ETF Research Center

Global X MSCI Norway 30 ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the MSCI Norway IMI 25/50 Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Global X Management Co LLC
Website	www.globalxfunds.com
Inception date	Nov 10, 2010
Assets (mns)	$80
Currency	USD
Expense ratio	50 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	65
Wgt avg mkt cap (mns)	$17,918
Large cap (>$10bn)	49.1%
Mid cap ($2-10bn)	35.3%
Small cap (<$2bn)	15.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	62.7 %
STATOILHYDRO ASA	14.1 %
DNB NOR ASA	12.3 %
TELENOR ASA	9.2 %
MARINE HARVEST	7.4 %
ORKLA ASA	4.5 %
YARA INTERNATIONAL ASA	4.1 %
NORSK HYDRO ASA	3.5 %
GJENSIDIGE FORSIKRING ASA	2.8 %
STOREBRAND ASA	2.5 %
TGS NOPEC GEOPHYSICAL CO ASA	2.3 %

TOP COUNTRY EXPOSURE
	NORWAY	89.5 %
	BERMUDA	2.4 %
	FAROE ISLANDS	2.2 %
	BRITAIN	2.0 %
	SINGAPORE	0.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
3.8%	-9.2%	-0.2%	--	2.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.74	36%
MSCI EAFE	1.01	57%
MSCI Emg. Mkts.	0.68	42%

Technical Indicators
Recent close	$11.98
30d moving avg.	$11.67
Annualized volatility	14.9%
Short interest (ETF)	0.1%
Relative strength (RSI)	56

Liquidity measures
Avg. volume (thou.)	37
Turnover	0.6%
Bid/Ask (% of price)	0.65%
ADV underlying (mns)	$371

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Global X MSCI Norway ETF based on the alternatives' overlap in portfolio holdings with NORW. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

NORW

Expense:

50 bp

ALTAR Score™:

3.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH NORW
Ticker	Fund Name	Overlap¹ vs NORW (%)	Expense ratio (bp)	Savings vs NORW (bp)	ALTAR Score™ (%)	ALTAR vs NORW (%)
ENOR	iShares MSCI Norway Capped	95.1	53	-3	4.1	+0.2
GXF	Global X FTSE Nordic 30	8.1	58	-8	5.1	+1.2
DWCR	Arrow DWA Country Rotation	7.9	134	-84	4.8	+0.9
VEGI	iShares MSCI Global Agriculture Producers	7.7	39	11	6.8	+2.9
GVAL	Cambria Global Value	6.8	69	-19	9.2	+5.3
MOO	VanEck Vectors Agribusiness ETF	6.5	54	-4	6.3	+2.4
VIDI	Vident International Equity	4.8	61	-11	9.1	+5.2
DFE	WisdomTree Europe Small Cap Dividend	4.5	58	-8	9.2	+5.2
SOIL	Global X Fertilizers/Potash	4.1	69	-19	5.2	+1.3
DFNL	Davis Select Financial	3.9	64	-14	6.7	+2.8
GUNR	Flexshares Global Upstream Natural Resources	3.6	46	4	5.7	+1.8
DNL	WisdomTree Global Ex-U.S. Growth	3.5	58	-8	7.8	+3.8
DINT	Davis Select International	3.5	75	-25	6.2	+2.3
DMDV	AAM S&P Developed Markets High Dividend Value	3.5	39	11	10.2	+6.3
IEUS	iShares MSCI Europe Small Cap	3.4	40	10	6.2	+2.3
DDEZ	WisdomTree Dynamic Currency Hedged Europe Equity	3.3	43	7	6.7	+2.8
HAP	VanEck Vectors Hard Asset Producers	3.3	50	0	5.9	+1.9
IQDG	WisdomTree International Quality Dividend Growth	3.1	38	12	6.6	+2.7
IHDG	Wisdomtree International Hed	3.1	58	-8	6.3	+2.4
DOO	WisdomTree Int'l Dividend Ex-Financials	3.0	58	-8	8.0	+4.1

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Global X MSCI Norway
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	6.2	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	3.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	CATEGORY AVERAGE	1.63

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.