Global X Funds, the New York-based provider of exchange-traded funds, has launched the Global X FTSE Norway 30 ETF.
This is the first ETF offering access specifically to Norway.
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 an exporting powerhouse, in particular for petroleum and metals, which has generated an extremely large trade surplus and resulted in one of the largest sovereign wealth funds in the world.
The Global X FTSE Norway 30 ETF tracks the FTSE Norway 30 Index, which is designed to reflect broad based equity market performance in Norway.
The Norway ETF adds to the existing Global X FTSE Nordic 30 ETF, which is a broader Scandinavian fund that accesses Norway, Denmark, Sweden and Finland.
"Norway still lies outside the European Union and has not adopted the Euro currency, helping to maintain what many believe is the world’s most stable economy," says Bruno del Ama, chief executive of Global X Funds. "Ever since we launched the Nordic ETF, we have heard investors asking for a more targeted way to access this very developed and stable country. This Norway ETF should feed that demand well."