FGDL

Risk Factors An investment in the Fund is subject to market risk with respect to the gold markets.
Market risk refers to the risk that the market price of gold held by the Fund may go up and down, sometimes rapidly or unpredictably.
The market price of the gold has been historically unpredictable.
Because the Shares are designed to reflect the price of the gold after taking into account the Fund’s expenses, the market price of the Shares will be unpredictable, like the price of gold has historically been.
This creates the potential for losses on your investment in the Shares, regardless of whether you hold Shares for a short-, mid- or long-term period.
The value of Shares depends on the price of gold, and it is subject to fluctuations similar to those affecting gold prices.
This exposes your investment in Shares to potential losses if you need to sell your Shares at a time when the price of gold is lower than it was when you made your investment in Shares.
Even if you are able to hold Shares for the mid- or long-term, you may never realize a profit, because gold markets have historically experienced extended periods of flat or declining prices.
The following specific factors may have the effect of causing a decline in the prices of gold and a corresponding decline in the price of Shares as discussed further below, including: (i) large scale sales of gold, including those by the official sector (governments, central banks and related institutions), which own a significant portion of the aggregate world gold holdings.
If one or more of these institutions decide to sell in amounts large enough to cause a decline in world gold prices, the price of the Shares will be adversely affected; (ii) a significant increase in gold hedging activity by gold producers.
Should there be an increase in the level of hedge activity of gold producing companies, it could cause a decline in world gold prices, which would adversely affect the price of the Shares; (iii) a significant change in the outlook of speculators and investors towards gold.
Should the speculative community take a negative view towards gold, a decline in world gold prices could occur, negatively impacting the price of the Shares; (iv) global gold supply and demand, which is influenced by such factors as the use of gold in the fabrication of jewelry, as well as technology and industrial applications, purchases made by investors in the form of bars, coins and other gold products, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries such as China, South Africa, the United States and Australia; (v) global or regional political, economic or financial crises, events and situations, including supply chain disruptions, trade disputes and economic sanctions, especially those unexpected in nature; (vi) expectations with respect to the rate of inflation, including actual or perceived changes to expectations; (vii) interest rates; (viii) investment and trading activities of hedge funds and commodity funds; (ix) other economic variables such as income growth, economic output and monetary policies; and (x) investor confidence.
In addition, certain events may trigger a temporary increase in the price of gold prior to your investment in the Shares.
If that is the case, you will be buying Shares at prices affected by the temporarily high prices of gold, and you may incur losses to the extent the causes for the temporary increase disappear.
War may cause severe disruptions in global gold markets, supply chains or trade.
For example, Russia launched a large-scale invasion of Ukraine on February 24, 2022.
The extent and duration of the military action, resulting sanctions and economic impacts are impossible to predict.
These and any related events could cause volatility in precious metals prices and have a significant impact on Trust performance and the value of an investment in the Shares.
Russia is a significant producer of gold.
On March 7, 2022, the LBMA suspended six Russian gold and silver refiners from its Good Delivery List.
As a result, while existing gold bars from these refiners are considered acceptable, new gold bars are not.
Following an announcement at the G7 Summit to collectively ban the import of Russian gold, the UK passed regulations which prohibit the direct or indirect (i) import of gold that originated in Russia, (ii) acquisition of gold that originated in Russia or is located in Russia and (iii) supply or delivery of gold that originated in Russia, all after July 21, 2022.
Similarly, U.S. regulations prohibit the import of gold of Russian origin into the United States on or after June 28, 2022 and European Union regulations prohibit the direct or indirect import, purchase or transfer of gold if it originates in Russia and has been exported from Russia after July 22, 2022.
Although there was an initial increase in gold prices correlated with these events, there has not been a subsequent material impact on gold prices or volatility, the Fund’s performance share price or NAV.
Similar conflicts, particularly within gold producing regions, or geopolitical instability in the future could negatively impact global gold markets and the Fund.
In the event the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.
The Fund is not a diversified investment and, therefore, may be more volatile than other investments.
An investment in the Fund is not intended as a complete investment plan.
Because the Fund principally holds only gold, an investment in the Fund is likely to be more volatile than an investment in a more broadly diversified portfolio and may fluctuate substantially over time.
The price of gold can be volatile because gold is comparatively less liquid than certain other commodities.
An investment in the Fund may be deemed speculative.
An investment in the Fund should be considered only by persons financially able to maintain their investment and who can bear the risk of loss associated with an investment in the Fund.
Investors should review closely the objective and strategy, the investment and operating restrictions of the Fund and familiarize themselves with the risks associated with an investment in the Fund.
Adverse developments in gold bullion trading prices may adversely affect the value of an investment in the Fund.
One or more factors such as global gold supply and demand, exchange rate and interest rate volatility and inflation expectations may lead to a decrease in gold bullion trading prices.
A decline in prices of gold will have a negative impact on the Fund’s NAV and Shares.
Economic or other events could result in large-scale sales of gold, which could decrease the price of gold and the value of an investment in the Fund.
Large-scale distress sales of gold may have a negative impact on the price of gold and reduce the value of an investment in the Fund.
The 2008 financial crisis resulted in significantly depressed prices of gold, primarily due to forced sales and deleveraging by institutional investors.
Future events or crises may similarly affect gold’s price performance, which would, in turn, adversely affect an investment in the Fund.

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Gone since FY2025

Risk Factors of this Form 10-K, and other parts of this Form 10-K.
We do not intend to update any forward-looking statements even if new information becomes available or other events occur in the future, except as required by the federal securities laws.
Organization and Trust Overview The Franklin Templeton Holdings Trust (the “Trust”) was organized as a Delaware statutory trust on April 19, 2021.
Franklin Holdings, LLC is the Sponsor of the Trust (the “Sponsor”).
The Trust currently offers a single series, the Franklin Responsibly Sourced Gold ETF (the “Fund”).
The Fund issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of the Fund.
The Shares are listed on NYSE Arca, Inc.
(“NYSE Arca”) under the symbol “FGDL.” Shares are not obligations of, and are not guaranteed by, the Sponsor or any of its subsidiaries or affiliates.
The investment objective of the Fund is for the Shares to reflect the performance of the price of gold bullion, less the Fund’s expenses.
The assets of the Fund include only gold bullion and cash, if any.
The Fund seeks to hold only responsibly sourced gold in the Fund’s allocated account.
The Fund defines responsibly sourced gold for this purpose as London Good Delivery gold bullion bars that were refined on or after January 1, 2012 (also referred to herein as “post-2012 gold”).
All post-2012 gold has been refined in accordance with London Bullion Market Association’s (“LBMA”) Responsible Gold Guidance (the “Gold Guidance”), described further herein.
To facilitate this, in transferring gold into and out of the Fund’s allocated account, the Custodian will, on a best efforts basis and subject to available liquidity, seek to allocate post-2012 gold.
If, due to a lack of liquidity, the Custodian is unable to allocate post-2012 gold to the Fund’s allocated account, the Custodian will do so as soon as reasonably practicable.
The Fund issues Shares on a continuous basis.
Shares are issued by the Fund only in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a “Creation Unit”) in exchange for gold from Authorized Participants, which is then allocated to the Fund and stored safely by the Custodian.
The Fund issues and redeems Creation Units on an ongoing basis at Net Asset Value to Authorized Participants who have entered into an agreement with the Sponsor and the Administrator.
The Fund pays the Sponsor a fee that accrues daily at an annualized rate equal to 0.15% of the daily Net Asset Value of the Fund, paid monthly in arrears (the “Sponsor Fee”).
The Sponsor Fee is accrued in and payable in U.S. dollars.
The NAV is computed based upon the total value of the assets of the Fund (i.e., gold and cash) less its liabilities.
To determine the Fund’s NAV, the Administrator generally will value the gold bullion held by the Fund on the basis of the LBMA Gold Price PM as published by the IBA.
IBA operates electronic auctions for spot, unallocated loco London gold, providing a market-based platform for buyers and sellers to trade.
The auctions are run at 10:30 a.m. and 3:00 p.m.
The final auction prices are published to the market as the LBMA Gold Price AM and the LBMA Gold Price PM, respectively.
The Administrator will calculate the NAV on each day NYSE Arca is open for regular trading, at 12:00 PM New York time.
If no LBMA Gold Price (AM or PM) is made on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price AM or PM will be used in the determination of the NAV, unless the Sponsor determines that such price is inappropriate to use as the basis for such determination.
If the Sponsor determines that such price is inappropriate to use, it shall identify an alternate basis for evaluation of the gold bullion held by the Fund that the Sponsor determines fairly represents the commercial value of the Fund's gold bullion.
Once the value of the gold bullion has been determined, the Administrator subtracts all estimated accrued expenses and other liabilities of the Fund from the total value of the gold bullion and any cash of the Fund.
The Administrator determines the NAV per Share by dividing the NAV of the Fund by the number of Shares outstanding as of the close of trading on NYSE Arca.
Critical Accounting Policy The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America.
The preparation of these financial statements relies on estimates and assumptions that impact the Fund’s as well as the Trust’s financial position and results of operations.
These estimates and assumptions affect the Fund’s as well as the Trust’s application of accounting policies.
Earlier in this report under the heading “ Valuation of Gold and Computation of Net Asset Value ” we describe the valuation of gold bullion, a critical accounting policy that we believe is important to understanding the results of operations and financial position.
In addition, please refer to Note 2 to the Financial Statements for further discussion of the accounting policies followed by the Fund and the Trust.
The gold bullion held on behalf of the Fund at the vaults of the Custodian is audited each year generally coinciding with the Fund’s financial year end at March 31.
On April 1, 2025, Bureau Veritas Commodities UK LTD concluded the audit inspection procedures with respect to the Fund’s gold bullion held by the Custodian.
The audit findings did not identify non-conformities.
Results of Operations At March 31, 2025, the Custodian held 60,016.277 ounces of gold on behalf of the Fund, with a market value of $186,956,705 (cost:$145,309,087) based on the LBMA Gold Price PM at period end.
For the Year Ended March 31, 2025 For the year ended March 31 2025, 3,150,000 Shares were issued in exchange for 42,022.504 ounces of gold and 750,000 Shares were redeemed in exchange for 10,005.285 ounces of gold.

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