iShares MSCI Norway ETF

ENOR

Market cap $173M

The iShares MSCI Norway ETF (ENOR) is heavily exposed to oil E&P, oil services, and defense, benefiting from the ongoing Iran War and energy crisis. ENOR's financial sector, especially insurance, is supported by favorable yield curve dynamics, though banks face headwinds from yield curve flattening. Energy and defense exposures drive near-term outperformance and ENOR would benefit from the war continuing as long as possible.

A sustained spike in natural gas prices due to the escalating Middle East conflict could weigh heavily on European growth, analysts warn, as quoted on CNBC.

USO surged as oil jumped over 4% on rising U.S.-Iran tensions, lifting energy ETFs while pressuring retail, airline and India funds.

The S&P 500 is off to a dismal start in 2026, lagging most developed-market indexes as investors pull back from U.S. tech stocks with elevated valuations.

Early 2026 is shaping up as a stock-picker's market, with investors increasingly rewarding countries where inflation is peaking, policy clarity is improving, or growth drivers are strengthening.

ACWX tops SPY early in 2026. Norway, Turkey, South Korea and Japan ETFs hover near 52-week highs on higher oil price, easing inflation and chip rally.

Now in the home stretch of Q3, international stocks have had a banner year in 2025. Whereas the United States' S&P 500 is currently up 12.7% year to date, the MSCI All World Ex. US ETFs have gained well over 24% in that same span. Italy (EWI) is up over 45% on a year to date basis. That puts it on pace for the ETF's largest annual gain on record (it began trading in March 1996) if it holds.

It has been 225 days since President Trump's Inauguration on January 20th, and the S&P 500 entered today up 8% since the last close before the Inauguration. Speaking of the G7, the US has been the worst market among these seven developed nations since Inauguration Day in January. Along with being the second-best performing country ETF since Inauguration Day, Vietnamhas easily been the best performer since April 8th with a gain of 77.5%.

A surprise Israeli strike on Iran sent oil prices soaring. This may prompt sharp reactions in country ETFs such as ENOR (upside) and INDY (downside).

ENOR hit a 52-week high on June 12, gaining 33.1% from its low, as Middle East tensions fuel strength in Norway's energy-heavy market.