Global X Swaps Indices on Two Single-Country ETFs

Global X, the issuer of exchange traded funds with $4 billion in assets under management as of July 2014, earlier this week announced index changes on two of its single-country ETFs.

The Global X MSCI Colombia ETF (NYSEArca: GXG) swapped to the MSCI All Colombia Capped Index from the FTSE Colombia 20 Index. On Thursday, it was reported that GXG lowered its annual expense ratio to 0.61%, down 10% from the prior rate of 0.68%, according to a filing with the Securities and Exchange Commission. [Global X Lowers Fees on Colombia ETF]

GXG is the oldest and largest Colombia ETF. The fund launched in February 2009 and currently has $113.6 million in assets under management.

Global X’s Norway is now known as the Global X MSCI Norway ETF (NYSEArca: NORW) after changing to the MSCI Norway IMI 25/50 Index from the FTSE Norway 30 Index.

NORW debuted in November 2010 and has $159.6 million in assets under management. With the index change, NORW now allocates over 30% of its combined weight Statoil (NYSE: STO), Norway’s state-run oil company, and DNB NOR, according to Global X data.

With its index swap, GXG is now home to 25 stocks. Bancolombia (NYSE: CIB) and Ecopetrol (NYSE: EC), Colombia’s state-run oil company, combine for almost 23.6% of the ETF’s weight.