Custody and safekeeping failure
Essentially all bullion is held by the custodian, so any failure in safekeeping could result in a direct loss to the fund.
- Scope
- Allocated gold bullion
- Materiality
- high
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.
| % | |
|---|---|
| Exchange-traded gold fund | 100% A single ETF series that seeks to reflect the price of gold bullion net of expenses. |
| Physical bullion custody | 0% Allocated gold bullion held with a custodian and managed through vaulting arrangements. |
| ETF creation/redemption mechanism | 0% Primary market share issuance and redemption through Authorized Participants. |
The Trust’s end investors are market participants seeking gold exposure in ETF form, including retail and institutional...
- Retail ETF investorsprimary
Buy FGDL shares on NYSE Arca to gain liquid exposure to gold prices without storing bullion.
- Institutional asset allocatorsprimary
Use the ETF as a portfolio hedge, inflation-sensitive allocation, or tactical gold position.
- Authorized Participantsprimary
Create and redeem shares in the primary market to keep ETF trading aligned with NAV.
- Broker-dealers and market makerssecondary
Support trading, liquidity, and client access to the ETF in the secondary market.
The Trust is organized in Delaware and listed in the United States on NYSE Arca, so the business is centered in the U.S...
- •U.S.-domiciled Delaware statutory trust
- •Listed on NYSE Arca under ticker FGDL
- •Gold custody handled through JPMorgan's London branch
- •Administration and transfer agency performed by BNY Mellon
- •Bullion market exposure is global even though the fund is U.S.-listed
The Trust’s strategy is straightforward: maintain a single-purpose vehicle that tracks gold bullion while emphasizing...
01
Maintain responsible gold sourcingshort-term
The fund differentiates itself by holding post-2012 gold refined under LBMA Responsible Gold Guidance.
02
Preserve tracking of gold bullion pricesmedium-term
Investor demand depends on the ETF closely reflecting bullion performance net of expenses.
03
Maintain operational continuity with service providersshort-term
The trust depends on custodians, administrator, trustee, and marketing agent for core functions.
The Trust is exposed to bullion price volatility, custody risk, and operational dependence on third-party service...
Gold price volatility
The fund is designed to track bullion prices, so changes in gold prices flow directly into NAV and share performance.
- Scope
- Fund value and investor returns
- Materiality
- high
Operational and technology disruption
The trust depends on electronic recordkeeping, communications, and third-party processes to operate efficiently.
- Scope
- Trading, administration, and settlement
- Materiality
- medium
Authorized Participant liquidity dependence
Only Authorized Participants can create and redeem shares directly, so liquidity can be affected if AP activity weakens.
- Scope
- Primary market liquidity and spread behavior
- Materiality
- medium
Fair value measurement of gold bullion
Directly affects NAV and results of operations
Expense accruals
Affects net asset value and reported performance
Custody and audit procedures
Affects confidence in reported bullion holdings
: 28.4.2026