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Global X Launches ETF Linked to Norwegian Stocks
November 10, 2010
SAN DIEGO (ETFguide.com) – Global X Funds, a New York, NY-based provider of exchange traded funds, has launched the Global X FTSE Norway 30 ETF (NYSEArca: NORW).
Norway is the fifth largest oil exporter and third largest gas exporter in the world even though it is not a member of the OPEC. The Scandinavian country has generated an extremely large trade surplus and has one of the largest sovereign wealth funds in the world. It also ranks third in GDP-per-capita according to the World Bank.
NORW tracks the FTSE Norway 30 Index, which is designed to reflect broad based equity market performance in Norway. The Norway ETF adds to the existing Global X FTSE Nordic 30 ETF (NYSEArca: GXF), which is a broader Scandinavian fund that accesses Norway, Denmark, Sweden and Finland.
"Norway still lies outside the European Union and has not adopted the Euro currency, helping to maintain what many believe is the world's most stable economy," said Bruno del Ama, CEO of Global X Funds. "Ever since we launched the Nordic ETF, we have heard investors asking for a more targeted way to access this very developed and stable country. This Norway ETF should feed that demand well."
Norway's 2010 population of 4,912,000 uses the Norwegian krone as their currency.
NORW's annual expense ratio is 0.50%. |
