| Line Item | 2026-03-31 | Y/Y |
|---|---|---|
| Net Income | $132.1M | +281.9% |
| Line Item | 2026-03-31 | Y/Y |
|---|---|---|
| Total Assets | $475.7M | +154.4% |
| Total Liabilities | $70K | +232.7% |
| Stockholders' Equity | $293.1M | +114.7% |
| Line Item | 2026-03-31 | Y/Y |
|---|---|---|
| Operating Cash Flow | $0 | — |
Business Overview
The Franklin Responsibly Sourced Gold ETF (FGDL) is a single-series trust that issues shares representing fractional ownership of allocated gold bullion. The Fund's investment objective is to reflect the performance of gold bullion prices less expenses, with a focus on holding only responsibly sourced gold (London Good Delivery bars refined after January 1, 2012, or pre-2012 gold only when necessary due to liquidity constraints). The Fund operates with a streamlined structure, creating and redeeming shares only in large Creation Units with authorized participants, with expenses borne primarily by the Sponsor at an annual rate of 0.15% of net asset value.
Key Risk Factors
Key risks include the gradual decline in gold bullion represented per share due to ongoing expenses, operational reliance on third-party custodians and service providers whose failure could impair the Fund's operations, and the Sponsor's broad discretionary authority to amend the Declaration of Trust and potentially terminate the Fund with only 30 days' notice to shareholders. Additionally, the Fund is not regulated as a commodity pool and investors do not receive CFTC protections, and shareholders lack traditional corporate voting rights and cannot bring oppression or derivative actions.