(Updated to make clear ETF is BATS' first primary listing.

iShares, the world’s largest exchange-traded fund firm on Jan. 24 launched the first of eight single-country ETFs in the pipeline for listing with the new Kansas City, Mo.-based BATS exchange. The ETF and the seven that will follow are the first primary ETF listings for BATS, the No. 3 U.S. exchange after the NYSE and Nasdaq.

The iShares MSCI Norway Capped Investable Market Index Fund (BATS: ENOR) comes with an expense ratio of 0.53 percent.

ENOR offers exposure to Norway, a fiscally stable but historically difficult-to-access export-driven economy, which is heavily dependent upon its status as one of the world’s leading oil producers. The fund tracks an underlying MSCI index that measures broad-based equity performance. The index consists of stocks in energy, financial, materials and telecommunications companies.

ENOR utilizes a passive or indexing approach, as opposed to an active management one, to achieve its investment objectives, and it will invest at least 90 percent of its assets in the underlying index.

One of the principal risks of investing in ENOR, according to the fund’s prospectus, is that it concentrates its investments in a particular industry to the same extent that the index does. That means that this fund may be susceptible to losses from a heavily weighted industry or asset class such as oil, which drives such a large percentage of Norway’s exports.

Another potential risk is that the high value of the Norwegian krone could have a damaging effect on Norwegian investments.