Company: FGDL
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001140361-25-030875
Chunk: 23

Company: Franklin Templeton Holdings Trust
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 between market participants at the measurement date. The
Fund’s policy is to value the investment in gold bullion at fair value. The NAV
is computed based upon the total value of the assets of the Fund (i.e., gold
and cash) less its liabilities. The Administrator generally will value any gold
bullion held by the Fund on the basis of the price of an ounce of gold as
determined by the ICE Benchmark Administration Limited (“IBA”), a benchmark
administrator, which provides an independently administered auction process, as
well as the overall administration and governance for the London Bullion Market
Association (the “LBMA”). In determining the NAV, the Administrator generally
will value the gold bullion held by the Fund on the basis of the LBMA Gold
Price PM.

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The
Administrator calculates the NAV on each day NYSE Arca is open for regular
trading, at 12:00 PM New York time. If no LBMA Gold Price (AM or PM) is made on
a particular evaluation day or if the LBMA Gold Price PM has not been announced
by 12:00 PM New York time on a particular evaluation day, the next most recent
LBMA Gold Price AM or PM will be used in the determination of the NAV, unless
the Sponsor determines that such price is inappropriate to use as the basis for
such determination. If the Sponsor determines that such price is inappropriate
to use, it shall identify an alternate basis for evaluation of the gold bullion
held by the Fund that the Sponsor determines fairly represents the commercial
value of the Fund's gold bullion. Once
the value of the gold bullion has been determined, the Administrator subtracts
all estimated accrued expenses and other liabilities of the Fund from the total
value of the gold bullion and all other assets of the Fund. The resulting
figure is the NAV. The NAV is used to compute the Sponsor’s fee. The
Administrator determines the NAV per Share by dividing the NAV of the Fund by
the number of Shares outstanding as of the close of trading on NYSE Arca. ASC
820 established a hierarchy that prioritized inputs to valuation techniques
used to measure fair value. The three levels of inputs are: Level 1:
Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2:
Inputs other than quoted prices included within Level 1 that are observable for
the asset or liability either directly or indirectly, including