{
  "reviewed_on": "2026-09-12",
  "version": "3.0",
  "references": {
    "1": "https://www.franklintempleton.com.sg/press-releases/franklin-templeton-receives-mas-approval-to-launch-first-retail-tokenized-fund-in-singapore",
    "2": "https://www.franklintempleton.com.sg/download/en-sg/factsheet/9b6b69a8-545f-49fc-a623-9fe44f0ac6a6/Factsheet-FranklinOnChainUSDollarShort-TermMoneyMarketFund-A%28acc%29USD-41715-A-FF-SG-en-GB.PDF",
    "3": "https://www.franklintempleton.com.sg/download/en-sg/factsheet/a8ab3b5d-e65f-4ae0-8006-cb88ffdad5db/Factsheet-FranklinUSDollarShort-TermMoneyMarketFund-A%28acc%29USD-307-Z-FF-SG-en-GB.PDF",
    "4": "https://www.franklintempleton.com.sg/download/en-sg/product-highlights-sheet/6dac9668-346b-4292-8e04-5e73ca54ac5f/PHS_307_en_SG.pdf",
    "5": "https://www.franklintempleton.com.sg/download/en-sg/product-highlights-sheet/02ca723d-8616-488d-80a4-eb60705742dd/PHS_41715_en_SG.pdf",
    "6": "https://franklintempletonprod.widen.net/s/lgfkvv6bkp/change-of-valuation-day-definition-lux-updated",
    "7": "https://www.marketnode.com/knowledge/franklin-templeton",
    "8": "https://insights.digift.io/secured-finance-integrates-digift-distributed-tokenized-rwas-as-eligible-on-chain-collateral/"
  },
  "case_count": 2,
  "method": "Same-manager USD accumulating share classes; separate portfolios and domiciles, not a causal experiment. Public terms and manager-reported returns are separate from hypothetical ACT/365 calculations. No authenticated investment, redemption or loan execution.",
  "source_locators": {
    "1": "May 15 2025 announcement: matching investment objectives",
    "2": "July 31 2026 factsheet pages 1-2: identifiers, return table, charges and TER definition",
    "3": "July 31 2026 factsheet pages 1-2: identifiers, return table, charges and OCF definition",
    "4": "May 29 2026 PHS pages 3-4: fees, sale proceeds and definitions",
    "5": "May 12 2026 PHS pages 1, 3-5: register, fees, redemption, dealing deadline",
    "6": "January 2024 notice page 1: USD valuation-day definition, consistent with later PHS",
    "7": "March 31 2026 announcement: distributor appointment only",
    "8": "February 5 2026 announcement: eligible uMINT collateral, not Franklin collateral"
  },
  "unresolved_cost_basis": "Conventional PHS management charge 0.40% is not its July factsheet OCF 0.25%; these are not subtracted from already net historical returns. Token TER estimate and conventional OCF are not a forecast of future all-in cost.",
  "performance_period": "Three months ending 2026-07-31",
  "reported_performance": [
    {
      "product": "Tokenized A (acc) USD",
      "isin": "SGXZ71843866",
      "net_return_pct": 0.89,
      "after_sales_charge_pct": -0.12,
      "illustrated_sales_charge_pct": 1,
      "reference": 2
    },
    {
      "product": "Conventional A (acc) USD",
      "isin": "LU0128526901",
      "net_return_pct": 0.92,
      "after_sales_charge_pct": 0.92,
      "illustrated_sales_charge_pct": 0,
      "reference": 3
    }
  ],
  "assumptions": {
    "principal_usd": 1000000,
    "day_count": "ACT/365 simple accrual",
    "net_carry_pct": [
      2,
      4,
      6
    ],
    "timing_days": [
      1,
      3,
      7,
      30
    ],
    "one_time_fee_bps": [
      1,
      10,
      25,
      100
    ],
    "repeated_days_per_cycle": 3,
    "repeated_cycles": 12,
    "utilization_pct": [
      25,
      50,
      100
    ],
    "loan_to_value_pct": 80,
    "borrow_rate_pct": 6,
    "loan_days": 3,
    "excluded": [
      "compounding",
      "tax",
      "NAV changes",
      "unquoted transaction and conversion charges",
      "liquidation costs"
    ],
    "net_carry_definition": "Annual return difference between productive exposure and the displaced cash balance, net of fund costs; not a fund yield quote."
  },
  "model": [
    {
      "scenario_id": "timing-2pct-1days",
      "evidence_type": "hypothetical",
      "metric": "incremental_carry",
      "value": 54.794520547945204,
      "unit": "USD",
      "principal_usd": 1000000,
      "net_carry_pct": 2,
      "days": 1
    },
    {
      "scenario_id": "timing-2pct-3days",
      "evidence_type": "hypothetical",
      "metric": "incremental_carry",
      "value": 164.3835616438356,
      "unit": "USD",
      "principal_usd": 1000000,
      "net_carry_pct": 2,
      "days": 3
    },
    {
      "scenario_id": "timing-2pct-7days",
      "evidence_type": "hypothetical",
      "metric": "incremental_carry",
      "value": 383.56164383561645,
      "unit": "USD",
      "principal_usd": 1000000,
      "net_carry_pct": 2,
      "days": 7
    },
    {
      "scenario_id": "timing-2pct-30days",
      "evidence_type": "hypothetical",
      "metric": "incremental_carry",
      "value": 1643.835616438356,
      "unit": "USD",
      "principal_usd": 1000000,
      "net_carry_pct": 2,
      "days": 30
    },
    {
      "scenario_id": "fee-1bps-2pct",
      "evidence_type": "hypothetical",
      "metric": "break_even_days",
      "value": 1.8250000000000002,
      "unit": "calendar_days",
      "net_carry_pct": 2,
      "one_time_fee_bps": 1
    },
    {
      "scenario_id": "fee-10bps-2pct",
      "evidence_type": "hypothetical",
      "metric": "break_even_days",
      "value": 18.25,
      "unit": "calendar_days",
      "net_carry_pct": 2,
      "one_time_fee_bps": 10
    },
    {
      "scenario_id": "fee-25bps-2pct",
      "evidence_type": "hypothetical",
      "metric": "break_even_days",
      "value": 45.625,
      "unit": "calendar_days",
      "net_carry_pct": 2,
      "one_time_fee_bps": 25
    },
    {
      "scenario_id": "fee-100bps-2pct",
      "evidence_type": "hypothetical",
      "metric": "break_even_days",
      "value": 182.5,
      "unit": "calendar_days",
      "net_carry_pct": 2,
      "one_time_fee_bps": 100
    },
    {
      "scenario_id": "timing-4pct-1days",
      "evidence_type": "hypothetical",
      "metric": "incremental_carry",
      "value": 109.58904109589041,
      "unit": "USD",
      "principal_usd": 1000000,
      "net_carry_pct": 4,
      "days": 1
    },
    {
      "scenario_id": "timing-4pct-3days",
      "evidence_type": "hypothetical",
      "metric": "incremental_carry",
      "value": 328.7671232876712,
      "unit": "USD",
      "principal_usd": 1000000,
      "net_carry_pct": 4,
      "days": 3
    },
    {
      "scenario_id": "timing-4pct-7days",
      "evidence_type": "hypothetical",
      "metric": "incremental_carry",
      "value": 767.1232876712329,
      "unit": "USD",
      "principal_usd": 1000000,
      "net_carry_pct": 4,
      "days": 7
    },
    {
      "scenario_id": "timing-4pct-30days",
      "evidence_type": "hypothetical",
      "metric": "incremental_carry",
      "value": 3287.671232876712,
      "unit": "USD",
      "principal_usd": 1000000,
      "net_carry_pct": 4,
      "days": 30
    },
    {
      "scenario_id": "fee-1bps-4pct",
      "evidence_type": "hypothetical",
      "metric": "break_even_days",
      "value": 0.9125000000000001,
      "unit": "calendar_days",
      "net_carry_pct": 4,
      "one_time_fee_bps": 1
    },
    {
      "scenario_id": "fee-10bps-4pct",
      "evidence_type": "hypothetical",
      "metric": "break_even_days",
      "value": 9.125,
      "unit": "calendar_days",
      "net_carry_pct": 4,
      "one_time_fee_bps": 10
    },
    {
      "scenario_id": "fee-25bps-4pct",
      "evidence_type": "hypothetical",
      "metric": "break_even_days",
      "value": 22.8125,
      "unit": "calendar_days",
      "net_carry_pct": 4,
      "one_time_fee_bps": 25
    },
    {
      "scenario_id": "fee-100bps-4pct",
      "evidence_type": "hypothetical",
      "metric": "break_even_days",
      "value": 91.25,
      "unit": "calendar_days",
      "net_carry_pct": 4,
      "one_time_fee_bps": 100
    },
    {
      "scenario_id": "timing-6pct-1days",
      "evidence_type": "hypothetical",
      "metric": "incremental_carry",
      "value": 164.3835616438356,
      "unit": "USD",
      "principal_usd": 1000000,
      "net_carry_pct": 6,
      "days": 1
    },
    {
      "scenario_id": "timing-6pct-3days",
      "evidence_type": "hypothetical",
      "metric": "incremental_carry",
      "value": 493.1506849315069,
      "unit": "USD",
      "principal_usd": 1000000,
      "net_carry_pct": 6,
      "days": 3
    },
    {
      "scenario_id": "timing-6pct-7days",
      "evidence_type": "hypothetical",
      "metric": "incremental_carry",
      "value": 1150.6849315068494,
      "unit": "USD",
      "principal_usd": 1000000,
      "net_carry_pct": 6,
      "days": 7
    },
    {
      "scenario_id": "timing-6pct-30days",
      "evidence_type": "hypothetical",
      "metric": "incremental_carry",
      "value": 4931.506849315068,
      "unit": "USD",
      "principal_usd": 1000000,
      "net_carry_pct": 6,
      "days": 30
    },
    {
      "scenario_id": "fee-1bps-6pct",
      "evidence_type": "hypothetical",
      "metric": "break_even_days",
      "value": 0.6083333333333334,
      "unit": "calendar_days",
      "net_carry_pct": 6,
      "one_time_fee_bps": 1
    },
    {
      "scenario_id": "fee-10bps-6pct",
      "evidence_type": "hypothetical",
      "metric": "break_even_days",
      "value": 6.083333333333333,
      "unit": "calendar_days",
      "net_carry_pct": 6,
      "one_time_fee_bps": 10
    },
    {
      "scenario_id": "fee-25bps-6pct",
      "evidence_type": "hypothetical",
      "metric": "break_even_days",
      "value": 15.208333333333334,
      "unit": "calendar_days",
      "net_carry_pct": 6,
      "one_time_fee_bps": 25
    },
    {
      "scenario_id": "fee-100bps-6pct",
      "evidence_type": "hypothetical",
      "metric": "break_even_days",
      "value": 60.833333333333336,
      "unit": "calendar_days",
      "net_carry_pct": 6,
      "one_time_fee_bps": 100
    },
    {
      "scenario_id": "repeated-25pct",
      "evidence_type": "hypothetical",
      "metric": "annual_gross_benefit",
      "value": 986.3013698630137,
      "unit": "USD",
      "principal_usd": 1000000,
      "net_carry_pct": 4,
      "days": 3,
      "cycles": 12,
      "utilization_pct": 25
    },
    {
      "scenario_id": "repeated-50pct",
      "evidence_type": "hypothetical",
      "metric": "annual_gross_benefit",
      "value": 1972.6027397260275,
      "unit": "USD",
      "principal_usd": 1000000,
      "net_carry_pct": 4,
      "days": 3,
      "cycles": 12,
      "utilization_pct": 50
    },
    {
      "scenario_id": "repeated-100pct",
      "evidence_type": "hypothetical",
      "metric": "annual_gross_benefit",
      "value": 3945.205479452055,
      "unit": "USD",
      "principal_usd": 1000000,
      "net_carry_pct": 4,
      "days": 3,
      "cycles": 12,
      "utilization_pct": 100
    },
    {
      "scenario_id": "bridge-3days",
      "evidence_type": "hypothetical",
      "metric": "loan_interest",
      "value": 394.52054794520546,
      "unit": "USD",
      "principal_usd": 1000000,
      "net_carry_pct": 4,
      "days": 3,
      "loan_usd": 800000,
      "borrow_rate_pct": 6
    },
    {
      "scenario_id": "bridge-3days",
      "evidence_type": "hypothetical",
      "metric": "retained_income",
      "value": 263.013698630137,
      "unit": "USD",
      "principal_usd": 1000000,
      "net_carry_pct": 4,
      "days": 3,
      "loan_usd": 800000,
      "borrow_rate_pct": 6
    },
    {
      "scenario_id": "bridge-3days",
      "evidence_type": "hypothetical",
      "metric": "incremental_financing_cost",
      "value": 131.50684931506845,
      "unit": "USD",
      "principal_usd": 1000000,
      "net_carry_pct": 4,
      "days": 3,
      "loan_usd": 800000,
      "borrow_rate_pct": 6
    },
    {
      "scenario_id": "SGXZ71843866",
      "evidence_type": "manager_reported_2026-07-31",
      "metric": "net_return_pct",
      "value": 0.89,
      "unit": "percent",
      "reference_ids": "2"
    },
    {
      "scenario_id": "SGXZ71843866",
      "evidence_type": "manager_reported_2026-07-31",
      "metric": "after_sales_charge_pct",
      "value": -0.12,
      "unit": "percent",
      "reference_ids": "2"
    },
    {
      "scenario_id": "SGXZ71843866",
      "evidence_type": "manager_reported_2026-07-31",
      "metric": "illustrated_sales_charge_pct",
      "value": 1,
      "unit": "percent",
      "reference_ids": "2"
    },
    {
      "scenario_id": "LU0128526901",
      "evidence_type": "manager_reported_2026-07-31",
      "metric": "net_return_pct",
      "value": 0.92,
      "unit": "percent",
      "reference_ids": "3"
    },
    {
      "scenario_id": "LU0128526901",
      "evidence_type": "manager_reported_2026-07-31",
      "metric": "after_sales_charge_pct",
      "value": 0.92,
      "unit": "percent",
      "reference_ids": "3"
    },
    {
      "scenario_id": "LU0128526901",
      "evidence_type": "manager_reported_2026-07-31",
      "metric": "illustrated_sales_charge_pct",
      "value": 0,
      "unit": "percent",
      "reference_ids": "3"
    }
  ],
  "charts": [
    {
      "id": "mmf-fee-hurdle",
      "title": "The fee sets the required time saving",
      "unit": "Calendar days needed at 4% annual net carry difference",
      "labels": [
        "1 bp",
        "10 bp",
        "25 bp",
        "100 bp"
      ],
      "values": [
        0.9125000000000001,
        9.125,
        22.8125,
        91.25
      ],
      "maximum": 100,
      "description": "Hypothetical break-even calendar days at a 4% annual net carry difference: 1 bp costs 0.91 days; 10 bp 9.13 days; 25 bp 22.81 days; 100 bp 91.25 days."
    },
    {
      "id": "mmf-utilization",
      "title": "Utilisation limits the annual cost budget",
      "unit": "Annual gross benefit in basis points of the entire cash pool",
      "labels": [
        "25% used",
        "50% used",
        "100% used"
      ],
      "values": [
        9.863013698630137,
        19.726027397260275,
        39.45205479452055
      ],
      "maximum": 40,
      "description": "Scenario: three saved days per month, twelve non-overlapping cycles, 4% annual carry difference. At 25%, 50% and 100% utilisation, annual gross benefits are 9.86, 19.73 and 39.45 basis points of the whole pool."
    }
  ]
}