Currently, ENOR is heavily skewed towards the Energy sector, as it makes up nearly 43% of the index basket, with Communication Services and Financials rounding out the top sector weightings at 8.36% and 7.76% respectively.
Top individual equity holdings in ENOR currently are Statoil ASA (20.72%), Telenor ASA (8.36%), Seadrill Ltd Common Stock (7.51%), DNB ASA (6.38%), and Subsea 7 Inc. (5.40%). NORW, similarly is over-weighted to the Energy sector, as it makes up more than 52% of the overall portfolio.
Financials, Communication Services, and Basic Materials collectively account for 32% of the remainder of the index as well. Top holdings currently in NORW are Statoil ASA (19.53%), Telenor ASA (9.99%), Seadrill Ltd (8.93%), DNB ASA (8.60%), and Subsea 7 SA (5.39%).
Both of these ETFs are down sharply off of recent highs (losing about 15% in the past month alone). As one can clearly see, there is significant overlap in these two ETFs in terms of what their top holdings and exposures are, so it will really come down to the portfolio manager doing their research and isolating which index methodology of the two gives them the “best” exposure to the country, as well as factors such as the expense ratio of the funds and potential index tracking issues and other items.
iShares MSCI Norway Capped Investable Market