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According to Refinitiv, Finland’s Ilmarinen Mutual Pension Insurance Company owned 13 million shares in the ETF in September, making it the No.1 investor in the fund at the time.

Nordic institutional investors Ilmarinen and Storebrand and Visma management are also shareholders.

Institutional investors have been less willing to cling on; Finnish pension fund Ilmarinen, its second-largest shareholder, recently revealed it had cut its stake by 27 percent in the first quarter.

"To us the shoe really starts to hurt at 1.5 percent and we are looking to pay less than that," said Katja Solvaara, a portfolio manager at Finnish pension advisory group Ilmarinen.

Similar myths are found in relation to the Finnish smith-god Ilmarinen, who made a golden woman, and the Teutonic Wieland; a belief in the magical power of metal-workers is a common survival from an age in which their art was new and mysterious.