A gold-related financial trust that issues shares representing ownership in gold assets, managed by a sponsor and overseen by a trustee, with custodial arrangements for gold and cash, involved in the gold industry.

# Business Summary

The document provides an overview of a trust associated with a gold-related financial product, specifically a *Gold Trust*, though explicit details such as the company's name are not included in the provided excerpt. 

### Key Elements:
- **Description of the Trust**: The trust is a financial vehicle that likely holds gold or gold-related assets, facilitating investment and trading activities.
- **Shares**: The trust issues shares which represent ownership interests in the trust's gold assets, allowing investors to gain exposure to gold prices.
- **Sponsor**: The entity responsible for establishing and managing the trust.
- **Trustee**: The entity overseeing the trust operations and ensuring compliance.
- **Cash Custodian**: Responsible for holding cash assets on behalf of the trust.
- **Gold Custodian**: Responsible for holding and safekeeping the physical gold assets.
- **The Gold Industry**: The trust's operations are related to the gold industry, which involves mining, refining, and trading gold.

### Creation and Redemption:
- The trust allows *Authorized Participants* to create or redeem shares, which helps maintain the trust's share price in line with the gold's market value.

### Additional Sections:
- **Risk Factors**: Outlined to inform investors of potential risks involved in the trust.
- **Properties, Legal Proceedings, Mine Safety Disclosures**: These sections suggest the trust's engagement with physical properties, legal compliance, and safety regulations within the industry.

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### Notes:
- No specific data on the number of customers, employees, revenue, or net income is provided within the excerpt.
- The focus is on the structure, operations, and custodial arrangements of the trust related to gold investment.

Franklin Templeton Holdings Trust provides ethical gold investment solutions through its Franklin Responsibly Sourced Gold ETF, offering exposure to gold price movements while adhering to responsible sourcing standards.

# Summary of the Franklin Templeton Holdings Trust and Franklin Responsibly Sourced Gold ETF

## Overview
The **Franklin Templeton Holdings Trust** is a Delaware statutory trust primarily focused on managing investments in gold through its single series, the **Franklin Responsibly Sourced Gold ETF** (Ticker: FGDL). The Trust aims to offer investors a method of exposure to the price movements of gold bullion while ensuring the ethical sourcing of its gold.

## Key Features
- **Formation:** The Trust was organized on April 19, 2021, and is governed by the Agreement and Declaration of Trust dated May 10, 2022.
- **Quotation:** Shares of the Fund are listed on NYSE Arca under the symbol **FGDL**.
- **Investment Objective:** The Fund's objective is to reflect the performance of the price of gold bullion, minus expenses.
- **Gold Sourcing:** The Fund endeavors to hold only **responsibly sourced gold**—specifically, gold bullion bars refined on or after January 1, 2012 (post-2012 gold) in compliance with LBMA Responsible Gold Guidance.
  
## Operational Structure
- **Sponsor:** The Trust is sponsored by **Franklin Holdings, LLC**.
- **Custodians:** 
  - **Gold Custodian**: JPMorgan Chase Bank, N.A. (London Branch)
  - **Cash Custodian**: BNY Mellon Asset Servicing
- **Trustee**: CSC Delaware Trust Company
- **Administration**: BNY Mellon serves as the Administrator and Transfer Agent.

## Financial and Operational Metrics
- **Fees:** The Fund has an annual expense ratio of **0.15%** of daily net asset value, covering ordinary operational costs.
- **Creation and Redemption Mechanism:** Shares are created and redeemed only in large blocks called **Creation Units** (50,000 Shares), and transactions require a $500 fee per order.
- **Market Operations:** The Fund's NAV is calculated daily based on the LBMA Gold Price, with transactions requiring substantial coordination and management within regulated markets.

## Customers & Market Presence
- **Customer Base:** The Fund primarily serves institutional investors and individual investors through Authorized Participants who facilitate market transactions.
- **Employee Structure:** The Trust does not have any employees, as it relies on third-party service providers for operational functions.
  
## Revenue and Income
- The Fund does not generate direct income but obtains revenue through the trading value of its gold assets. Given the nature of the Fund, precise figures on customers, employees, revenue, and income specifics aren't publicly disclosed but leveraged through its assets in the gold market.

## Risk Factors
Investors should be aware of inherent risks including:
- **Gold Price Volatility:** Rapid changes in gold prices can affect investment outcomes.
- **Operational Risks:** Dependence on custodians for the safekeeping of gold presents risks due to possible lapses in security or mishandling.
- **Market Disruptions:** Events causing market volatility could significantly impair liquidity.

## Conclusion
The Franklin Templeton Holdings Trust operates as a specialized entity focused on facilitating investment in responsibly sourced gold bullion, providing a structured vehicle primarily for investors seeking exposure to gold markets while maintaining ethical sourcing standards. Its operational model hinges on partnerships with established financial institutions, allowing it to navigate complex market regulations effectively.

Franklin Templeton Holdings Trust

10-K / June 30, 2025

10-K / July 1, 2024

10-K / June 30, 2025

Business Summary

Key Elements:

Creation and Redemption:

Additional Sections:

Notes: