Global X launched its Global X FTSE Norway (NYSEArca: NORW) exchange traded fund (ETF) late last year. It could have some appeal for conservative investors who want to steer well clear of Europe’s trouble spots.

The fund began trading on Nov. 9 and since then has gathered about $22 million, explains The ETF Professor for Benzinga. In the last three months, it’s up 18.2%, though it has softened somewhat since then. [Global X Launches Norway ETF.]

Still, there’s a lot to like about both this ETF and the country it tracks:

  • Norway is not part of the EU
  • Red-hot energy and basic materials are a big part of the economy
  • Inflation is stable. Marrianne Stigset and Josieanne Kremer for Bloomberg report that the country is in a golden period of sorts with low to stable inflation. The rate is around 2.5%, and the objective is to keep it around there.
  • Manufacturing grew at he fastest pace in nearly four years last month, says Bloomberg.

For more diversified exposure to the Nordic countries, check out Global X FTSE Nordic 30 (NYSEArca: GXF), though it has not performed as well as NORW in the last few months. Norway is 18.3% of the ETF, while Sweden is the top holding at 43.4%. Demark and Finland each account for about 19%.

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.