Global X Funds, one of the exchange traded fund (ETF) industry’s fastest-growing providers, launched the Global X FTSE Norway 30 ETF (NYSEArca: NORW). It’s the first ETF that gives investors direct access to the Norwegian economy.
The launch comes at a good time for Norway, which was recently ranked by the United Nations as the world’s best place to live.
- Norway is one of the most developed economies in the world, ranking first on the Human Development Index in 2009, and third in GDP-per-capita according to the World Bank.
- It is a major exporter, particularly for petroleum and metals. Its robust export industry has generated an extremely large trade surplus and resulted in one of the largest sovereign wealth funds in the world. [Global X: The Under Appreciated Performers.]
- Norway doesn’t use the euro, so consider it a bit of diversification away from the struggling eurozone.
NORW tracks the FTSE Norway 30 Index, which is designed to reflect broad-based equity market performance in Norway.
For broader exposure to the Norwegian economy, you can also consider Global X FTSE Nordic 30 ETF (NYSEArca: GXF), which is a broader Scandinavian fund that accesses Norway, Denmark, Sweden and Finland. It’s up 23% in the last six months. [Nordic ETFs: Why Everyone’s So Happy.]
Tisha Guerrero contributed to this article.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.