Global X Funds Launches U.S.-Listed Norway ETF

November 10, 2010 ( - Global X Funds, a New York-based provider of exchange traded funds, has launched the Global X FTSE Norway 30 ETF (Ticker: NORW).

The company says this is the first U.S.-listed ETF offering access specifically to Norway.  

According to a press release, the Global X FTSE Norway 30 ETF tracks the FTSE Norway 30 Index, which represents the performance of the 30 largest and most liquid Norwegian-listed securities. Companies within the index are classified using the Industry Classification Benchmark (ICB), a global standard developed in partnership between FTSE and Dow Jones.    

As classified by ICB Supersector, Oil & Gas producers account for the largest portion of the index at 41.49%, with Banks and Telecommunications making up the second and third largest Supersectors at 14.20% and 11.37% respectively.   

The press release said the Norway ETF adds to the existing Global X FTSE Nordic 30 ETF (Ticker: 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, in the announcement. “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.”  

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