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sub mysub {
   tie my $tied, 'MyClass';
...
}                      # the fetched value.

my $not_tied = mysub();

tie my $tied, 'MyClass';
my $not_tied = $tied;  # Calls FETCH and assigns
                       # the fetched value.

sub mysub {
   tie my $tied, 'MyClass';
...

print($$ref_to_tied1, "\n");  # Calls $tied's FETCH.
print($$ref_to_tied2, "\n");  # Calls $tied's FETCH.