XFT Short-Term US Government Securities Fund

NAV per Token

$1.00

7-Day Yield

6.17%

Assets Under Management

$1,000,000

Ticker USDX

Fund Inception Date January 1, 2024

Asset Class Fixed Income

Distribution Frequency Daily

NAV Frequency Hourly

Investment Objective

The Fund invests at least 99.5% of its total assets in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements secured by such obligations or cash. The Fund invests in securities maturing in 397 days or less (with certain exceptions) and the portfolio will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The Fund may invest in variable and floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis.

Fund Name	XFT Short-Term U.S. Government Securities Fund
Ticker	USDX
Description	Permissionless yield-bearing stablecoin
Use Cases	Cash management, yield-bearing collateral, cross-border payments
Underlying	Short duration government securities
Eligibility	Qualified Purchasers
Liquidity	24/7 via USDC, Daily via USD
Issuer Jurisdiction	Delaware, United States
Structure	1940 Act Closed-End Interval Fund
Minimum Mint	$5,000
Minimum Redemption	$5,000
Fee Schedule	Yield share, network gas fee pass-through
Available Networks	Ethereum, Avalanche, X Ledger, Stacks, Lightning Network, XDC Network

Fund Admin & Custodian	BNY Mellon
Fund Manager	Franklin Templeton
Auditor	Ernst & Young LLP
Transfer Agent	X Financial Technologies
Prime Brokerage	Goldman Sachs, RBC
Fiat <> Stablecoin	Visa

Holdings

Position	Asset Type	Cost Basis	%Par	Par	Market Value	Maturity	Reset Frequency
TRI-PARTY BOFA SECURITIES INC.	U.S. Government Agency Repurchase Agreement	10,000,000.00	9.55	10,000,000.00	10,000,000.00	19-Sep-24	19-Sep-24
TRI-PARTY BNP PARIBAS	U.S. Government Agency Repurchase Agreement	5,000,000.00	4.78	5,000,000.00	5,000,000.00	19-Sep-24	19-Sep-24
FRANKLIN ONCHAIN U.S. GOVERNMENT MONEY MARKET FUND	U.S. Government Money Market Fund	1.0000	100	1.0000	1.0000	--	Daily
BLACKROCK ICS USD LIQUIDITY	U.S. Government Money Market Fund	1.0000	100	1.0000	1.0000	--	Daily
FEDERAL HOME LOAN BANKS	U.S. Government Agency Debt (coupon-paying notes)	500,000.00	0.48	500,000.00	504,286.61	3-Feb-25	Daily
TREASURY BILL	U.S. Treasury Debt	3,441,184.00	3.34	3,493,600.00	3,483,942.91	29-Nov-24	29-Nov-24
FEDERAL FARM CREDIT BANKS FUNDING	U.S. Government Agency Debt (coupon-paying notes)	100,000.00	0.1	100,000.00	101,154.55	24-Jun-26	19-Sep-24
FFCB	U.S. Government Agency Debt (coupon-paying notes)	47,000.00	0.04	47,000.00	47,573.24	20-Jun-25	19-Sep-24
TREASURY BILL	U.S. Treasury Debt	29,482.00	0.03	30,000.00	29,898.06	15-Oct-24	15-Oct-24
TREASURY NOTE	U.S. Treasury Debt	26,415.00	0.03	27,000.00	26,825.92	28-Feb-25	28-Feb-25
TREASURY NOTE	U.S. Treasury Debt	25,052.00	0.02	26,000.00	25,627.38	28-Feb-25	28-Feb-25
TREASURY NOTE	U.S. Treasury Debt	24,799.00	0.02	25,000.00	25,382.99	31-Mar-25	31-Mar-25
GOLD	Bullion	1,000,000.00	1.00	1,000,000.00	1,950,000.00	--	--
BITCOIN	Cryptocurrency	500,000.00	0.50	500,000.00	600,000.00	--	--
ONDO SHORT-TERM US GOVERNMENT BOND FUND	Cryptocurrency	--	--	--	--	--	--
SUPERSTATE SHORT DURATION US GOVERNMENT SECURITIES FUND	Cryptocurrency	--	--	--	--	--	--

Network Details

Contract	Address	Source	Description	Use Case
USDX	Implementation: `0x00232a7793CA38320A12893c53547543C79546b8` Proxy: `0x81536233C3FfaEa0198D7B5Ce8dEceDf3C520A66`	Github	Rebasing ERC-20	Yield-bearing collateral
wUSDX	Implementation: `0xfA52C849F1d5EC11D83a48281b9368856A16f1e0` Proxy: `0xDB45A2137EfdfBe8a1F4EaDCCda8b56990B22361`	Github	Accumulating ERC-4626	DeFi

Key Features:

1. Instant, 24/7 Minting and Redemption. Get in and out of USDX within a single block.
2. No Slippage. When you redeem from the Fund, the price onchain is the price you get.
3. Low Minimum Transaction Size. Instantly mint or redeem as little as $5,000.
4. Low Fees. Management fees and fund expenses are capped at 0.15% each, with management fees waived until 2025.
5. Quality Assets. USDX only invests in high-quality, highly-liquid, short-duration US Treasuries and other cash equivalents.

Use Cases:

1. Cash Management. Earn low-risk yield on your cash with the benefits of instant, 24/7 minting and redeeming.
2. Borrowing & Lending. Keep earning yield when you pledge USDX as collateral for borrowing.
3. Bilateral Settlement. Instantly settle transactions while continuously earning yield.

Proof of reserves

All activity is recorded onchain and presented comprehensibly for public examination
Legal issuing entity identifiable in regulatory databases
Daily publication of stablecoin collateral attestations
Custodian disclosure with balances
Detailed reserve asset disclosure
Data is accessible in real-time via API

Attestation Reports ~ Trust & Transparency

Proof of reserves

USDX vs. wUSDX

	wUSDX	USDX
Token Type	Accumulating	Rebasing (distributing)
Yield Accrual Profile	Reflected through an increasing redemption price (Reference Token Price)	Reflected as a subdivision of USDX tokens into additional USDX tokens daily
As Treasury Yield Accrues, the Token Price	Increases	Remains at $1.00
Best suited for	Buy-and-hold cash management (some custodians only support accumulating tokens), collateral in smart contracts	Yield-bearing means of settlement or exchange

Structure

Dollar Shares = USDX
DeFi Shares = USDXW
see link for all share classes

CIK
Series
Class/Contract	Name	Symbol

0000225997	XFT MUNICIPAL BOND FUNDS
S000002892	XFT High-Yield Tax-Exempt Fund
0x81536233C3FfaEa0198D7B5Ce8dEceDf3C520A66	Dollar Tokens	USDX
C000007950	DeFi Shares	USDXW

Shareholder Fees
(Fees paid directly from your investment)


Sales Charge (Load) Imposed on Purchases	None
Purchase Fee	None
Sales Charge (Load) Imposed on Reinvested Dividends	None
Redemption Fee	None
Account Service Fee Per Year (for certain fund account balances below $5,000,000)	$25

Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)


Management Fees	0.00 %
12b-1 Distribution Fee	None
Other Expenses	0.01 %
Total Annual Fund Operating Expenses	0.01 %