Franklin Templeton Holdings Trust
For the period ended Dec 31, 2024. Filed Feb 12, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2024 · Filed Feb 12, 2025
FGDL$54.12-0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-12.
0001193125-24-255734
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-12-31; filed 2025-02-12.
0001140361-25-004056
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 37 previous paragraphs and 37 current paragraphs.
21 unchanged; 10 reworded; 6 added; 6 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
For the three months ended December 31, 2024, 1,400,000 Shares were issued in exchange for 18,678.465 ounces of gold and (750,000) Shares were redeemed in exchange for (10,005.285) ounces of gold. The Fund’s NAV per Share began the period at $35.10 and ended the period at $34.83. The (0.77)% decrease in the Fund's NAV from $35.10 at September 30, 2024 to $34.83 at December 31, 2024 is directly related to the (0.73)% decrease in the price of gold. The Fund's NAV decreased slightly more than the price of gold on a percentage basis due to the Sponsor's fee, which was $(38,441) for the quarter.
Current report
Net realized and unrealized loss on investment in gold for the three months ended December 31, 2024, was approximately $(1,865,280) which includes a realized gain of $8,230 on the sale of gold to pay the Sponsor Fee, net realized gain on investment in gold sold for redemptions of $4,241,210, and net change in unrealized appreciation (depreciation) on investment in gold of approximately $(6,114,720). Net realized and unrealized gain on investment in gold for the period was driven by gold price depreciation from $2,629.95 per ounce as of September 30, 2024 to $2,610.85 per ounce as of December 31, 2024. Net decrease in net assets resulting from operations was approximately $(1,903,721) for the three months ended December 31, 2024, which consisted of the net realized and unrealized loss on investment in gold of $(1,865,280), and payment of the Sponsor Fee of $(38,441). Net assets increased to approximately $107,969,989 on December 31, 2024. The increase in net assets primarily resulted from net capital share transactions of approximately $23,885,503, offset by the aforementioned gold price depreciation.
Current report
For the Nine months Ended December 31, 2024
Current report
For the nine months ended December 31, 2024, 1,750,000 Shares were issued in exchange for 23,350.560 ounces of gold and (750,000) Shares were redeemed in exchange for (10,005.285) ounces of gold. The Fund’s NAV per Share began the period at $29.57 and ended the period at $34.83. The 17.79% increase in the Fund's NAV from $29.57 at March 31, 2024 to $34.83 at December 31, 2024 is directly related to the 17.91% increase in the price of gold. The Fund's NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor's fee, which was $(92,294) for the period.
Current report
Net realized and unrealized gain on investment in gold for the nine months ended December 31, 2024, was approximately $10,395,772 which includes a realized gain of $19,999 on the sale of gold to pay the Sponsor Fee, net realized gain on investment in gold sold for redemptions of $4,241,210, and net change in unrealized appreciation (depreciation) on investment in gold of approximately $6,134,563. Net realized and unrealized gain on investment in gold for the period was driven by gold price appreciation from $2,214.35 per ounce as of March 31, 2024 to $2,610.85 per ounce as of December 31, 2024. Net increase in net assets resulting from operations was approximately $10,303,478 for the nine months ended December 31, 2024, which consisted of the net realized and unrealized gain on investment in gold of $10,395,772, and payment of the Sponsor Fee of $(92,294). Net assets increased to approximately $107,969,989 on December 31, 2024. The increase in net assets primarily resulted from the aforementioned gold price appreciation and net capital share transactions of approximately $35,563,880.
Current report
For the Nine Months Ended December 31, 2023
Removed paragraphs (6)
Previous report
For the three months ended September 30, 2024, 250,000 Shares were issued in exchange for 3,336.631 ounces of gold and no shares were redeemed. The Fund’s NAV per Share began the period at $31.12 and ended the period at $35.10. The increase in NAV per Share was due to a higher price of gold of $2,629.95 per fine ounce at period end, which represented a increase of 12.83% from $2,330.90 per fine ounce at June 30, 2024.
Previous report
For the three months ended September 30, 2023, (1,050,000) Shares were redeemed in exchange for (14,037.996) ounces of gold. The Fund’s NAV per Share began the period at $25.57 and ended the period at $25.00. The decrease in NAV per Share was due to a lower price of gold of $1,870.50 per fine ounce at period end, which represented a decrease of (2.18)% from $1,912.25 per fine ounce at June 30, 2023.
Previous report
The change in net assets from operations for the three months ended September 30, 2023 was $(1,329,179), which was due to (i) the Sponsor Fee of $(26,489), (ii) realized gain on sale of gold to pay expenses of $1,507,791 and (iii) a net change in unrealized appreciation (depreciation) on investment in gold of $(2,810,481). Other than the Sponsor Fee the Fund had no expenses during the three months ended September 30, 2023.
Previous report
For the Six Months Ended September 30, 2024
Previous report
For the Six Months Ended September 30, 2023
Previous report
The change in net assets from operations for the six months ended September 30, 2023 was $(4,644,402), which was due to (i) the Sponsor Fee of $(65,071), (ii) realized gain on sale of gold to pay expenses of $3,249,259 and (iii) a net change in unrealized appreciation (depreciation) on investment in gold of $(7,828,590). Other than the Sponsor Fee the Fund had no expenses during the six months ended September 30, 2023.
Reworded paragraphs (10)
Previous wording
The gold bullion held on behalf of the Fund at the vaults of the Gold Custodian is audited each year generally coinciding with the Fund’s financial year end at March 31. On April 2, 2024, Bureau Veritas Commodities UK LTD concluded the audit inspection procedures with respect to the Fund’s gold bullion held by the Gold Custodian. The audit findings did not identifynon-conformities.
Current wording
The gold bullion held on behalf of the Fund at the vaults of the Gold Custodian is audited each year generally coinciding with the Fund’s financial year end at March 31. On April 2, 2024, Bureau Veritas Commodities UK LTD concluded the audit inspection procedures with respect to the Fund’s gold bullion held by the Gold Custodian. The audit findings did not identify non-conformities.
Previous wording
At September 30, 2024, the Custodian held 32,699.485 ounces of gold on behalf of the Fund in its vault, with a market value of $85,998,011 (cost: $62,561,734) based on the LBMA Gold Price PM at period end.
Current wording
At December 31, 2024, the Custodian held 41,360.171 ounces of gold on behalf of the Fund in its vault, with a market value of $107,985,202 (cost: $90,663,645) based on the LBMA Gold Price PM at period end.
Previous wording
For the six months ended September 30, 2024, 350,000 Shares were issued and in exchange for 4,672.095 ounces of gold and no shares were redeemed. The Fund’s NAV per Share began the period at $29.57 and ended the period at $35.10. The increase in NAV per Share was due to a higher price of gold of $2,629.95 per fine ounce at period end, which represented a increase of 18.77% from $2,214.35 per fine ounce at March 31, 2024.
Current wording
For the three months ended December 31, 2023, no Shares were issued and (500,000) Shares were redeemed in exchange for (6,680.800) ounces of gold. The Fund’s NAV per Share began the period at $25.00 and ended the period at $27.55. The increase in NAV per Share was due to a higher price of gold of $2,062.40 at period end, which represented an increase of 10.26% from $1,870.50 at September 30, 2023.
Previous wording
The change in net assets from operations for the three months ended September 30, 2024 was $8,997,236, which was due to (i) the Sponsor Fee of $(28,305), (ii) net realized gain from gold distributed for the redemption of shares and sold to pay expenses of $6,556 and (iii) a net change in unrealized appreciation (depreciation) on investment in gold of $9,018,985. Other than the Sponsor Fee the Fund had no expenses during the three months ended September 30, 2024.
Current wording
The change in net assets from operations for the three months ended December 31, 2023 was $6,529,425, which was due to (i) the Sponsor Fee of $(24,388), (ii) net realized gain from gold distributed for the redemption of shares and sold to pay expenses of $1,537,276 and (iii) a net change in unrealized appreciation (depreciation) on investment of gold of $5,016,537. Other than the Sponsor Fee the Fund had no expenses during the three months ended December 31, 2023.
Previous wording
For the six months ended September 30, 2023, 100,000 Shares were issued in exchange for 1,337.286 ounces of gold and (1,800,000) Shares were redeemed in exchange for (24,067.816) ounces of gold. The Fund’s NAV per Share began the period at $26.48 and ended the period at $25.00. The decrease in NAV per Share was due to a lower price of gold of $1,870.50 per fine ounce at period end, which represented a decrease of (5.52)% from $1,979.70 per fine ounce at March 31, 2023.
Current wording
For the nine months ended December 31, 2023, 100,000 Shares were issued in exchange for 1,337.286 ounces of gold and (2,300,000) Shares were redeemed in exchange for (30,748.616) ounces of gold. The Fund’s NAV per Share began the period at $26.48 and ended the period at $27.55. The increase in NAV per Share was due to a higher price of gold of $2,062.40 at period end, which represented an increase of 4.18% from $1,979.70 at March 31, 2023.
Previous wording
The change in net assets from operations for the six months ended September 30, 2024 was $12,207,199, which was due to (i) the Sponsor Fee of $(53,854), (ii) net realized gain from gold distributed for the redemption of shares and sold to pay expenses of $11,770 and (iii) a net change in unrealized appreciation (depreciation) on investment in gold of $12,249,283. Other than the Sponsor Fee the Fund had no expenses during the six months ended September 30, 2024.
Current wording
The change in net assets from operations for the nine months ended December 31, 2023 was $1,885,023, which was due to (i) the Sponsor Fee of $(89,459), (ii) net realized gain from gold distributed for the redemption of shares and sold to pay expenses of $4,786,535 and (iii) a net change in unrealized appreciation (depreciation) on investment of gold of $(2,812,053). Other than the Sponsor Fee the Fund had no expenses during the nine months ended December 31, 2023.
Previous wording
The Fund is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. The Fund’s only ordinary recurring expense is the fee paid to the Sponsor at an annual rate of 0.15% of the daily net asset value of the Fund. The Sponsor’s annual fee accrues daily and is payable by the Fund monthly in arrears. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Fund, including but not limited to the following: fees charged by the Administrator, the Custodian and the Trustee, NYSE Arca listing fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, audit fees and expenses and up to $500,000 per annum in legal fees and expenses and applicable license fees. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Fund in excess of the $500,000 per annum stipulated in the Sponsor Agreement.
Current wording
The Fund is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. The Fund’s only ordinary recurring expense is the fee paid to the Sponsor at an annual rate of 0.15% of the daily net asset value of the Fund. The Sponsor’s annual fee accrues daily and is payable by the Fund monthly in arrears. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Fund, including but not limited to the following: fees charged by the Administrator, the Marketing Agent, the Custodian and the Trustee, NYSE Arca listing fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, audit fees and expenses and up to $500,000 per annum in legal fees and expenses and applicable license fees. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Fund in excess of the $500,000 per annum stipulated in the Sponsor Agreement.
Previous wording
The Sponsor is not required to pay any extraordinary ornon-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. The Fund will be responsible for the payment of such expenses to the extent any such expenses are incurred. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. The Fund will sell gold on anas-needed basis to pay the Sponsor’s fee.
Current wording
The Sponsor is not required to pay any extraordinary or non-routine expenses. Extraordinary expenses are fees and expenses which are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. The Fund will be responsible for the payment of such expenses to the extent any such expenses are incurred. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. The Fund will sell gold on an as-needed basis to pay the Sponsor’s fee.
Previous wording
At September 30, 2024, the Fund as well as the Trust do not have anyoff-balance sheet arrangements.
Current wording
At December 31, 2024, the Fund as well as the Trust do not have any off-balance sheet arrangements.
Previous wording
The average, high, low andend-of-period gold prices based on the LBMA Gold Price PM for the period are as below:
Current wording
The average, high, low and end-of-period gold prices based on the LBMA Gold Price PM for the period are below: