# Franklin Templeton Holdings Trust > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/fi/companies/Franklin Templeton Holdings Trust). ## Overview 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. ## Products & services • Franklin Responsibly Sourced Gold ETF (FGDL) • Physical gold bullion exposure through ETF shares • Creation and redemption of ETF shares via Authorized Participants • Custody and safekeeping of allocated gold bullion • Marketing and distribution support for the ETF - **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. - Franklin Responsibly Sourced Gold ETF (FGDL) - Physical gold bullion exposure through ETF shares - Creation and redemption of ETF shares via Authorized Participants - Custody and safekeeping of allocated gold bullion - Marketing and distribution support for the ETF ## 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. - **Retail ETF investors** (primary) — Buy FGDL shares on NYSE Arca to gain liquid exposure to gold prices without storing bullion. - **Institutional asset allocators** (primary) — Use the ETF as a portfolio hedge, inflation-sensitive allocation, or tactical gold position. - **Authorized Participants** (primary) — Create and redeem shares in the primary market to keep ETF trading aligned with NAV. - **Broker-dealers and market makers** (secondary) — Support trading, liquidity, and client access to the ETF in the secondary market. - Retail investors seeking simple gold price exposure - Institutional investors using ETF shares for portfolio allocation - Authorized Participants creating and redeeming creation units - Broker-dealers and custodians facilitating secondary-market trading - Investors preferring responsibly sourced gold exposure ## 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. - 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 ## 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. - **Maintain responsible gold sourcing** (short-term) — The fund differentiates itself by holding post-2012 gold refined under LBMA Responsible Gold Guidance. - **Preserve tracking of gold bullion prices** (medium-term) — Investor demand depends on the ETF closely reflecting bullion performance net of expenses. - **Maintain operational continuity with service providers** (short-term) — The trust depends on custodians, administrator, trustee, and marketing agent for core functions. - Track gold bullion price with minimal tracking error - Maintain responsible sourcing standards for held bullion - Use established custodians and administrators to support operations - Preserve liquidity through the creation/redemption process - Market the ETF as a simple gold allocation vehicle ## 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. - **Gold price volatility** [high] — The fund is designed to track bullion prices, so changes in gold prices flow directly into NAV and share performance. - **Custody and safekeeping failure** [critical] — Essentially all bullion is held by the custodian, so any failure in safekeeping could result in a direct loss to the fund. - **Operational and technology disruption** [high] — The trust depends on electronic recordkeeping, communications, and third-party processes to operate efficiently. - **Authorized Participant liquidity dependence** [medium] — Only Authorized Participants can create and redeem shares directly, so liquidity can be affected if AP activity weakens. - Gold price volatility directly drives fund value and investor returns - Custody failure could cause loss of bullion held for the fund - Operational or technology failures could disrupt trading and recordkeeping - Authorized Participant concentration can affect creation/redemption liquidity - Trading halts or market closures can impair share liquidity and pricing ## Accounting The most important accounting judgment is fair value measurement of gold bullion, which drives reported assets, NAV, and results of operations. Because the fund is a passive vehicle with bullion and cash, investors should focus on valuation methodology, quarter-end pricing, and any estimates tied to custody, audit, or expense accruals. - **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 - Fair value of gold bullion determines reported assets and NAV - Quarter-end LBMA Gold Price PM affects reported market value - Expense accruals and custody fees affect net results - Audit of bullion holdings supports existence and valuation - Small cash balances and cash custodian arrangements may affect liquidity --- *Last updated: 2026-04-28T20:08:58.739268+00:00*