Franklin Templeton’s tokenized high yield bond ETF lands on Pendle as FLHYon

Franklin Templeton’s high yield corporate bond ETF, FLHY, now trades on Pendle in tokenized form as FLHYon. The Pendle market carries a 2026 maturity date. What FLHYon actually is FLHYon is a token that tracks Franklin Templeton’s FLHY ETF. It was built through Franklin Templeton’s collaboration with Ondo Finance. The issuer is Ondo Global Markets (BVI) Limited. Ondo holds the underlying assets, and the structure is designed to keep the tokens backed 1:1, alongside cash held in transit for liquidity. Holders do not own FLHY shares directly. They get economic exposure to the ETF, and that exposure includes dividend reinvestments. FLHYon had roughly $24.17 in net asset value per token as of early to mid October 2026, with a circulating supply of approximately 20,558 tokens. On-chain assets came to approximately $497,000 as of October 2026. Where Pendle fits in Pendle specializes in yield tokenization, letting traders deal in an asset’s future income stream as its own tradable thing, with a defined end date. For the FLHYon market, that maturity falls in 2026. Pendle is not the issuer and has no direct link to the token’s structure. Ondo issues FLHYon and holds the backing assets, whil...