Franklin Templeton Holdings Trust
For the period ended Mar 31, 2025. Filed Jun 30, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Jun 30, 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-K
Period ended 2024-03-31; filed 2024-07-01.
0001193125-24-173038
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-03-31; filed 2025-06-30.
0001140361-25-024063
Item 7. 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 36 previous paragraphs and 32 current paragraphs.
21 unchanged; 6 reworded; 4 added; 9 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 2 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 (4)
Current report
For the year ended March 31 2025, 3,150,000 Shares were issued in exchange for 42,022.504 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 $41.54. The 40.48% increase in the Fund's NAV from $29.57 at March 31, 2024 to $41.54 at March 31, 2025 is directly related to the 40.68% 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 $142,813 for the year.
Current report
Net realized and unrealized gain on investment in gold for the year ended March 31, 2025, was approximately $34,730,830 which includes a realized gain of $28,996 on the sale of gold to pay the Sponsor Fee, realized gain of $4,241,210 on the sale of gold for redemptions, and net change in unrealized appreciation on investment in gold of approximately $30,460,624. 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 $3,115.10 per ounce as of March 31, 2025. Net increase in net assets resulting from operations was approximately $34,588,017 for the year ended March 31, 2025, which consisted of the net realized and unrealized gain on investment in gold of $34,730,830, offset by the Sponsor Fee of $142,813. Net assets increased to approximately $186,935,761 on March 31, 2025. The increase in net assets primarily resulted from net capital share transactions of approximately $90,245,113, in addition to the aforementioned gold price appreciation. Other than the Sponsor's fee the Fund had no expenses during the year ended March 31, 2025.
Current report
For the Year Ended March 31, 2024
Current report
(1) The end of period gold price is the LBMA Gold Price PM on the last business day of the period.
Removed paragraphs (9)
Previous report
For the Three Months Ended March 31, 2024
Previous report
For the three months ended March 31, 2024, no Shares were issued and no Shares were redeemed. The Fund’s NAV per Share began the period at $27.55 and ended the period at $29.57. The increase in NAV per Share was due to a higher price of gold of $2,214.35 at period end, which represented a increase of 7.37% from $2,062.40 at December 31, 2023.
Previous report
The change in net assets from operations for the three months ended March 31, 2024 was $4,240,442, which was due to (i) payment of the Sponsor Fee of $(21,667), (ii) net realized gain from gold sold to pay expenses of $2,657 and (iii) a net change in unrealized appreciation on investment in gold of $4,259,452. Other than the Sponsor Fee the Fund had no expenses during the three months ended March 31, 2024.
Previous report
For the Three Months Ended March 31, 2023
Previous report
For the three months ended March 31, 2023, 4,300,000 Shares were issued in exchange for 57,519.498 ounces of gold. The Fund’s NAV per Share began the period at $25.00 and ended the period at $26.48. The increase in NAV per Share was due to a higher price of gold of $1,979.70 at period end, which represented a increase of 9.23% from $1,812.35 at December 31, 2022.
Previous report
The change in net assets from operations for the three months ended March 31, 2023 was $9,685,812, which was due to (i) payment of the Sponsor Fee of $(53,931), (ii) net realized gain from gold distributed for the redemption of shares and sold to pay expenses of $148 and (iii) a net change in unrealized appreciation on investment in gold of $9,739,595. Other than the Sponsor Fee the Fund had no expenses during the three months ended March 31, 2023.
Previous report
For the Period May 24, 2022 to March 31, 2023
Previous report
For the period from May 24, 2022 (Date of inception) to March 31, 2023, 4,300,000 Shares (inclusive of two Creation Units that were created upon the initial seeding of the Fund) were issued in exchange for 57,542.226 ounces of gold. The Fund’s NAV per Share began the period at $25.00 and ended the period at $26.48. The increase in NAV per Share was due to a higher price of gold of $1,979.70 at period end, which represented an increase of 6.03% from $1,867.10 at May 24, 2022.
Previous report
The change in net assets from operations for the period ended March 31, 2023 was $9,685,812, which was due to (i) payment of the Sponsor Fee of $(53,931), (ii) net realized gain from gold sold to pay expenses of $148 and (iii) a net change in unrealized appreciation on investment in gold of $9,739,595. Other than the Sponsor Fee the Fund had no expenses during the period ended March 31, 2023.
Reworded paragraphs (6)
Previous wording
At March 31, 2024, the Custodian held 28,048.958 ounces of gold on behalf of the Fund in its vault, with a market value of $62,110,210 (cost: $50,923,216) based on the LBMA Gold Price PM at period end.
Current wording
At March 31, 2024, the Custodian held 28,048.958 ounces of gold on behalf of the Fund with a market value of $62,110,210 (cost: $50,923,216) based on the LBMA Gold Price PM at period end.
Previous wording
For the year ended March 31, 2024, 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 $29.57. The increase in NAV per Share was due to a lower price of gold of $2,214.35 at year end, which represented an increase of 11.85% from $1,979.70 at March 31, 2023.
Current wording
For the year ended March 31, 2024, 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 $29.57. The increase in NAV per Share was due to a higher price of gold of $2,214.35 at year end, which represented an increase of 11.85% from $1,979.70 at March 31, 2023.
Previous wording
The change in net assets from operations for the year ended March 31, 2024 was $6,125,465, which was due to (i) payment of the Sponsor Fee of $(111,126), (ii) net realized gain from gold distributed for the redemption of shares and sold to pay expenses of $4,789,192 and (iii) a net change in unrealized appreciation on investment in gold of $1,447,399. Other than the Sponsor Fee the Fund had no expenses during the year ended March 31, 2024.
Current wording
The change in net assets from operations for the year ended March 31, 2024 was $6,125,465, which was due to (i) net realized gain from gold distributed for the redemption of shares and sold to pay expenses of $4,789,192 and (ii) a net change in unrealized appreciation on investment in gold of $1,447,399 offset by payment of the Sponsor Fee of $111,126. Other than the Sponsor Fee the Fund had no expenses during the year ended March 31, 2024.
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 March 31, 2024 and 2023, the Trust and the Fund do not have anyoff-balance sheet arrangements.
Current wording
At March 31, 2025 and 2024, the Trust and the Fund 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 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 as below:
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
At March 31, 2025, the Custodian held 60,016.277 ounces of gold on behalf of the Fund, with a market value of $186,956,705 (cost:$145,309,087) based on the LBMA Gold Price PM at period end.