The NYSE Arca exchange proposes to list and trade shares of the Perth Mint Physical Gold ETF Trust, to provide investors with an opportunity to invest in gold through the shares, have the gold securely stored and, if requested, have physical gold delivered in exchange for shares.
The Western Australian government's Gold Corporation will store the trust's bullion and a government guarantee will apply to all gold held in the trust, the filling said.
Exchange Traded Concepts LLC is the administrative sponsor and Bank of New York Mellon will be the trustee.
NYSE Arca noted the SEC had previously approved other precious metals and gold-based commodity trusts and said it believed the proposed listing would enhance competition with an additional exchange-traded product relating to physical gold.
Holdings in gold-backed ETFs are at the highest level since 2013, according to Bloomberg.
The spot gold price is about US$140 an ounce higher than this time last year, trading at $1,340/oz earlier today, due a weaker US dollar and widespread geopolitical issues.