Recent news coverage highlights selling pressure on FGDL shares and notes the Fund's inclusion in commodity ETF rankings and gold market rallies in recent years.

• FGDL has been reported as crowded with sellers as of June 2026, indicating selling pressure in the market [N1].
• The Fund has been featured among the best commodity ETFs in Q1 2025 and in 2024, reflecting recognition in the commodity ETF space [N2][N5].
• Analyst blogs have highlighted the Franklin Responsibly Sourced Gold ETF alongside other gold trusts, indicating market interest [N3].
• The Fund was noted among ETFs benefiting from gold's longest rally in four years as of early 2025 [N4].
• Historical reports indicate significant ETF outflows including FGDL in mid-2023 [N6].

The Fund benefits from growing investor interest in responsibly sourced and ESG-compliant gold investments, potentially attracting capital from sustainability-focused investors. Its low expense ratio and transparent structure may appeal to cost-conscious investors seeking direct exposure to gold price movements. The Fund's operational setup with established custodians and administrators supports trust and reliability. Positive trends in gold prices and increased demand for gold ETFs could support the Fund's asset growth and liquidity. The Fund's ability to create and redeem shares in large blocks allows for efficient market functioning and arbitrage opportunities.

The Fund faces risks from fluctuations in gold prices, which directly impact its NAV and share price. Market conditions may lead to temporary deviations from the Fund's policy to hold only post-2012 responsibly sourced gold. The Fund's shares do not confer traditional shareholder rights, which may limit investor influence. Extraordinary expenses borne by the Fund could impact returns. Competition from other gold ETFs and commodity funds may limit asset growth. Operational risks include reliance on service providers and custodians, with potential insurance coverage limitations. Market disruptions or regulatory changes could affect redemption processes and Fund operations. Recent news indicates selling pressure and ETF outflows, which may reflect investor sentiment challenges.

The Fund's moat derives from its structure as a Delaware statutory trust offering a specialized gold ETF focused on responsibly sourced gold, which may appeal to investors with ESG considerations. Its use of LBMA Responsible Gold Guidance and custody arrangements with established custodians provide operational credibility. The Fund's low expense ratio and the Sponsor's assumption of ordinary expenses support cost efficiency. The Fund's listing on NYSE Arca and the ability to create and redeem shares in large Creation Units facilitate liquidity and market participation. However, the Fund operates in a competitive ETF market with other gold ETFs and commodity funds, and does not have active management or proprietary investment strategies. The Fund's reliance on gold price movements means its performance is closely tied to commodity market dynamics rather than unique competitive advantages.

• Gold Price Volatility: The Fund's NAV and share price are directly affected by fluctuations in the price of gold bullion, which can be volatile and influenced by global economic and geopolitical factors.
• Liquidity and Redemption Risks: Shares are created and redeemed only in large Creation Units by Authorized Participants, which may limit liquidity for smaller investors and affect market pricing.
• Operational and Custodial Risks: The Fund relies on service providers including custodians and administrators. Failures or disruptions in these services, or insufficient insurance coverage, could adversely affect the Fund.
• Extraordinary Expenses: While the Sponsor assumes ordinary expenses, the Fund is responsible for extraordinary or non-routine expenses, which could impact financial performance.
• Limited Shareholder Rights: Shares do not confer traditional corporate shareholder rights, limiting investor influence over Fund governance and decisions.
• Regulatory and Market Risks: The Fund is not registered as an investment company and is not regulated as a commodity pool, which may affect investor protections. Market disruptions could impact trading and redemption processes.

• Franklin Templeton Holdings Trust is a Delaware statutory trust organized on April 19, 2021, governed by an Agreement and Declaration of Trust dated May 10, 2022 [S1].
• The Trust offers a single series, the Franklin Responsibly Sourced Gold ETF (the Fund), trading under ticker FGDL on NYSE Arca [S1].
• The Fund issues common units of beneficial interest (Shares) representing fractional undivided beneficial interest in the Fund [S1].
• The Fund's investment objective is to reflect the performance of the price of gold bullion less the Fund's expenses [S1].
• The Fund holds only gold bullion and cash, if any, with a focus on responsibly sourced gold defined as London Good Delivery gold bars refined on or after January 1, 2012, in accordance with LBMA Responsible Gold Guidance [S1,S2].
• The Fund may temporarily hold pre-2012 gold in unusual market conditions but seeks to maintain post-2012 gold holdings under normal conditions [S1].
• Shares are created and redeemed only in Creation Units of 50,000 Shares by Authorized Participants in exchange for gold bullion [S1,S2].
• The Fund's only ordinary recurring expense is a Sponsor fee of 0.15% annually of the daily net asset value, paid monthly in arrears [S1,S2].
• The Sponsor assumes ordinary fees and expenses including Administrator, Custodian, Trustee fees, listing fees, audit fees, and legal fees up to $500,000 per annum [S1,S2].
• Extraordinary or non-routine expenses are borne by the Fund [S1,S2].
• The Fund sells gold bullion as needed to pay expenses, including the Sponsor fee, aiming to minimize cash holdings [S1,S2,S13].
• The Fund's NAV is calculated daily based on the LBMA Gold Price PM, subtracting accrued expenses and liabilities [S1,S2].
• The Fund does not have officers, directors, or employees and is not registered as an investment company under the Investment Company Act of 1940 [S1].
• The Trust is organized so that each series is liable only for its own obligations, limiting shareholder liability to Fund assets [S1,S6].
• The Fund's gold bullion holdings are audited annually, with the latest audit showing no non-conformities [S2,S10].
• At December 31, 2025, the Fund held approximately 107,912 ounces of gold valued at about $464.9 million [S2,S10].
• The Fund's NAV per Share and net assets have fluctuated in line with gold price movements, with recent increases in NAV per Share reflecting gold price appreciation [S2,S7,S8].
• The Fund had net income of $132,107,674 for the fiscal year ended March 31, 2026, per latest SEC financial snapshot [S1].
• The Fund's shares do not have traditional corporate shareholder rights and voting is limited to matters authorized by the Sponsor [S1].
• Authorized Participants pay a $500 transaction fee per order to create or redeem Creation Units, which the Sponsor may waive at its discretion [S18].
• The Fund may suspend or reject redemption orders under certain conditions such as market disruptions or legal concerns [S19].
• The Sponsor is Franklin Holdings, LLC, a Delaware limited liability company formed in 2021, with Franklin Resources, Inc. as ultimate parent [S16].
• The Fund is not regulated as a commodity pool under the Commodity Exchange Act and is not subject to CFTC regulation as a commodity pool operator [S1,S6].
• The Fund's service providers maintain insurance as deemed adequate, but there is no assurance of coverage sufficiency for losses [S22].
• The Fund indemnifies certain service providers including the Sponsor and Custodian against losses except in cases of gross negligence or willful misconduct [S1,S22].
• Recent news highlights include FGDL being crowded with sellers as of June 2026, and mentions in commodity ETF rankings and gold market rallies in 2024-2025 [N1,N2,N3,N4,N5].
• There have been notable ETF outflows reported in 2023 including FGDL [N6].