# Bond CRSP Raw Licensing Follow-up — Transmission Copy

Prepared: 2026-08-26  
Recipient: indexes@morningstar.com  
Delivery status: SENT／RESPONSE PENDING

Sent date: 2026-08-26 (exact time not recorded)

Evidence: private sent-folder screenshot; SHA-256 `f2c61732a399654ecbc44895970620d081c57cf333e95f1643d8a9cdcb2dd06b`

Binding: BD-CRSP-RAW-CONTRACT-v1.0

## Subject

Follow-up — CRSP US Treasury Database Raw licence and derived-display terms for ASSET SHIFT

## Message

Dear Morningstar / CRSP Research Data Licensing Team,

I am following up on my 25 August 2026 inquiry concerning CRSP US Treasury Total Return data for ASSET SHIFT.

We have now narrowed the proposed source to the monthly CRSP US Treasury Database Fixed-Term file and candidate series shown in the July 2026 product guide:

- File family: TFZ_MTH_FT.*
- TREASNOX: 2000007
- TERMTYPE: 1012 — 10 Year Bonds
- Return field: TMRETADJ
- Frequency: Monthly

ASSET SHIFT is a research and data-validation platform for individual investors in Japan. It presents medium- and long-term current-state classifications and does not issue buy, sell, trading or asset-allocation instructions.

Before purchasing or accessing any Raw data, we need a written quotation and licence determination covering the following points.

1. Can a Japan-based individual or sole operator developing ASSET SHIFT license the CRSP US Treasury Database? Which Morningstar or CRSP legal entity would be the contracting party?

2. Would the proposed subscription include TFZ_MTH_FT.*, TREASNOX 2000007, TERMTYPE 1012 and the fields CALDT, RMTREASNO, RMCRSPID, TMYEARSTM, TMDURATN and TMRETADJ?

3. Please confirm the complete economic definition of TMRETADJ, including whether it reflects price change, accrued interest, paid coupons and any coupon-reinvestment assumption, and how it differs from TMRETNUA.

4. What licensed history depth, delivery methods, file formats, monthly update timing, release calendar and revision notices are available?

5. When historical values are corrected, is a full backfile restated? Is a release ID, extraction ID or revision manifest supplied so that licensed Vintages can be compared?

6. May we retain exact timestamped Raw deliveries internally, together with encrypted backups, retrieval metadata and SHA-256 checksums, for reproducibility and audit? May these audit Vintages be retained after a later delivery revises prior history?

7. May licensed Raw be stored and processed in encrypted cloud infrastructure operated by contracted service providers, without granting those providers independent use rights?

8. May the data be used internally to construct a wealth index, calculate inflation-adjusted returns, and conduct locked Backtest, untouched OOS and prospective Forward Validation, without exposing the underlying observations?

9. May a free public Research Preview display only materially derived classifications such as “Attractive,” “Neutral,” “Watch” or “Unknown,” plus coverage and methodology metadata, without displaying or enabling reconstruction of CRSP observations?

10. May the same non-reconstructable classifications be displayed in an advertising-supported, subscription-based or otherwise commercial service?

11. Please specify the prohibited redistribution boundary, including restrictions on Raw observations, historical tables, downloadable files, APIs, charts and outputs from which the licensed series could be reconstructed.

12. What exact attribution, trademark, copyright, source and disclaimer wording would be required for internal research, free derived display and commercial derived display?

13. Please provide the applicable setup, annual subscription, user, historical access, delivery, derived-use and commercial-display fees, including billing currency, taxes, minimum term, renewal and price-increase provisions.

14. On termination, what must be deleted? May non-reconstructable derived research results and encrypted audit Vintages be retained for reproducibility, and what certification or provider audit rights would apply?

We will not redistribute the underlying Raw observations or historical table. Until the exact field definition, licence scope and delivery terms are confirmed in writing and accepted, we will not access the licensed Raw data, lock the new model version, run results-dependent testing or publicly emit a Bond classification.

If this request should be handled by another Morningstar or CRSP team, please forward it or identify the appropriate licensing contact.

Thank you for your assistance.

Regards,

ASSET SHIFT  
Name: Naoyasu Saitou  
Email: na046_1014@yahoo.co.jp  
Country: Japan