Franklin Templeton Holdings Trust
Franklin Templeton Holdings Trust is a Delaware statutory trust that exists to issue shares of a single exchange-traded fund, the Franklin Responsibly Sourced Gold ETF (FGDL). The fund is designed to track the price of gold bullion, less expenses, and holds only gold bullion and cash, with gold custody, administration, and marketing handled by affiliated and third-party service providers.
Fiscal year 2026 · change from previous year
Development 2024–2026
Business
Share of revenueA single ETF series that seeks to reflect the price of gold bullion net of expenses.
Allocated gold bullion held with a custodian and managed through vaulting arrangements.
Primary market share issuance and redemption through Authorized Participants.
Customers
The Trust’s end investors are market participants seeking gold exposure in ETF form, including retail and institutional holders that want a liquid, exchange-traded alternative to holding bullion directly. The primary intermediaries are Authorized Participants and broker-dealers that create and redeem shares, while the sponsor and marketing agent support distribution and market access.
Buy FGDL shares on NYSE Arca to gain liquid exposure to gold prices without storing bullion.
Use the ETF as a portfolio hedge, inflation-sensitive allocation, or tactical gold position.
Create and redeem shares in the primary market to keep ETF trading aligned with NAV.
Support trading, liquidity, and client access to the ETF in the secondary market.
Strategy
The Trust’s strategy is straightforward: maintain a single-purpose vehicle that tracks gold bullion while emphasizing responsible sourcing standards. It relies on a custody-and-distribution model rather than active portfolio management, so execution quality, bullion sourcing, and market access are the main levers of investor appeal.
The fund differentiates itself by holding post-2012 gold refined under LBMA Responsible Gold Guidance.
Investor demand depends on the ETF closely reflecting bullion performance net of expenses.
The trust depends on custodians, administrator, trustee, and marketing agent for core functions.
Geography
The Trust is organized in Delaware and listed in the United States on NYSE Arca, so the business is centered in the U.S. capital markets. Operationally, gold custody and administration involve U.S. and London-based service providers, reflecting the international bullion market even though the fund itself is U.S.-domiciled.
Risks
The Trust is exposed to bullion price volatility, custody risk, and operational dependence on third-party service providers. Because it is a passive ETF structure, disruptions in trading, custody, or creation/redemption mechanics can directly affect share liquidity, tracking, and investor outcomes.
- Custody and safekeeping failureImpact: CriticalLikelihood: Low
Essentially all bullion is held by the custodian, so any failure in safekeeping could result in a direct loss to the fund.
Exposure: Allocated gold bullion
- Gold price volatilityImpact: HighLikelihood: Medium
The fund is designed to track bullion prices, so changes in gold prices flow directly into NAV and share performance.
Exposure: Fund value and investor returns
- Operational and technology disruptionImpact: HighLikelihood: Low
The trust depends on electronic recordkeeping, communications, and third-party processes to operate efficiently.
Exposure - Authorized Participant liquidity dependenceImpact: MediumLikelihood: Low
Only Authorized Participants can create and redeem shares directly, so liquidity can be affected if AP activity weakens.
Exposure: Primary market liquidity and spread behavior
Accounting
Judgemental itemsGold is marked to market using the LBMA Gold Price PM, making valuation the key driver of reported asset value.
Impact: Directly affects NAV and results of operations
The ETF’s expenses reduce returns and must be accrued over the reporting period.
Impact: Affects net asset value and reported performance
Annual audit inspection of bullion holdings supports existence and may highlight control issues if discrepancies arise.
Impact: Affects confidence in reported bullion holdings
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Last updated: 24/09/2026