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A Look at the Top 5 Companies in GLCR


When U.S. investors buy the GlacierShares Nasdaq Iceland ETF (GLCR), they are gaining direct access to Iceland’s economy through the companies that make up the Iceland ETF. GLCR tracks the MarketVector Iceland Global Total Return Net Index, holds 35 securities in its portfolio, and requires at least 80% of its net assets to be invested in Icelandic equity securities.


The top 10 holdings that make up GLCR account for approximately 70% of the fund's assets, so performance is heavily influenced by a relatively small group of companies. Within that group, the five largest holdings carry particular weight, providing a clear view into the key industries and businesses that power Iceland’s economic growth.


Below are the top five Icelandic companies inside GLCR:


1. Íslandsbanki (ISB) — ~13.5% of GLCR

Íslandsbanki is Iceland's third-largest commercial bank by total assets, offering retail banking, corporate banking, investment banking, wealth management, and asset financing services to individuals, businesses, and institutional clients across Iceland. Íslandsbanki was officially established on October 15, 2008, as a government-led successor to the domestic operations of Glitnir following its collapse during the Icelandic financial crisis. By late 2009, its ownership transitioned as creditors of the original Glitnir took a 95% stake in the new entity as part of a major restructuring agreement.



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2. Arion Bank (ARION) — ~11.5% of GLCR

With roots dating back to 1929, Arion Bank is an Iceland-based financial institution offering a full range of services, including retail and corporate banking, asset management, and investment banking to customers within Iceland. It emerged as the successor to Kaupthing Bank, one of the three major banks taken over by the Icelandic government during the 2008 financial crisis. The transition was finalized on November 20, 2009, when Kaupthing officially renamed its domestic operations to Arion Bank.


Arion Bank operates thirteen branches across Iceland and serves more than 100,000 customers, including individuals, businesses, and institutional investors. Through its subsidiaries, it also operates Vörður, one of Iceland's leading insurance companies, and Stefnir, a fund management company. In 2024, assets under management across the group crossed ISK 1,600 billion for the first time, a milestone that underlines just how significant its wealth and asset management operations have become. As one of the country’s leading banking institutions, Arion Bank commands roughly a 30% share of the market.



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3. Oculis (OCS) — ~11.2% of GLCR

Oculis is a global biopharmaceutical company founded in Iceland that focuses on innovative treatments for eye diseases. Established in 2003 by Dr. Einar Stefánsson and Dr. Þorsteinn Loftsson, the company developed its OPTIREACH solubilization technology, enabling eye drops to effectively reach the back of the eye. That technology underpins the company's lead drug candidate, OCS-01, a topical eye drop targeting diabetic macular edema — a condition that affects approximately 37 million people worldwide and represents a roughly $5 billion market opportunity, currently managed almost exclusively through injections into the eye. Both Phase 3 DIAMOND trials of OCS-01 are now fully enrolled with over 800 patients across 119 global sites, with topline results expected in Q2 2026.This breakthrough paved the way for ongoing advancements in ophthalmic drug development and technology.


Beyond OCS-01, Oculis has two further late-stage candidates. Licaminlimab (OCS-02) is an anti-TNFα eye drop targeting dry eye disease, which affects over 110 million people worldwide, with positive Phase 2b results already in hand and a genotype-based Phase 2/3 trial planned for the second half of 2025. Privosegtor (OCS-05) is a neuroprotective candidate for acute optic neuritis that was granted Breakthrough Therapy designation by the FDA in 2026 — one of the most meaningful regulatory milestones a development-stage drug can receive, signaling that the FDA will work closely with the company to accelerate its development. Headquartered in Switzerland, Oculis serves patients worldwide. Its mission to preserve vision and enhance eye care underpins a patient-focused approach and continues to guide its research and innovation efforts.


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4. Embla Medical (EMBLA) — ~5% of GLCR

Embla Medical is a major global provider of mobility and prosthetic solutions. Founded in Reykjavik in 1971 and formerly known as Össur, the company rebranded as Embla Medical in April 2024 to better reflect its evolution from a prosthetics-focused business into a broader provider of mobility healthcare. The company manages a portfolio of well-known brands operating across international markets, including Össur, a leading prosthetics manufacturer, FIOR & GENTZ, which specializes in neuro-orthotic systems, and College Park, known for customized prosthetic solutions.


Through this network of companies, Embla Medical has contributed significantly to innovation in the orthotics and prosthetics field, developing thousands of patents and hundreds of trademarks, and helping to advance technologies that improve mobility and quality of life worldwide. The company has been listed on Nasdaq Iceland since 1999 and is also listed on Nasdaq Copenhagen.


Embla Medical’s financials reflect a company delivering consistent growth and operational discipline. For full year 2024, Embla Medical reported record-high sales of $855 million, with 6% organic growth and an EBITDA margin of 20%. The Prosthetics & Neuro Orthotics segment was the standout, growing revenue 14% to $451 million on the back of strong EMEA demand for bionic devices. Furthrmore, expanded U.S. Medicare coverage took effect in September, extending access to advanced bionic prosthetic knees to less mobile K2-level amputees who were previously excluded, which directly expands the market for Embla's highest-margin products. In addition, athletes using Össur prosthetics won 22 medals and set five new Paralympic records at the 2024 Paris Games, and the company was named to TIME Magazine's World's Best Companies in Sustainable Growth list for the second consecutive year in 2025.


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5. Alvotech (ALVO) — ~4.1% of GLCR

Founded in 2013 by Róbert Wessman, Alvotech is an Iceland-based biopharmaceutical company focused on developing and manufacturing biosimilars. The company was established with the goal of setting a new standard in biosimilar production, supported by the development of a state-of-the-art manufacturing facility in Reykjavík completed in 2021.Over a relatively short period, Alvotech has expanded its operations with multiple production sites across Europe, developed a pipeline of biologic products, and formed partnerships with leading pharmaceutical companies in more than sixty countries. On June 15, 2022, the company merged with Oaktree Acquisition Corp. II, strengthening its ability to expand global access to more affordable biologic treatments.


The scale of the company's 2024 results is striking. Total revenues hit $489.7 million for the full year — a 427% increase compared to 2023 — with product revenue alone reaching $273.5 million, up from $48.7 million the prior year. This growth was driven by two major U.S. commercial launches: SIMLANDI, approved by the FDA in February 2024 as the first high-concentration, citrate-free interchangeable biosimilar to Humira and now approved in over 50 countries; and SELARSDI, a biosimilar to Stelara that received FDA approval in April 2024 and launched in the U.S. in February 2025. Looking ahead, Alvotech has nine additional biosimilar candidates in its pipeline targeting autoimmune disorders, eye conditions, osteoporosis, respiratory disease, and cancer, with multiple regulatory filings already accepted by the FDA and EMA.


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GLCR provides investors with exposure to some of Iceland’s most influential companies, including banking, healthcare, biotechnology, and industrial innovation. Together, these top holdings highlight Iceland as a small but highly developed economy. Through the Iceland ETF, investors can gain a glimpse of this economy and invest in Iceland through a single trade.


Data as of April 2026.

 

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