Franklin Templeton’s tokenized high-yield bond ETF gets yield trading on Pendle

Franklin Templeton’s tokenized high yield bond ETF now has a market on Pendle through FLHYon , an Ondo-issued token tracking its FLHY fund. The market has a 2026 maturity , allowing traders to trade future income from the asset separately—but holding the token does not mean owning ETF shares directly. Key takeaways Ondo issues FLHYon and holds its backing assets. Pendle hosts yield trading, not token issuance or custody. FLHYon’s on-chain assets totaled roughly $497,000 in October 2026.