Global X MSCI Norway ETF (NORW) Holdings
NORW holdings summary
as of Oct 25, 2026- Holdings
- 60 positions listed
- Top 10 weight
- 58.4% of net assets
- Effective holdings
- 19 equal-weight equivalent
- Largest holding
- EQNR 13.32% Equinor ASA
- Annual turnover
- 10.0% of the portfolio traded
All NORW holdings
| # | Name | ||||||
|---|---|---|---|---|---|---|---|
| 1 | EQNR | Equinor ASA | Energy | 13.32% | $12.3M | — | — |
| 2 | 0O84 | DnB Bank ASA | Financial Services | 11.11% | $10.2M | — | — |
| 3 | KOG | Kongsberg Gruppen ASA | Industrials | 6.10% | $5.6M | — | — |
| 4 | AKERBP | Aker BP ASA | Energy | 5.47% | $5.0M | — | — |
| 5 | NHY | Norsk Hydro ASA | Basic Materials | 4.29% | $4.0M | — | — |
| 6 | MOWI | Mowi ASA | Consumer Defensive | 4.26% | $3.9M | — | — |
| 7 | TEL | Telenor ASA | Communication Services | 3.80% | $3.5M | — | — |
| 8 | STB | Storebrand ASA | Financial Services | 3.48% | $3.2M | — | — |
| 9 | FRO | Frontline Ltd. | Energy | 3.31% | $3.1M | $11.69B | 7.9 |
| 10 | ORK | Orkla ASA | Consumer Defensive | 3.28% | $3.0M | — | — |
| 11 | SUBC | Subsea 7 S.A. | Energy | 3.26% | $3.0M | — | — |
| 12 | YAR | Yara International ASA | Basic Materials | 3.04% | $2.8M | — | — |
| 13 | GJF | Gjensidige Forsikring ASA | Financial Services | 2.55% | $2.3M | — | — |
| 14 | VAR | Var Energi ASA | Energy | 2.42% | $2.2M | — | — |
| 15 | SRBNK | Sparebank 1 SR Bank ASA | Financial Services | 2.22% | $2.0M | — | — |
| 16 | SALM | SalMar ASA | Consumer Defensive | 1.77% | $1.6M | — | — |
| 17 | SCHB | Schibsted ASA B | Communication Services | 1.59% | $1.5M | — | — |
| 18 | NOD | Nordic Semiconductor ASA | Technology | 1.35% | $1.2M | — | — |
| 19 | TGS | TGS NOPEC Geophysical Company ASA | Energy | 1.24% | $1.1M | — | — |
| 20 | AKER | Aker ASA | Industrials | 1.22% | $1.1M | — | — |
| 21 | MING | Sparebank 1 SMN | Financial Services | 1.19% | $1.1M | — | — |
| 22 | KMAR | KONGSBERG MARITIME ASA | Industrials | 1.08% | $994,497.70 | — | — |
| 23 | BAKKA | P/f Bakkafrost | Consumer Defensive | 1.07% | $988,880.63 | — | — |
| 24 | PROTCT | Protector Forsikring ASA | Financial Services | 1.02% | $937,774.49 | — | — |
| 25 | BWLP | BW LPG Limited | Energy | 0.97% | $894,863.76 | $3.75B | 8.4 |
| 26 | 0KV7 | Tomra Systems ASA | Industrials | 0.93% | $852,965.94 | — | — |
| 27 | HAUTO | Hoegh Autoliners ASA | Industrials | 0.87% | $802,504.39 | — | — |
| 28 | KIT | Kitron ASA | Technology | 0.80% | $733,349.97 | — | — |
| 29 | WALWIL | Wallenius Wilhelmsen ASA | Industrials | 0.79% | $725,154.57 | — | — |
| 30 | DOFG | DOF Group ASA | Industrials | 0.79% | $725,062.49 | — | — |
| 31 | NONG | Sparebank 1 Nord-Norge | Financial Services | 0.73% | $668,707.62 | — | — |
| 32 | AUTO | AutoStore Holdings Ltd | Industrials | 0.67% | $613,918.16 | — | — |
| 33 | EPR | Europris ASA | Consumer Defensive | 0.64% | $591,173.63 | — | — |
| 34 | NOR | Norwegian Energy Company ASA | Energy | 0.63% | $579,571.16 | — | — |
| 35 | CADLR | Cadeler As | Industrials | 0.62% | $573,309.51 | — | — |
| 36 | ATEA | Atea ASA | Technology | 0.60% | $549,275.81 | — | — |
| 37 | ODL | Odfjell Drilling Ltd | Energy | 0.58% | $530,306.69 | — | — |
| 38 | LSG | Lerøy Seafood Group ASA | Consumer Defensive | 0.55% | $503,602.58 | — | — |
| 39 | MPCC | MPC Container Ships ASA | Industrials | 0.53% | $485,922.62 | — | — |
| 40 | SCATC | Scatec Solar OL | Utilities | 0.52% | $479,476.81 | — | — |
| 41 | AKSO | Aker Solutions ASA | Energy | 0.50% | $463,914.76 | — | — |
| 42 | DNO | Dno ASA | Energy | 0.48% | $440,986.06 | — | — |
| 43 | SPOL | SpareBank 1 Østlandet | Financial Services | 0.45% | $412,256.13 | — | — |
| 44 | ELK | Elkem ASA | Basic Materials | 0.43% | $396,417.83 | — | — |
| 45 | WWI | Wilh Wilhelmsen Holding ASA A | Industrials | 0.41% | $378,461.62 | — | — |
| 46 | NORCO | Norconsult ASA | Industrials | 0.32% | $295,402.65 | — | — |
| 47 | 2S0 | SATS ASA NK 2125 | Consumer Cyclical | 0.32% | $290,706.41 | — | — |
| 48 | SNI | Stolt-Nielsen Limited | Industrials | 0.31% | $281,037.68 | — | — |
| 49 | AUSS | Austevoll Seafood ASA | Consumer Defensive | 0.30% | $274,960.20 | — | — |
| 50 | LINK | Link Mobility Group Holding ASA | Communication Services | 0.28% | $253,689.00 | — | — |
| 51 | NWARF | Norwegian Air Shuttle ASA | Industrials | 0.27% | $253,044.41 | — | — |
| 52 | NORBIT | Norbit ASA | Technology | 0.25% | $229,379.05 | — | — |
| 53 | ELO | Elopak AS | Consumer Cyclical | 0.22% | $206,910.77 | — | — |
| 54 | B2H | B2holding ASA | Financial Services | 0.19% | $178,917.50 | — | — |
| 55 | ENTRA | Entra ASA | Real Estate | 0.17% | $159,395.88 | — | — |
| 56 | BWE | BW Energy Ltd | Energy | 0.16% | $150,555.90 | — | — |
| 57 | PLSV | PARATUS ENERGY SERVICES LTD | Energy | 0.16% | $150,095.49 | — | — |
| 58 | BWO | BW Offshore Ltd | Energy | 0.16% | $149,358.82 | — | — |
| 59 | PUBLI | PPI PUBLIC PROPERTY INVEST | Real Estate | 0.01% | $5,801.24 | — | — |
Weights as a percentage of net assets. Value held = weight × net assets ($92.1M). Market cap and P/E from each company's latest fundamentals (U.S.-listed stocks).
NORW sector breakdown
| Sector | Weight | Holdings | Largest |
|---|---|---|---|
| Energy | 32.7% | 14 | EQNR, AKERBP, FRO |
| Financial Services | 22.9% | 9 | 0O84, STB, GJF |
| Industrials | 14.9% | 14 | KOG, AKER, KMAR |
| Consumer Defensive | 11.9% | 7 | MOWI, ORK, SALM |
| Basic Materials | 7.8% | 3 | NHY, YAR, ELK |
| Communication Services | 5.7% | 3 | TEL, SCHB, LINK |
| Technology | 3.0% | 4 | NOD, KIT, ATEA |
| Consumer Cyclical | 0.5% | 2 | 2S0, ELO |
| Utilities | 0.5% | 1 | SCATC |
| Real Estate | 0.2% | 2 | ENTRA, PUBLI |
Sum of the weights of the holdings in each sector.
NORW top industries
NORW overlap with other ETFs
| ETF | Fund | Overlap | Shared holdings | Expense ratio |
|---|---|---|---|---|
| VXUS | Vanguard Total International Stock ETF | 0.5% | 51 of 8,035 | 0.05% |
| SPY | SPDR S&P 500 ETF | 0.1% | 1 of 502 | 0.09% |
| VTI | Vanguard Total Stock Market ETF | 0.1% | 2 of 2,941 | 0.03% |
| QQQ | Invesco QQQ ETF | 0.0% | 0 of 101 | 0.17% |
| IWM | iShares Russell 2000 ETF | 0.0% | 0 of 1,962 | 0.19% |
| DIA | SPDR Dow Jones Industrial Average ETF | 0.0% | 0 of 30 | 0.16% |
Overlap = sum over shared holdings of the smaller of the two weights. 100% means identical portfolios.
About the NORW portfolio
Global X MSCI Norway ETF holds 60 positions. The ten largest make up 58.4% of the fund and the top 50 98.4%, so it behaves like a portfolio of about 19 equally weighted positions. The biggest positions are Equinor ASA (13.32%), DnB Bank ASA (11.11%), Kongsberg Gruppen ASA (6.10%), Aker BP ASA (5.47%), Norsk Hydro ASA (4.29%).
By sector, Energy is 32.7%, Financial Services is 22.9%, Industrials is 14.9%. Holdings data is from the fund's latest portfolio as reported by EODHD on October 25, 2026; positions change as the fund rebalances.
Related: NORW chart, NORW performance, NORW dividends, NORW overview.
NORW holdings FAQ
How many holdings does NORW have?
NORW holds 60 positions as of October 25, 2026.
What are the top 10 holdings of NORW?
The ten largest holdings are Equinor ASA (13.32%), DnB Bank ASA (11.11%), Kongsberg Gruppen ASA (6.10%), Aker BP ASA (5.47%), Norsk Hydro ASA (4.29%), Mowi ASA (4.26%), Telenor ASA (3.80%), Storebrand ASA (3.48%), Frontline Ltd. (3.31%), Orkla ASA (3.28%). Together they are 58.4% of the fund.
What percentage of NORW is Equinor ASA?
Equinor ASA is the largest holding at 13.32% of net assets, about $12.3M of the fund's $92.1M.
Which sector is the largest in NORW?
Energy is the largest sector at 32.7%, followed by Financial Services (22.9%) and Industrials (14.9%), based on the sectors of the individual holdings.
How concentrated is NORW?
The top 10 holdings are 58.4% of the fund. By the effective number of holdings (1 divided by the sum of squared weights) NORW behaves like a portfolio of about 19 equally weighted positions.