Company: FGDL
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0001140361-25-004056
Chunk: 12

Company: Franklin Templeton Holdings Trust
Filing Date: 2025-02-12
Form: 10-Q
Item: Part I, Item 2
Chunk 12
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 the direction of the Sponsor, sell the Fund’s gold as
necessary to pay the Fund’s expenses not otherwise assumed by the Sponsor. When
selling gold to pay the Sponsor’s fee and other expenses, if any, the
Administrator endeavors to sell the exact amount of gold needed to pay expenses
to minimize the Fund’s holdings of cash. At December 31, 2024, the Trust and
the Fund did not have any cash balances. 

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Table of Contents

Off-Balance Sheet Arrangements 

At December 31,
2024, the Fund as well as the Trust do not have any off-balance sheet
arrangements. 

Analysis of Movements
in the Price of Gold

As movements in the price of gold are expected to
directly affect the price of the Fund’s shares, it is important for investors
to understand and follow movements in the price of gold. Past movements in the
gold price are not indicators of future movements.

The following chart shows movements in the price of
gold based on the LBMA Gold Price PM in U.S. dollars per ounce over the period
from October 1, 2024 to December 31, 2024.

The average, high, low and end-of-period gold prices
based on the LBMA Gold Price PM for the period are below:

  Period

  Average

  High

  Date

  Low

  Date

  End of
  period (1)

  Last
  business day

  October 1, 2024 to December 31, 2024
  
  2,661.34
  2,777.80
  
  October
  30, 2024
  
  2,567.30
  
  November
  14, 2024
  
  2,610.85
  
  December
  31, 2024

(1)   The end of period gold price is the LBMA Gold Price PM on the last business
day of the period.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Fund is a passive investment vehicle. It is not
actively managed. The investment objective of the Fund is for the Shares to
reflect the performance of the price of gold bullion, less the Fund’s expenses.
Accordingly, fluctuations in the price of gold will affect the value of the
Fund’s Shares. 

Item 4. Controls and Procedures