What Is the ENOR ETF? A Complete Guide to Returns, Expense Ratio, Holdings and Alternative ETFs
The iShares MSCI Norway ETF (ENOR) is a single-country product that tracks large- and mid-cap stocks on the Norwegian equity market. Its energy and financial sector weights, its dividends, and how its composition differs from other single-country European ETFs are the key factors in an investment decision.
SubscribeWhat Is the iShares MSCI Norway ETF?
This single-country ETF tracks an MSCI Norway family index and holds large- and mid-cap Norwegian stocks on a market-capitalization-weighted basis. Energy and financials make up a significant share of the index.
It suits investors who want regional diversification into the Norwegian and Nordic economies and the energy and resources sector.
It is a passive (index-tracking) ETF managed by iShares.
How Do You Invest in the iShares MSCI Norway ETF?
| Item | Details |
|---|---|
| Tracked Index | MSCI Norway family index |
| Management Style | Passive (index tracking) |
| Rebalancing Frequency | Once every six months |
| Dividend Frequency | Semiannual |
| Issuer | iShares |
| Total Expense Ratio | 0.53% |
The fund holds large- and mid-cap stocks listed in Norway at their market-cap weights, tracking the performance of the Norwegian stock market as a whole. Its relatively high weights in the energy, financial, and materials sectors make it sensitive to the regional economy and to commodity price movements.
- Access Norwegian stocks through a US-listed product
- Regional exposure with a high weighting in the energy and resources sector
iShares MSCI Norway ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $325.3M, and the total expense ratio (Expense Ratio) is 0.53% per year.
Because it is a single-country ETF, the number of holdings is limited, so concentration in the top holdings tends to be higher than in other broad regional ETFs.
iShares MSCI Norway ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeThe Norwegian market has shown volatility in line with energy and commodity prices and the krone exchange rate, and its returns tend to track the global economy and the direction of oil prices.
Given its single-country nature, fund flows swing in and out depending on the regional economic outlook and sentiment in the energy market, and it belongs to a category with smaller asset sizes than broad core ETFs.
iShares MSCI Norway ETF Pros and Cons
Its strength is concentrated exposure to the Norwegian economy and the energy sector, while its weaknesses are holdings concentration and currency and sector skew.
💪 Key Strengths
⚠️ Points to Watch
Alternative ETFs and Related Products to the iShares MSCI Norway ETF
The five tickers shown in the table, EWC, EWU, EWL, EWP, and EWG, are single-country ETFs from the same iShares family. They represent the Canadian, British, Swiss, Spanish, and German markets respectively, so their regional and sector compositions differ from Norway's. For direct exposure to Norway, the NORW product, which tracks the same country, is a direct substitute. To widen your view to the Nordic region, you can also consider products covering neighboring markets, such as EWD for Sweden and EDEN for Denmark.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 EWC | iShares MSCI Canada ETF | $60.69 | -0.4% | $7.5B | 0.50% | 1.24% | +20.0% |
 EWU | iShares MSCI United Kingdom ETF | $47.52 | -0.7% | $3.7B | 0.50% | 3.15% | +11.6% |
 EWL | iShares MSCI Switzerland ETF | $63.05 | -1.0% | $3.0B | 0.50% | 1.73% | +10.3% |
 EWP | iShares MSCI Spain ETF | $57.49 | -0.0% | $2.0B | 0.50% | 2.89% | +16.0% |
 EWG | iShares MSCI Germany ETF | $40.94 | -1.0% | $1.5B | 0.49% | 2.03% | -1.5% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| EQNR | Equinor ASA ADR | 0.36% | $48.82 | +5.2% | $116.7B | 13.3 | 3.23% |
 FRO | Frontline Plc | 0.07% | $52.94 | +3.4% | $11.8B | 7.9 | 17.96% |
 BWLP | BW LPG Limited | 0.03% | $25.57 | +3.4% | $3.9B | 8.7 | 10.07% |
 EEA | European Equity Fund Inc | 0.00% | $10.07 | -0.8% | $69.0M | - | 9.61% |
iShares MSCI Norway ETF Investor Checkpoints
Here are the points to review before investing in ENOR. Because it is a single-country product, it is wise to thoroughly check its energy and financial sector skew, currency exposure, and top-holdings concentration in advance, and then decide its weight within your own portfolio.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check cumulative costs over a long holding period | Annual fee applies |
| 📊 Sector Composition | Degree of energy and financial skew | On the high side |
| 💧 Holdings Concentration | Trend in top-holding weights | High concentration |
| 💱 Currency | Impact of dollar and krone exchange rates | Not currency-hedged |
Energy and financial sector skew and currency fluctuations are the main drivers of short-term volatility. Because it is a single-country product, diversification across holdings alone may not be enough to reduce risk when a shock hits the regional economy or the commodity market.
It is a suitable choice for investors looking to add regional diversification in the Norwegian and Nordic energy and resources sector. If diversification is your priority, you could consider adjusting its weight alongside a broad regional ETF when building your position.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of July 2, 2026.
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