list.
Is NORW expensive right now? It trades at 13.1 times earnings, against its own median of 14.2
As of October 9, 2026, NORW is cheaper than 62% of its own last 9 years.
Trailing 12 months, built from NORW's holdings. How we calculate this →
What's inside NORW?
What's inside NORW: Size (Large 13%, Mid 54%, Small 33%); Geography (International 89%, US 12%); Tech 4.4%; Semiconductors 1.5%.
What are NORW's top holdings? The ten largest are 58% of the fund
Statoil ASA, DNB Bank ASA, Kongsberg Gruppen ASA, Aker BP ASA, Norsk Hydro ASA, Marine Harvest, Telenor ASA, Frontline, Subsea 7 and Storebrand ASA are NORW's largest holdings, in that order.
More concentrated than 65% of Europe ETFs.
Half of NORW's weight sits in its 8 largest positions, and once those weights are taken into account it behaves like 20 equally weighted holdings.
What is NORW's expense ratio? 0.50% a year
As of October 9, 2026, NORW charges 0.50% a year, yields 7.08% and holds $91M in assets across 59 positions.
| Measure | NORW |
|---|---|
| Expense ratio | 0.50% |
| Dividend yield | 7.08% |
| Assets under management | $91M |
| Holdings | 59 |
Expense ratio, dividend yield and assets under management are reported by the fund and refreshed daily. Every other figure on this page is computed by ETF Copilot.
Cite this
ETF Copilot, “Global X MSCI Norway ETF (NORW) scores and holdings analysis”, as of October 9, 2026.
https://etf-copilot.com/etf/norw
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