ENOR
iShares MSCI Norway ETF
iShares MSCI Norway Capped Investable Market Index Fund is an exchange-traded fund incorporated in the USA. The fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Norway IMI 25/50 Index.
International
EQUITY
Passive
MANAGEMENT STYLE
34.0 M
ASSETS UNDER MGMT
53 bp
EXPENSES
Fund Basics
| Fund sponsor | BlackRock Fund Advisors |
| Category | International |
| Asset class | Equity |
| Website | link... |
| Inception date | Jan 23, 2012 |
| Assets (mns) | $34 |
| Expense ratio | 53 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Semi-Annually |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| DNB BANK ASA | 13.6 % |
| STATOILHYDRO ASA | 12.1 % |
| KONGSBERG GRUPPEN ASA | 8.3 % |
| MARINE HARVEST | 5.1 % |
| TELENOR ASA | 5.0 % |
| ORKLA ASA | 5.0 % |
| NORSK HYDRO ASA | 4.3 % |
| DET NORSKE OLJESELSKAP ASA | 4.1 % |
| YARA INTERNATIONAL ASA | 3.0 % |
| STOREBRAND ASA | 2.9 % |
Constituent Breakdown
| Number of holdings | 59 |
| Herfindahl-Hirschman Index | 570 |
| Wgt avg mkt cap (mns) | $22,812 |
| Large cap (>$10bn) | 56.6% |
| Mid cap ($2-10bn) | 30.0% |
| Small cap (<$2bn) | 12.1% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
NORWAY | 90.9 % |
 |
BRITAIN | 1.9 % |
 |
BERMUDA | 1.9 % |
 |
FAROE ISLANDS | 1.5 % |
 |
DENMARK | 0.7 % |
Historical Performance
Standardized Performance (as of 03/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 5.7% | 3.9% | -1.3% | -6.6% | 2.5% | -0.2% | -- | -0.6% |
| Dividend Yield | 9.9% | 10.6% | 10.2% | 4.6% | 11.5% | 4.5% | -- | 3.5% |
| Total Returns | 15.5% | 14.4% | 8.9% | -1.9% | 13.9% | 4.4% | -- | 3.0% | Ann. Volatility | 14.4% | 17.4% | 18.8% | 22.8% | 28.1% | 24.6% | -- | 24.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.89 | 44% |
| MSCI EAFE | 1.09 | 64% |
| MSCI Emg Mkts | 0.82 | 36% |
Liquidity Measures
| Avg. volume (000) | 25 |
| Turnover | 1.9% |
| Avg. Bid/Ask (% of price) | 0.29% |
| ADV of underlying (mns) | $220 |
Technical Indicators
| Recent close | $25.16 |
| 30d moving avg. | $24.97 |
| Annualized volatility | 23.6% |
| Relative strength (RSI) | 51 |
| Short interest (ETF) | 0.7% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. ENOR |
Expenses vs. ENOR |
ALTAR Score™ vs. ENOR |
|---|---|---|---|---|
| NORW | Global X MSCI Norway ETF | 97.2% | -3 bp | +0.1% |
Risk and Returns: ENOR vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 4/24/2025
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
ENOR
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
ENOR
10.9%
Cat. Avg
7.8%
ALTAR Score™ Calculation
Category Overview
There are 258 funds in the International Equity category, with an average ALTAR Score™
of 7.8% and a standard deviation of
2.0%. ENOR's ALTAR Score™ is approximately
1.5 standard deviations
above
the category average. This places ENOR in the 93rd percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
ENORSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Passive International Equity ETFs |
| # of ETFs | 77 |
| Avg. Expense Ratio | 38.8 bp |
| Std. Deviation | 21.2 bp |
| ENOR (53 bp) Percentile rank | 75 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| ENOR | 53.0 | 29.3 | 82.3 |
| Peer Avg. | 42.8 | 17.8 | 60.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .