Franklin Templeton Holdings Trust (FGDL) 10-Q 14 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	4 Months Ended
	Sep. 30, 2022	Nov. 07, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Registrant Name	FRANKLIN TEMPLETON HOLDINGS TRUST
Entity Central Index Key	0001858258
Document Quarterly Report	true
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	DE
Entity Address, State or Province	CA
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity File Number	001-41435
Entity Tax Identification Number	87-6458919
Entity Address, Address Line One	One Franklin Parkway
Entity Address, City or Town	San Mateo
Entity Address, Postal Zip Code	94403-1906
City Area Code	650
Local Phone Number	312-2000
Title of 12(b) Security	Shares of Franklin Responsibly Sourced Gold ETF
Trading Symbol	FGLD
Security Exchange Name	NYSEArca
Entity Common Stock, Shares Outstanding		1,850,000

Statement of Assets and Liabil

Statement of Assets and Liabilities	Sep. 30, 2022 USD ($) $ / shares shares
Assets
Investment in gold, at fair value (a)	$ 41,400,126	[1]
Total assets	41,400,126
Liabilities
Sponsor's fee payable	4,498
Commitments and contingent liabilities (Note 7)	0
Total liabilities	4,498
Net assets	$ 41,395,628
Shares issued (b) | shares	1,850,000	[2]
Shares outstanding (b) | shares	1,850,000	[2]
Net asset value per Share | $ / shares	$ 22.38
[1]Cost of investment in gold bullion: $43,822,585.[2]No par value, unlimited amount authorized.

Statement of Assets and Liabili

Statement of Assets and Liabilities (Parenthetical)	Sep. 30, 2022 USD ($)
Statement of Financial Position [Abstract]
Cost of investment	$ 43,822,585

Schedule of Investments

Schedule of Investments	Sep. 30, 2022 USD ($) oz
Ounces of Gold | oz	24,764.544
Cost	$ 43,822,585
Fair Value	$ 41,400,126	[1]
% of Net Assets	100.01%
Non Investment Assets Less Non Investment Liabilities	$ (4,498)
Non Investment Assets Less Non Investment Liabilities, Percent of Net Assets	(0.01%)
Net Assets	$ 41,395,628
Net Assets Percentage On Net Assets Value	100%
Investment In Gold [Member]
Ounces of Gold | oz	24,764.544
Cost	$ 43,822,585
Fair Value	$ 41,400,126
% of Net Assets	100.01%
[1]Cost of investment in gold bullion: $43,822,585.

Statements of Operations

Statements of Operations - USD ($)		3 Months Ended	4 Months Ended
		Sep. 30, 2022	Sep. 30, 2022
Expenses
Sponsor's fee		$ 11,531	$ 11,541
Total expenses		11,531	11,541
Net investment loss		(11,531)	(11,541)
Net realized and change in unrealized gain (loss) on investment in gold
Net realized gain (loss) from gold sold for rebalancing and to pay expenses		(384)	(384)
Net change in unrealized appreciation (depreciation) on investment in gold		(2,355,378)	(2,422,459)
Net realized and change in unrealized gain (loss) on investment in gold		(2,355,762)	(2,422,843)
Net increase (decrease) in net assets resulting from operations		$ (2,367,293)	$ (2,434,384)
Net increase (decrease) in net assets per Share	[1]	$ (1.77)	$ (2.49)
[1]Net increase (decrease) in net assets per Share based on average shares outstanding during the period.

Statement of Cash Flows

Statement of Cash Flows - USD ($)	3 Months Ended	4 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Cash Flows from Operating Activities:
Proceeds from gold bullion sold to pay expenses		$ 7,043
Expenses - Sponsor's fee paid		(7,043)
Net cash provided by operating activities		0
Increase (decrease) in cash		0
Cash, beginning of period		0
Cash, end of period	$ 0	0
Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities:
Net increase (decrease) in net assets resulting from operations	(2,367,293)	(2,434,384)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Proceeds from gold bullion sold to pay expenses		7,043
Net realized gain (loss)	384	384
Net change in unrealized appreciation (depreciation)	$ 2,355,378	2,422,459
Change in operating assets and liabilities:
Sponsor's fees payable		4,498
Net cash provided by (used in) operating activities		0
Supplemental disclosure of non-cash information:
Gold bullion contributed for Shares issued		43,830,012
Gold bullion distributed for Shares redeemed		$ 0

Statements of Changes in Net As

Statements of Changes in Net Assets - USD ($)	3 Months Ended	4 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Statement Of Changes In Net Assets [Line Items]
Net assets, beginning of period	$ 2,432,909	$ 0
Net investment loss	(11,531)	(11,541)
Net realized gain (loss) from gold sold to pay expenses	(384)	(384)
Net change in unrealized appreciation (depreciation) on investment in gold	(2,355,378)	(2,422,459)
Net increase (decrease) in net assets resulting from operations	(2,367,293)	(2,434,384)
Capital Share Transactions:
Contributions for Shares issued	41,330,012	43,830,012
Distributions for Shares redeemed	0	0
Net increase in net assets from capital share transactions	41,330,012	43,830,012
Net assets, end of period	$ 41,395,628	$ 41,395,628

Organization

Organization	4 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. ORGANIZATION The Franklin Templeton Holdings Trust (the “Trust”) was organized as a Delaware statutory trust on April 19, 2021 and is governed by the Agreement and Declaration of Trust dated as of May 10, 2022. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”) and is not a commodity pool for purposes of the Commodity Exchange Act (“CEA”). The Trust currently offers a single series, the Franklin Responsibly Sourced Gold ETF (the “Fund”). Franklin Holdings, LLC is the Sponsor of the Trust (the “Sponsor”). The Sponsor is not subject to regulation by the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator with respect to the Fund, or a commodity trading advisor with respect to the Fund. The Fund issues shares (the “Shares”), which represent units of fractional undivided beneficial interest in the Fund. The Shares of the Fund are listed on the NYSE Arca, Inc. (“NYSE Arca”). 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. The Fund’s only ordinary recurring expense is the Sponsor’s annual fee of 0.15% of the NAV of the Fund. The assets of the Fund include only gold bullion and cash, if any. The Fund seeks to hold only responsibly sourced gold in the Fund’s allocated account. The Fund defines responsibly sourced gold for this purpose as London Good Delivery gold bullion bars that were refined on or after January 1, 2012 (also referred to herein as “post-2012 gold”). All post-2012 gold has been refined in accordance with London Bullion Market Association’s (“LBMA”) Responsible Gold Guidance (the “Gold Guidance”). The Shares were first listed for trading on NYSE Arca on June 30, 2022. BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, or “BNYM,” is the Fund’s Administrator (the “Administrator”) and Transfer Agent (the “Transfer Agent”). BNYM also serves as the custodian of the Fund’s cash, if any. JPMorgan Chase Bank, N.A., London branch (“JPMorgan”), is the custodian (the “Custodian”) of the Fund’s gold bullion. Delaware Trust Company, a subsidiary of the Corporation Service Company, is the Trustee of the Trust. Franklin Distributors, LLC is the marketing agent of the Trust (the “Marketing Agent”). Shares of the Fund are listed on the NYSE Arca under the ticker symbol “FGLD”. The market price of the Shares may be different from the NAV per Share. Shares may be purchased from the Trust only by certain eligible financial institutions called Authorized Participants and only in one or more blocks of 50,000 Shares (“Creation Units”) in exchange for gold. The Fund issues Shares in Creation Units on a continuous basis at the applicable NAV per Share on the creation order date. Except when aggregated in Creation Units, the Shares are not redeemable securities. The Fund is an “emerging growth company” as that term is used in the Securities Act of 1933, as amended (the “Securities Act”), and, as such, the Fund may elect to comply with certain reduced public company reporting requirements. On May 24, 2022, the initial Authorized Participant, JP Morgan Securities LLC (the “Initial AP”), purchased 100,000 Shares at a per-Share The statement of assets and liabilities and schedule of investments at September 30, 2022 and the statements of operations, cash flows and changes in net assets for the period ended September 30, 2022, have been prepared on behalf of the Fund and are unaudited. In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position and results of operations for the period ended September 30, 2022 have been made. In addition, interim period results are not necessarily indicative of results for a full-year period. As the fund had no operations prior to the initial seeding on May 24, 2022, comparative statements for prior year have not been included. The fiscal year of the Fund is March 31st.

Significant Accounting Policies

Significant Accounting Policies	4 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	2. SIGNIFICANT ACCOUNTING POLICIES In preparing financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”), management of the Sponsor makes estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amount of revenue and expenses reported during the period. Actual results could differ from these estimates. The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q The following is a summary of significant accounting policies followed by the Trust and the Fund. 2.1. Basis of Presentation The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. 2.2. Valuation of Gold The Trust follows the provisions of ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction 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 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 will generally value the gold bullion held by the Fund on the basis of the LBMA Gold Price PM. The Administrator will calculate the NAV on each day NYSE Arca is open for regular trading, at the earlier LBMA Gold Price PM for the day or 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. Gold bullion held by the Fund is reported at fair value on the Statement of Assets and Liabilities. 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 quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or uncorroborated by observable market data by correlation or other means; and Level 3: Unobservable inputs that are unobservable for the asset or liability, including the Fund’s assumptions used in determining the fair value of investments. At September 30, 2022, the value of the gold bullion held by the Fund is categorized as Level 1. 2.3. Expenses, realized gains and losses The Fund’s only ordinary recurring expense is the Sponsor’s fee of 0.15% of the NAV of the Fund (“Sponsor fee”). The Sponsor fee is calculated on a daily basis (accrued at 1/365 of the applicable percentage of total net assets on that day) and is payable by the Fund monthly in arrears. The Fund’s expenses will reduce the NAV of the Fund. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Fund, including but not limited to the following: fees charged by the Administrator, the Custodian and the Trustee, NYSE Arca listing fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, audit fees and expenses, up to $500,000 per annum in legal fees and expenses and applicable license fees. The Sponsor is not required to pay any extraordinary or non-routine as-needed 2.4. Gold Receivable and Payable Gold receivable or payable represents the quantity of gold covered by contractually binding orders for the creation or redemption of Shares respectively, where the gold has not yet been transferred to or from the Fund’s account. Generally, ownership of the gold is transferred within two business days of the trade date. When selling gold to pay expenses, the Sponsor will endeavor to sell the smallest amount of gold needed to pay expenses to minimize the Fund’s holdings of assets other than gold. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold on the trade date, and such amounts are reported as net realized gain (loss) from investment in gold sold to pay expenses in the statement of operations. Gold transactions are recorded on the trade date. The cost of gold is determined using the specific identification method. 2.5. Creations and redemptions of Shares The Fund creates and redeems Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of 50,000 Shares). The creation and redemption of Creation Units is only made in exchange for the delivery to the Fund or the distribution by the Fund of the amount of gold bullion represented by the Creation Units being created or redeemed. The amount of gold bullion required to be delivered to the Fund in connection with any creation, or paid out upon redemption, is based on the combined NAV of the number of Shares included in the Creation Units being created or redeemed as determined on the day the order to create or redeem Creation Units is properly received and accepted. The standard settlement cycle for most broker-dealer securities transactions is two business days, T+2 (the trade date plus two Prior to initiating any creation or redemption order, an Authorized Participant must have an existing unallocated account with a LPMCL clearing bank identified by the Authorized Participant to the Custodian and the Sponsor, or an agreement with the Custodian itself establishing an unallocated account in London. An unallocated account is an account with a bullion dealer, which may also be a bank, to which a fine weight amount of gold bullion is credited. Transfers to or from an unallocated account are made by crediting or debiting the number of ounces of gold bullion being deposited or withdrawn. The account holder is entitled to direct the bullion dealer to deliver an amount of physical gold bullion equal to the amount of gold bullion standing to the credit of the unallocated account holder. Gold bullion held in an unallocated account is not segregated from the Custodian’s assets. The account holder therefore has no ownership interest in any specific bars of gold bullion that the bullion dealer holds or owns. The account holder is an unsecured creditor of the bullion dealer, and credits to an unallocated account are at risk of the bullion dealer’s insolvency, in which event it may not be possible for a liquidator to identify any gold bullion held in an unallocated account as belonging to the account holder rather than to the bullion dealer. Changes in Shares for the quarter July 1, 2022 to September 30, 2022 are as follows: Shares Amount Balance at July 1, 202 2 100,000 $ 2,500,000 Creation of Shares 1,750,000 41,330,012 Redemption of Shares — — Balance at September 1,850,000 $ 43,830,012 Changes in the Shares for the period from May 24, 2022 (Date of inception) to September 30, 2022 are as follows: Shares Amount Balance at May 24, 2022 * — $ — Creation of Shares ** 1,850,000 43,830,012 Redemption of Shares — — Balance at September 30, 2022 1,850,000 $ 43,830,012 * The date represents the Initial Seed Creation. ** Includes initial seed creation of 100,000 shares for an amount of $2,500,000. 2.6. Organizational Costs The Fund’s organizational and offering costs are borne by the Sponsor and, as such, are the sole responsibility of the Sponsor. The Sponsor will not seek reimbursement or otherwise require the Fund, the Trust, the Trustee or any Shareholder to assume any liability, duty or obligation in connection with any such organizational and offering costs. 2.7. Income Taxes The Trust is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Fund itself is not subject to United States federal income tax. Instead, the Trust’s income, gain, losses, and expenses will “flow through” to the shareholders, and the Administrator reports these to the Internal Revenue Service on that basis. The Sponsor evaluates tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are “more-likely-than-not”

Investment In Gold

Investment In Gold	4 Months Ended
	Sep. 30, 2022
Schedule of Investments [Abstract]
Investment In Gold	3. INVESTMENT IN GOLD The following represents the changes in ounces of gold held and the respective fair value during the quarter July 1, 2022 to September 30, 2022: Amount in ounces Amount in US$ Balance at July 1, 2022 1,338.976 $ 2,432,919 Gold received for the creation of Shares 23,429.704 41,330,012 Gold distributed for the redemption of Shares — — Principal on gold sales to pay expenses (4.136 ) (7,043 ) Net realized gain (loss) from gold transferred to pay expenses — (384 ) Net change in unrealized appreciation (depreciation) on investment in gold — (2,355,378 ) Balance at September 24,764.544 $ 41,400,126 The following represents the changes in ounces of gold held and the respective fair value during the period from May 24, 2022 (Date of inception) to September 30, 2022: Amount in ounces Amount in US$ Balance at May 24, 2022 * — $ — Gold received for the creation of Shares** 24,768.680 43,830,012 Gold distributed for the redemption of Shares — — Principal on gold sales to pay expenses (4.136 ) (7,043 ) Net realized gain (loss) from gold sold for rebalancing and to pay expenses — (384 ) Net change in unrealized appreciation (depreciation) on investment in gold — (2,422,459 ) Balance at September 30, 2022 24,764.544 $ 41,400,126 * The date represents the Initial Seed Creation. ** Includes gold received towards initial seed creation of 1,338.976 ounces for an amount of $2,500,000.

Related Parties – Sponsor

Related Parties – Sponsor	4 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Parties – Sponsor	4. RELATED PARTIES – SPONSOR The Sponsor of the Trust is Franklin Holdings, LLC. The Sponsor is responsible for establishing the Trust and for the registration of the Shares. The Sponsor generally oversees the performance of the Fund’s principal service providers but does not exercise day-to-day

Concentration of Risk

Concentration of Risk	4 Months Ended
	Sep. 30, 2022
Risks and Uncertainties [Abstract]
Concentration of Risk	5. CONCENTRATION OF RISK The Fund’s sole business activity is the investment in gold bullion. Several factors could affect the price of gold: (i) global gold supply and demand, which is influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries, and new production projects; (ii) investors’ expectations regarding future inflation rates; (iii) currency exchange rate volatility; (iv) interest rate volatility; and (v) political, economic, global or regional incidents. In addition, there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future. In the event that the price of gold declines, the Sponsor expects the value of an investment in the shares to decline proportionately. Each of these events could have a material effect on the Fund’s financial position and results of operations.

Financial Highlights

Financial Highlights	4 Months Ended
	Sep. 30, 2022
Investment Company, Financial Highlights [Abstract]
Financial Highlights	6. FINANCIAL HIGHLIGHTS For the Three Months Ended September 30, For the period (Unaudited) (Unaudited) Net asset value per Share, beginning of period $ 24.33 $ 25.00 (a) Net investment loss (b) (0.01 ) (0.01 ) Net realized and unrealized gain (loss) on investment in gold (1.94 ) (2.61 ) Net change in net assets from operations (1.95 ) (2.62 ) Net asset value per Share, end of period $ 22.38 $ 22.38 Total return, at net asset value (c) (8.01 )% (10.48 )% Ratio to average net assets (d) Net investment loss (0.15 )% (0.15 )% Net expenses 0.15 % 0.15 % (a) The amount represents the initial Seed Creation. (b) Calculated using average Shares outstanding. (c) Calculation based on the change in net asset value of a Share during the period. Total return for periods of less than a year are not annualized. (d) Annualized.

Commitments And Contingent Liab

Commitments And Contingent Liabilities	4 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingent Liabilities	7. COMMITMENTS AND CONTINGENT LIABILITIES In the normal course of business, the Trust, on behalf of the Fund, may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

Novel Coronavirus Pandemic

Novel Coronavirus Pandemic	4 Months Ended
	Sep. 30, 2022
Novel Coronavirus Pandemic [Abstract]
Novel Coronavirus Pandemic	8. NOVEL CORONAVIRUS PANDEMIC The global outbreak of the novel coronavirus disease, known as COVID-19, COVID-19

Indemnification

Indemnification	4 Months Ended
	Sep. 30, 2022
Indemnification [Abstract]
Indemnification	9. INDEMNIFICATION The Sponsor will not be liable to the Trust, the Trustees or any Shareholder for any action taken or for refraining from taking any action in good faith, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any gold bullion or other assets of the Fund or the Trust. However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence, bad faith, or willful misconduct. The Sponsor and each of its shareholders, members, directors, officers, employees, affiliates and subsidiaries will be indemnified by the Trust and held harmless against any losses, liabilities or expenses incurred in the performance of its duties under the Declaration of Trust without gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustees, the Trustees’ counsel or by any other person for any matters arising under the Declaration of Trust. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustees other than as expressly provided for in the Declaration of Trust. Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any indemnified claim or liability under the Declaration of Trust. The Trustee will not be liable or accountable to the Trust or any other person or under any agreement to which the Trust or any series of the Trust is a party, except for the Trustee’s breach of its obligations pursuant to the Declaration of Trust or its own willful misconduct, bad faith or gross negligence. The Trustee and each of the Trustee’s officers, affiliates, directors, employees, and agents will be indemnified by the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated thereby; provided that the indemnified party acted without willful misconduct, bad faith or gross negligence.

Subsequent Events

Subsequent Events	4 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	10. SUBSEQUENT EVENTS Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements and determined that no events have occurred that require disclosure.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	4 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	2.1. Basis of Presentation The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act.
Valuation of Gold	2.2. Valuation of Gold The Trust follows the provisions of ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction 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 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 will generally value the gold bullion held by the Fund on the basis of the LBMA Gold Price PM. The Administrator will calculate the NAV on each day NYSE Arca is open for regular trading, at the earlier LBMA Gold Price PM for the day or 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. Gold bullion held by the Fund is reported at fair value on the Statement of Assets and Liabilities. 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 quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or uncorroborated by observable market data by correlation or other means; and Level 3: Unobservable inputs that are unobservable for the asset or liability, including the Fund’s assumptions used in determining the fair value of investments. At September 30, 2022, the value of the gold bullion held by the Fund is categorized as Level 1.
Expenses, realized gains and losses	2.3. Expenses, realized gains and losses The Fund’s only ordinary recurring expense is the Sponsor’s fee of 0.15% of the NAV of the Fund (“Sponsor fee”). The Sponsor fee is calculated on a daily basis (accrued at 1/365 of the applicable percentage of total net assets on that day) and is payable by the Fund monthly in arrears. The Fund’s expenses will reduce the NAV of the Fund. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Fund, including but not limited to the following: fees charged by the Administrator, the Custodian and the Trustee, NYSE Arca listing fees, typical maintenance and transaction fees of the DTC, SEC registration fees, printing and mailing costs, audit fees and expenses, up to $500,000 per annum in legal fees and expenses and applicable license fees. The Sponsor is not required to pay any extraordinary or non-routine as-needed
Gold Receivable and Payable	2.4. Gold Receivable and Payable Gold receivable or payable represents the quantity of gold covered by contractually binding orders for the creation or redemption of Shares respectively, where the gold has not yet been transferred to or from the Fund’s account. Generally, ownership of the gold is transferred within two business days of the trade date. When selling gold to pay expenses, the Sponsor will endeavor to sell the smallest amount of gold needed to pay expenses to minimize the Fund’s holdings of assets other than gold. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold on the trade date, and such amounts are reported as net realized gain (loss) from investment in gold sold to pay expenses in the statement of operations. Gold transactions are recorded on the trade date. The cost of gold is determined using the specific identification method.
Creations and redemptions of Shares	2.5. Creations and redemptions of Shares The Fund creates and redeems Shares from time to time, but only in one or more Creation Units (a Creation Unit equals a block of 50,000 Shares). The creation and redemption of Creation Units is only made in exchange for the delivery to the Fund or the distribution by the Fund of the amount of gold bullion represented by the Creation Units being created or redeemed. The amount of gold bullion required to be delivered to the Fund in connection with any creation, or paid out upon redemption, is based on the combined NAV of the number of Shares included in the Creation Units being created or redeemed as determined on the day the order to create or redeem Creation Units is properly received and accepted. The standard settlement cycle for most broker-dealer securities transactions is two business days, T+2 (the trade date plus two Prior to initiating any creation or redemption order, an Authorized Participant must have an existing unallocated account with a LPMCL clearing bank identified by the Authorized Participant to the Custodian and the Sponsor, or an agreement with the Custodian itself establishing an unallocated account in London. An unallocated account is an account with a bullion dealer, which may also be a bank, to which a fine weight amount of gold bullion is credited. Transfers to or from an unallocated account are made by crediting or debiting the number of ounces of gold bullion being deposited or withdrawn. The account holder is entitled to direct the bullion dealer to deliver an amount of physical gold bullion equal to the amount of gold bullion standing to the credit of the unallocated account holder. Gold bullion held in an unallocated account is not segregated from the Custodian’s assets. The account holder therefore has no ownership interest in any specific bars of gold bullion that the bullion dealer holds or owns. The account holder is an unsecured creditor of the bullion dealer, and credits to an unallocated account are at risk of the bullion dealer’s insolvency, in which event it may not be possible for a liquidator to identify any gold bullion held in an unallocated account as belonging to the account holder rather than to the bullion dealer. Changes in Shares for the quarter July 1, 2022 to September 30, 2022 are as follows: Shares Amount Balance at July 1, 202 2 100,000 $ 2,500,000 Creation of Shares 1,750,000 41,330,012 Redemption of Shares — — Balance at September 1,850,000 $ 43,830,012 Changes in the Shares for the period from May 24, 2022 (Date of inception) to September 30, 2022 are as follows: Shares Amount Balance at May 24, 2022 * — $ — Creation of Shares ** 1,850,000 43,830,012 Redemption of Shares — — Balance at September 30, 2022 1,850,000 $ 43,830,012 * The date represents the Initial Seed Creation. ** Includes initial seed creation of 100,000 shares for an amount of $2,500,000.
Organizational Costs	2.6. Organizational Costs The Fund’s organizational and offering costs are borne by the Sponsor and, as such, are the sole responsibility of the Sponsor. The Sponsor will not seek reimbursement or otherwise require the Fund, the Trust, the Trustee or any Shareholder to assume any liability, duty or obligation in connection with any such organizational and offering costs.
Income Taxes	2.7. Income Taxes The Trust is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Fund itself is not subject to United States federal income tax. Instead, the Trust’s income, gain, losses, and expenses will “flow through” to the shareholders, and the Administrator reports these to the Internal Revenue Service on that basis. The Sponsor evaluates tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are “more-likely-than-not”

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	4 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Changes in Shares	Changes in Shares for the quarter July 1, 2022 to September 30, 2022 are as follows: Shares Amount Balance at July 1, 202 2 100,000 $ 2,500,000 Creation of Shares 1,750,000 41,330,012 Redemption of Shares — — Balance at September 1,850,000 $ 43,830,012 Changes in the Shares for the period from May 24, 2022 (Date of inception) to September 30, 2022 are as follows: Shares Amount Balance at May 24, 2022 * — $ — Creation of Shares ** 1,850,000 43,830,012 Redemption of Shares — — Balance at September 30, 2022 1,850,000 $ 43,830,012 * The date represents the Initial Seed Creation. ** Includes initial seed creation of 100,000 shares for an amount of $2,500,000.

Investment In Gold (Tables)

Investment In Gold (Tables)	4 Months Ended
	Sep. 30, 2022
Schedule of Investments [Abstract]
Summary of Changes in Ounces of Gold Held And Respective Fair Value	The following represents the changes in ounces of gold held and the respective fair value during the quarter July 1, 2022 to September 30, 2022: Amount in ounces Amount in US$ Balance at July 1, 2022 1,338.976 $ 2,432,919 Gold received for the creation of Shares 23,429.704 41,330,012 Gold distributed for the redemption of Shares — — Principal on gold sales to pay expenses (4.136 ) (7,043 ) Net realized gain (loss) from gold transferred to pay expenses — (384 ) Net change in unrealized appreciation (depreciation) on investment in gold — (2,355,378 ) Balance at September 24,764.544 $ 41,400,126 The following represents the changes in ounces of gold held and the respective fair value during the period from May 24, 2022 (Date of inception) to September 30, 2022: Amount in ounces Amount in US$ Balance at May 24, 2022 * — $ — Gold received for the creation of Shares** 24,768.680 43,830,012 Gold distributed for the redemption of Shares — — Principal on gold sales to pay expenses (4.136 ) (7,043 ) Net realized gain (loss) from gold sold for rebalancing and to pay expenses — (384 ) Net change in unrealized appreciation (depreciation) on investment in gold — (2,422,459 ) Balance at September 30, 2022 24,764.544 $ 41,400,126 * The date represents the Initial Seed Creation. ** Includes gold received towards initial seed creation of 1,338.976 ounces for an amount of $2,500,000.

Financial Highlights (Tables)

Financial Highlights (Tables)	4 Months Ended
	Sep. 30, 2022
Investment Company, Financial Highlights [Abstract]
Summary of Financial Highlights	For the Three Months Ended September 30, For the period (Unaudited) (Unaudited) Net asset value per Share, beginning of period $ 24.33 $ 25.00 (a) Net investment loss (b) (0.01 ) (0.01 ) Net realized and unrealized gain (loss) on investment in gold (1.94 ) (2.61 ) Net change in net assets from operations (1.95 ) (2.62 ) Net asset value per Share, end of period $ 22.38 $ 22.38 Total return, at net asset value (c) (8.01 )% (10.48 )% Ratio to average net assets (d) Net investment loss (0.15 )% (0.15 )% Net expenses 0.15 % 0.15 % (a) The amount represents the initial Seed Creation. (b) Calculated using average Shares outstanding. (c) Calculation based on the change in net asset value of a Share during the period. Total return for periods of less than a year are not annualized. (d) Annualized.

Organization - Additional Infor

Organization - Additional Information (Detail)	May 24, 2022 USD ($) oz $ / shares shares	Sep. 30, 2022 shares
Common stock, shares authorized | shares		50,000
Seed Creation Units [Member]
Stock issued during period, shares, new issues | shares	100,000
Shares issued, price per share | $ / shares	$ 25
Gold [Member] | Seed Creation Units [Member]
Number of seed creation units sold per ounces of gold | oz	1,338.976
Gold deposit amount | $	$ 2,500,000
Price per ounce of gold | oz	1,867.1

Significant Accounting Polici_4

Significant Accounting Policies - Summary of Changes in Shares (Detail) - USD ($)	3 Months Ended	4 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Summary of Changes in The Shares Issued and Outstanding [Line Items]
Beginning Balance (in Shares)	100,000	0
Beginning Balance	$ 2,500,000	$ 0
Creation of Shares (in Shares)	1,750,000	1,850,000
Creation of Shares	$ 41,330,012	$ 43,830,012
Redemption of Shares (in Shares)	0	0
Redemption of Shares	$ 0	$ 0
Ending Balance (in Shares)	1,850,000	1,850,000
Ending Balance	$ 43,830,012	$ 43,830,012

Significant Accounting Polici_5

Significant Accounting Policies - Summary of Changes in Shares (Parenthetical) (Detail)	4 Months Ended
	Sep. 30, 2022 USD ($) shares
Summary of Changes in The Shares Issued and Outstanding [Line Items]
Stock initial seed creation shares | shares	100,000
Stock initial seed creation value | $	$ 2,500,000

Significant Accounting Polici_6

Significant Accounting Policies - Additional Information (Detail)	4 Months Ended
	Sep. 30, 2022 USD ($) shares
Accounting Policies [Line Items]
Sponsor fee payable on net asset value of the fund percentage	0.15%
Maximum threshold fund expenses borne by sponsor	$ 500,000
Number of share per creation unit | shares	50,000
Transfer agent transaction processing fee per order	$ 500
Income tax examination description	As of September 30, 2022, there are no open tax years for examination.
Standard settlement cycle for broker dealer securities transactions description	T+2
Number of business days to transfer ownership of gold from trade date	2 days
Gold bullion minimum fineness description	995 parts per 1,000 (99.5%)

Investment In Gold - Summary of

Investment In Gold - Summary of Changes in Ounces of Gold Held And Respective Fair Value (Detail)		3 Months Ended	4 Months Ended
		Sep. 30, 2022 USD ($) oz	Sep. 30, 2022 USD ($) oz
Investment Holdings, Other than Securities [Line Items]
Beginning Balance (Amount in Ounces) | oz		1,338.976	0
Beginning Balance (Amount in US) | $		$ 2,432,919	$ 0
Gold received for the creation of Shares (Amount in Ounces) | oz		23,429.704	24,768.68
Gold received for the creation of Shares (Amount in US) | $		$ 41,330,012	$ 43,830,012
Gold distributed for the redemption of Shares (Amount in Ounces) | oz		0	0
Gold distributed for the redemption of Shares (Amount in US) | $		$ 0	$ 0
Principal on gold sales to pay expenses (Amount in Ounces) | oz		(4.136)	(4.136)
Principal on gold sales to pay expenses (Amount in US) | $		$ (7,043)	$ (7,043)
Net realized gain (loss) from gold sold for rebalancing and to pay expenses (Amount in Ounces) | oz		0	0
Net realized gain (loss) from gold sold for rebalancing and to pay expenses (Amount in US) | $		$ (384)	$ (384)
Net change in unrealized appreciation (depreciation) on investment in gold (Amount in ounces) | oz		0	0
Net change in unrealized appreciation (depreciation) on investment in gold (Amount in US) | $		$ (2,355,378)	$ (2,422,459)
Ending Balance (Amount in Ounces) | oz		24,764.544	24,764.544
Ending Balance (Amount in US) | $	[1]	$ 41,400,126	$ 41,400,126
[1]Cost of investment in gold bullion: $43,822,585.

Investment In Gold - Summary _2

Investment In Gold - Summary of Changes in Ounces of Gold Held And Respective Fair Value (Parenthetical) (Detail)	4 Months Ended
	Sep. 30, 2022 USD ($) oz
Investment Holdings, Other than Securities [Line Items]
Gold received towards initial creation of shares in ounce | oz	1,338.976
Gold received towards initial creation of shares | $	$ 2,500,000

Financial Highlights - Summary

Financial Highlights - Summary of Financial Highlights (Detail) - $ / shares	3 Months Ended	4 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Investment Company, Financial Highlights [Line Items]
Net asset value per Share, beginning of period	$ 24.33	$ 25
Net investment loss	(0.01)	(0.01)
Net realized and unrealized gain (loss) on investment in gold	(1.94)	(2.61)
Net change in net assets from operations	(1.95)	(2.62)
Net asset value per Share, end of period	$ 22.38	$ 22.38
Total return, at net asset value	(8.01%)	(10.48%)
Ratio to average net assets
Net investment loss	(0.15%)	(0.15%)
Net expenses	0.15%	0.15%