A Chinese asset manager wants to gather $400 million of initial funding for one of China’s first two gold ETFs, according to a report Monday.

The gold ETF will be listed on Shanghai Stock Exchange and track the performance of spot contracts on the city’s gold bourse, Bloomberg News reports.

Huaan Asset Management Co. has yet to set a date to market the fund to investors, according to the story.

Bullion-backed ETFs have seen assets decline this year on investor outflows and lower gold prices. The largest ETFs in the U.S. include SPDR Gold Trust (NYSEArca: GLD), ETFS Physical Swiss Gold (NYSEArca: SGOL) and iShares Gold Trust (NYSEArca: IAU). [Gold ETFs: Six Straight Months of Outflows]

Gold prices have dropped below $1,400 and the ETFs are down about 17% year to date. [Traders See Gold Bargains as ETFs Shed $45 Billion]

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