Franklin Responsibly Sourced Gold ETF

What they do

The Trust was organized on April 19, 2021, is sponsored by Franklin Holdings, LLC, and currently offers one series, the Franklin Responsibly Sourced Gold ETF. The Fund holds only gold bullion and cash, if any, and issues Shares in 50,000-share Creation Units to Authorized Participants in exchange for gold, which is stored by Gold Custodian JPMorgan Chase Bank, N.A., London branch. BNY Mellon Asset Servicing serves as Administrator, Transfer Agent and Cash Custodian, CSC Delaware Trust Company is the sole Trustee, and Franklin Distributors, LLC is the Marketing Agent. The Fund prefers London Good Delivery bars refined on or after January 1, 2012, refined under the LBMA Responsible Gold Guidance, subject to best efforts and available liquidity.

Revenue drivers

• Sponsor Fee on Fund NAV — The Fund pays the Sponsor a fee accruing daily at an annualized 0.15% of daily Net Asset Value, paid monthly in arrears in U.S. dollars; this is the Trust's sole stated fee stream.
• Gold bullion exposure (single series) — The Trust currently offers only one series, FGDL, so all economics and assets are concentrated in this single gold-backed product.
• Creation and redemption activity — Shares are issued and redeemed continuously at NAV in 50,000-share Creation Units in exchange for gold, with activity dependent on Authorized Participant demand.

Recent performance

Annual net income was $9.7 million in 2023, $6.1 million in 2024, $34.6 million in 2025 and $132.1 million in 2026, according to reported XBRL figures. At June 30, 2026, total assets were $415.4 million and shareholder equity was $293.1 million, against total liabilities of $49,945. Cash and equivalents were $0.00 at June 30, 2026, and operating cash flow was reported as $0.00 in each year from 2023 through 2026. The Trust's assets consist of gold bullion and cash, if any, and NAV is calculated using the LBMA Gold Price PM.

Strategy

The Fund's stated objective is for the Shares to reflect the performance of the price of gold bullion, less the Fund's expenses. It seeks to hold only responsibly sourced gold, defined as London Good Delivery bars refined on or after January 1, 2012 under the LBMA Responsible Gold Guidance. The Custodian seeks, on a best efforts basis and subject to available liquidity, to allocate post-2012 gold when transferring gold in and out of the Fund's allocated account, and the Fund may temporarily deviate in unusual market conditions such as supply constraints. Shares are offered continuously in Creation Units to Authorized Participants in exchange for gold, with no active management, officers, directors or employees.

Risks

• Gold price market risk — Because the Shares are designed to reflect the price of gold less expenses, Share value fluctuates with gold prices and can decline, with no assurance of profit even over mid- or long-term holding periods.
• Official sector and producer selling — Large-scale gold sales by governments, central banks and related institutions that own a significant portion of world gold holdings, or increased hedging by gold producers, could depress gold prices and the Shares.
• Sentiment and supply/demand shifts — A negative shift in speculator and investor outlook toward gold, or changes in global gold supply and demand including jewelry, technology and investment purchases, could cause gold prices and the Shares to fall.
• Responsibly sourced gold sourcing constraint — The Fund's preference for post-2012 responsibly sourced gold depends on the Custodian's best efforts and available liquidity, and the Fund may temporarily deviate from the policy in unusual market conditions.

Outlook

The filings describe the Fund's objective to reflect the price of gold bullion less expenses and to hold only responsibly sourced post-2012 gold on a best-efforts basis. Management notes forward-looking statements about future gold prices, gold sales, costs, market conditions and the operations of the Trust and the Fund are subject to risks and uncertainties, and the Trust does not intend to update forward-looking statements except as required by federal securities laws. The most recent reported balance sheet, at June 30, 2026, shows total assets of $415.4 million and shareholder equity of $293.1 million.