Franklin Templeton Holdings Trust
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Nov 13, 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 2025-06-30; filed 2025-08-14.
0001140361-25-030875
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001140361-25-041929
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 31 previous paragraphs and 37 current paragraphs.
23 unchanged; 7 reworded; 5 added; 0 removed; 1 previous and 2 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 (5)
Current report
Results of Operations for the Three Months Ended September 30, 2024
Current report
Results of Operations For the Six Months Ended September 30, 2025
Current report
Results of Operations For the Six Months Ended September 30, 2024
Current report
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 an increase of 18.77% from $2,214.35 per fine ounce at March 31, 2024.
Current report
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) realized gain on sale of gold 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.
Reworded paragraphs (7)
Previous wording
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Current wording
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Previous wording
At June 30, 2025, the Custodian held 69,327.563 ounces of gold on behalf of the Fund in its vault, with a market value of $227,910,897 (cost: $179,060,386) based on the LBMA Gold Price PMat period end.
Current wording
At September 30, 2025, the Custodian held 98,620.181 ounces of gold on behalf of the Fund in its vault, with a market value of $377,251,778 (cost: $286,845,363) based on the LBMA Gold Price at period end.
Previous wording
For the Three Months Ended June 30, 2025
Current wording
Results of Operations for the Three Months Ended September 30, 2025
Previous wording
For the three months ended June 30, 2024, 100,000 Shares were issued in exchange for 1,335.464 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 $31.12. The increase in NAV per Share was due to a higher price of gold of $2,330.90 at period end, which represented an increase of 5.26% from $2,214.35 at March 31, 2024.
Current wording
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 an increase of 12.83% from $2,330.90 per fine ounce at June 30, 2024.
Previous wording
The change in net assets from operations for the three months ended June 30, 2024 was $3,209,963, which was due to (i) payment of the Sponsor Fee of $(25,549), (ii) net realized gain from gold distributed for the redemption of shares and sold to pay expenses of $5,214 and (iii) a net change in unrealized appreciation (depreciation) on investment in gold of $3,230,298. Other than the Sponsor Fee, the Fund had no expenses during the three months ended June 30, 2024.
Current 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) realized gain on sale of gold 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.
Previous wording
For the three months ended June 30 2025, 1,050,000 Shares were issued in exchange for 14,001.581 ounces of gold and 350,000 Shares were redeemed in exchange for 4,666.909 ounces of gold. The Fund’s NAV per Share began the period at $41.54 and ended the period at $43.82. The 5.49% increase in the Fund's NAV from $41.54 at March 31, 2025 to $43.82 at June 30, 2025 is directly related to the 5.53% increase in the price of gold during the same period. The Fund's NAV increased slightly less than the price of gold on a percentage basis due to the Sponsor's fee, which was $84,273 for the period.
Current wording
For the six months ended September 30 2025, 3,250,000 Shares were issued in exchange for 43,320.190 ounces of gold and 350,000 Shares were redeemed in exchange for 4,666.909 ounces of gold. The Fund’s NAV per Share began the period at $41.54 and ended the period at $50.97. The 22.70% increase in the Fund's NAV from $41.54 at March 31, 2025 to $50.97 at September 30, 2025 is directly related to the 22.80% 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 $181,812 for the period.
Previous wording
Net realized and unrealized gain on investment in gold for the three months ended June 30, 2025 was $10,088,874, which includes a realized gain of $16,737 on the sale of gold to pay the Sponsor Fee, realized gain of $2,869,244 on the sale of gold for redemptions, and net change in unrealized appreciation on investment in gold of $7,202,893. Net realized and unrealized gain on investment in gold for the period was driven by gold price appreciation from $3,115.10 per ounce as of March 31, 2025 to $3,287.45 per ounce as of June 30, 2025. Net increase in net assets resulting from operations was $10,004,601 for the three months ended June 30, 2025, which consisted of the net realized and unrealized gain on investment in gold of $10,088,874, offset by the Sponsor Fee of $84,273. Net assets increased to $227,882,241 on June 30, 2025. The increase in net assets primarily resulted from net capital share transactions of $30,941,879, in addition to the aforementioned gold price appreciation. Other than the Sponsor's fee, the Fund had no expenses during the three months ended June 30, 2025.
Current wording
Net realized and change in unrealized gain on investment in gold for the six months ended September 30, 2025, was approximately $51,666,407 which includes a realized gain of $38,366 on the sale of gold to pay the Sponsor Fee, realized gain of $2,869,244 on the sale of gold for redemptions, and net change in unrealized appreciation on investment in gold of approximately $48,758,797. Net realized and unrealized gain on investment in gold for the period was driven by gold price appreciation from $3,115.10 per ounce as of March 31, 2025 to $3,825.30 per ounce as of September 30, 2025. Net increase in net assets resulting from operations was approximately $51,484,595 for the six months ended September 30, 2025, which consisted of the net realized and change in unrealized gain on investment in gold of $51,666,407, offset by the Sponsor Fee of $181,812. Net assets increased to approximately $377,214,947 on September 30, 2025. The increase in net assets primarily resulted from net capital share transactions of approximately $138,794,591, in addition to the aforementioned gold price appreciation. Other than the Sponsor's fee the Fund had no expenses during the six months ended September 30, 2025.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
For the three months ended September 30, 2025, 2,200,000 Shares were issued in exchange for 29,318.609 ounces of gold and no Shares were redeemed. The Fund’s NAV per Share began the period at $43.82 and ended the period at $50.97. The 16.32% increase in the Fund's NAV from $43.82 at June 30, 2025 to $50.97 at September 30, 2025 is directly related to the 16.36% 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 $97,539 for the period.
Current report — wording carried from elsewhere
Net realized and change in unrealized gain on investment in gold for the three months ended September 30, 2025, was approximately $41,577,533 which includes a realized gain of $21,629 on the sale of gold to pay the Sponsor Fee, and net change in unrealized appreciation on investment in gold of approximately $41,555,904. Net realized and unrealized gain on investment in gold for the period was driven by gold price appreciation from $3,287.45 per ounce as of June 30, 2025 to $3,825.30 per ounce as of September 30, 2025. Net increase in net assets resulting from operations was approximately $41,479,994 for the three months ended September 30, 2025, which consisted of the net realized and change in unrealized gain on investment in gold of $41,577,533, offset by the Sponsor Fee of $97,539. Net assets increased to approximately $377,214,947 on September 30, 2025. The increase in net assets primarily resulted from net capital share transactions of approximately $107,852,712, in addition to the aforementioned gold price appreciation. Other than the Sponsor's fee the Fund had no expenses during the three months ended September 30, 2025.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
For the Three Months Ended June 30, 2024