For years, fund companies have been trying to convince regulators to let exchange-traded funds relax daily reporting requirements. On Wednesday, the first proposed prospectus detailing how such a fund would work was filed with the Securities and Exchange Commission.

The filing by Precidian Investments, an investment advisory firm based in Bedminster, New Jersey, lays out the mechanics of how such a fund might work and specifics on its design, according to two fund managers familiar with the company's plans. Precidian has been talking to other providers about licensing its system.