Physically backed ETCs
Invest in gold and silver on Nasdaq Stockholm
- Exchange-traded securities (ETCs) physically backed by real gold and silver. Trade them through an ISK or a brokerage account with Avanza, Nordnet and others.
- Always physically backed
- Traded in SEK
- ISK & Capital Insurance
- LBMA Good Delivery
The listing of Nordheim Capital's physically backed gold and silver ETCs marks an important step in the continued modernisation of the Swedish capital market.
By bringing fully transparent, locally listed commodity products to Nasdaq Stockholm, we are broadening investors' access to real assets within a regulated and efficient market structure.
This launch strengthens Sweden's position as a modern and internationally relevant financial centre, while giving both private and institutional investors simpler and more cost-effective ways to diversify their portfolios.
What is an ETC?
ETC = Exchange Traded Commodity
Nordheim Capital is the first Swedish asset manager to offer precious metal ETCs built to institutional standards.
Just like an ETF (Exchange Traded Fund), an ETC is traded like a stock during Nasdaq Stockholm's regular trading hours.
Learn more about Nordheim Capital- ETFExchange Traded Fund
- ETCExchange Traded Commodity
- ETNExchange Traded Note
Questions?
Speak directly with Henry
As a Swedish issuer, we are always available to answer any questions you may have about investing in Nordheim Capital's products.
Our products
Two products - Always physically backed
Nordheim Guld ETC
Direct exposure to gold meeting the LBMA Good Delivery standard through a secured structure, held in custody with J.P. Morgan Chase Bank N.A., London.
Designed to provide direct exposure to gold.
- Backed by physical gold
- LBMA Good Delivery standard
- ISK & Capital Insurance
- Nasdaq Stockholm
Nordheim Silver ETC
Direct exposure to silver meeting the LBMA Good Delivery standard through a secured structure, held in custody with J.P. Morgan Chase Bank N.A., London.
Designed to provide direct exposure to silver.
- Backed by physical silver
- LBMA Good Delivery standard
- ISK & Capital Insurance
- Nasdaq Stockholm
Structure & Security
What is LBMA?
LBMA stands for the London Bullion Market Association and is the global standard for trading physical gold and silver.
The organisation sets the requirements that determine what qualifies as high-quality precious metals, known as Good Delivery. These include criteria for purity, weight, origin and handling.
LBMA is also responsible for the international benchmark prices used daily by banks, institutions and market participants around the world.
Where are the precious metals stored?
The precious metals are held in custody by J.P. Morgan Chase Bank N.A., London, one of the world's leading custodians of precious metals.
They are stored in high-security vaults in accordance with LBMA standards, ensuring strict controls over quality, handling and reporting.
As a global institution, J.P. Morgan Chase Bank N.A., London provides the infrastructure used by central banks and some of the world's largest asset managers.
The global gold stock
Where is all the
gold today?
According to estimates from Metals Focus and the World Gold Council, the global above-ground gold stock amounts to approximately 220,700 tonnes. Nearly all the gold ever mined is still in circulation – it is not consumed, but recycled.
The largest share is held as jewellery (45%), which in practice acts as a passive stock that can return to the market. Investment gold in the form of bars, coins and ETFs is more price-sensitive and drives flows, while central bank reserves are strategic – they move slowly but carry significant signalling power.
Distribution of the gold stock
Share of total above-ground gold stock, end of 2025
- JewelleryPassive stock, can return to market45%~99,700 t
- Bars, coins & ETFsPrice-sensitive, drives flows23%~51,000 t
- Central banksStrategic reserves17%~38,600 t
- Other & OTCIndustry, technology, etc.14%~31,400 t
New mine production adds only around 1–2% per year to the global gold stock. The gold price is therefore driven mainly by demand and reallocation within the existing stock – rather than by newly mined gold.
Source: Metals Focus, Refinitiv GFMS, World Gold Council (estimates as of end 2025). Shares do not sum exactly to 100% due to rounding.
How to invest
Our products can be traded through ISK, Capital Insurance and traditional brokerage accounts with several online brokers. More platforms are added on an ongoing basis.
Can't find your broker above? Contact us
The team behind Nordheim Capital
Nordic asset management
We are a dedicated team with extensive experience in asset management, financial markets and product development, combining Nordic roots with institutional standards.
Frequently asked questions
What is an ETC?
An ETC (Exchange Traded Commodity) is an exchange-traded security that tracks the price performance of a commodity - in Nordheim Capital's case, physical gold and silver. Just like a stock, Nordheim Capital's ETCs are traded on Nasdaq Stockholm every trading day.
What does 1:1 physical backing mean?
It means that each outstanding security in Nordheim Capital's ETCs corresponds to an exact quantity of physical precious metal held with our custodian, J.P. Morgan Chase Bank N.A., London.
What is the difference between Nordheim Guld ETC and Nordheim Silver ETC?
Nordheim Guld ETC tracks the price of physical gold, while Nordheim Silver ETC tracks the price of physical silver. The ETCs are structurally identical but provide exposure to two separate precious metals, each with its own characteristics, price movements and global demand.
How do I trade Nordheim Capital's ETCs?
Nordheim Capital's ETCs are traded on Nasdaq Stockholm, a regulated marketplace. You trade our products just as you would trade shares through your online broker or bank. Search for the product name or ISIN on your trading platform and place an order during Nasdaq Stockholm's trading hours.
Where are the physical precious metals stored?
All underlying precious metals are held in custody with J.P. Morgan Chase Bank N.A., London - one of the world's leading and most respected Tier 1 custodians. J.P. Morgan is LBMA-accredited and meets strict international requirements for the secure handling and storage of precious metals.
Can I request physical delivery of the precious metals?
No, not at present. Physical delivery of precious metals only takes place through the creation/redemption mechanism (read more under "Structure & Security") and is in practice reserved for Authorised Participants (in Nordheim Capital's case, Virtu Financial Ireland Limited), who handle the volumes of global institutions.