Hyperliquid ETF Debut Puts THYP in Focus

Asset management firm 21shares announced on May 12 the launch of the 21shares Hyperliquid ETF (Nasdaq: THYP), offering U.S. investors spot exposure to HYPE and integrated staking rewards. The issuer also introduced the 21shares 2x Long HYPE ETF (Nasdaq: TXXH) on the same day as a leveraged companion product.

First-day trading details posted on X by 21shares US showed THYP recorded $1.8 million in trading volume and about $1.2 million in net inflows. The post also listed a 0.3% management fee and described THYP as having the lowest management fee for a Hyperliquid ETF as of May 12. THYP trades on Nasdaq with the ISIN US90137V1089 and a May 4 inception date. TXXH was introduced alongside THYP and carries a separate 1.89% management fee, with an April 30 inception date.

The company stated:

“The funds are the first U.S. ETFs designed to provide investors with exposure to HYPE, the native token of Hyperliquid, a next-generation decentralized exchange ( DEX) that has emerged as a significant liquidity hub for 24/7 on-chain trading infrastructure.”

Distribution schedules released for THYP show expected quarterly staking reward payments beginning June 30. Additional payable dates are listed for Sept. 30 and Dec. 30. THYP is structured as a 33-Act spot exchange-traded product and does not carry the same investor protections as registered funds. TXXH operates as a 40-Act exchange-traded fund with additional oversight requirements.

Staking Rewards and Risk Disclosures Define THYP

Product materials said THYP may stake part of its holdings to generate rewards. That structure introduces risks tied to lock-up periods, unbonding periods and possible slashing penalties if a validator fails to perform or engages in misconduct. Staking rewards are paid to the trust and are not guaranteed. THYP shares trade at market prices instead of net asset value and are not individually redeemable directly with the fund.

Hyperliquid processes roughly $8 billion in daily volume and commands more than 50% of decentralized exchange perpetual open interest, based on data cited by 21shares. The issuer also cited more than $56 million in monthly trading fees and said more than 95% goes toward daily open-market HYPE buybacks. More than 76% of tokens are allocated to the community, while team tokens are locked until 2028.

Andres Valencia, EVP, Investment Management at 21shares, said:

“Having pioneered the first Hyperliquid exchange-traded product in Europe, we have seen the protocol evolve into a de facto global liquidity hub for decentralized derivatives.”

Key Takeaways:

SBI and Visa launched credit cards that convert spending points into a user-selected cryptocurrency ( BTC, ETH, or XRP). Gold users can earn up to 10%, while standard users can receive up to 2.5% through a limited-time launch campaign. Campaign rewards depend on spending through Aug. 5, with point caps applied to both card tiers.

Crypto Rewards Cards Connect SBI Payments and Assets

SBI Group, one of Japan’s most prominent financial conglomerates, announced on May 1, 2026, that it has begun issuing the SBI Visa Crypto Card and its Gold version, which automatically convert spending points into a user-selected asset from BTC, ETH, or XRP. The cards are designed to link routine payments with crypto accumulation.

Users must select one asset at the time of application, choosing from BTC, ETH, or XRP. The announcement states, as translated from Japanese:

“When applying for this card, you can choose one cryptocurrency to accumulate from three options: bitcoin ( BTC), ethereum ( ETH), and XRP.”

Once selected, points earned from card spending are automatically converted into the chosen asset on a monthly basis without exchange fees. Users must hold an account with SBI’s crypto asset service to receive rewards, though existing account holders do not need to open a new account. The structure keeps accumulation consistent and directly tied to spending activity.

The cards also extend into investing through SBI Securities’ credit card investment trust accumulation service. The company stated: “First in Japan! Earn cryptocurrency with credit card investment trust savings!” This feature enables crypto accumulation alongside monthly investment contributions.

Rewards, Fees, and Campaign Structure

The two cards differ in base rewards, fees, and benefits. Standard users can earn up to 0.8%, while Gold users can earn up to 1.3% under normal conditions. The standard card is free in the first year, then costs ¥1,650 annually, with the fee waived after ¥100,000 in yearly spending. The Gold card is also free in the first year, then costs ¥6,600 annually. Users who spend at least ¥2 million per year on the Gold card receive crypto equal to the annual fee.

Both cards include theft and loss protection, while the Gold version adds travel accident insurance, shopping protection, and airport lounge access, capped at three uses yearly. These benefits apply independently of the promotional campaign.

The launch campaign runs for users who apply between May 1 and May 31, 2026. Spending through Aug. 5 determines campaign rewards. Standard users can receive up to 2.5%, capped at 1,500 points, while Gold users can receive up to 10%, capped at 5,000 points. The promotion temporarily increases reward rates above standard levels.

Key Takeaways:

Coinbase Asset Management launched CUSHY to expand tokenized credit access for qualified investors. Institutions can access tokenized shares and supported networks, including Ethereum. Risk controls will guide underwriting, diversification, liquidity, and credit quality review.

Coinbase’s CUSHY Expands Institutional Credit Onchain

Stablecoin settlement is now moving deeper into institutional credit. Coinbase Asset Management announced on April 30, 2026, the launch of Coinbase Stablecoin Credit Strategy, a tokenized credit fund for qualified investors and institutions. The strategy, called CUSHY, offers credit exposure through onchain infrastructure, tokenized shares, and stablecoin-focused market access.

CUSHY allows eligible investors to hold tokenized shares with transparency and 24/7 onchain utility. The fund runs on Superstate’s FundOS platform, which supports fund tokenization. Coinbase Asset Management said:

“Credit is moving onchain.”

The strategy focuses on public credit, private and opportunistic credit, and structural alpha. Those categories include liquid credit instruments, asset-based lending for digital and traditional borrowers, and opportunities tied to tokenization, protocol incentives, rewards, and onchain market structures.

Stablecoin Volume Strengthens Tokenized Credit Push

The company said stablecoin transaction volume exceeded $33 trillion in 2025, with an average of 89 million addresses holding stablecoins daily across major blockchains. It added: “To meet the evolving needs of these sophisticated investors, Coinbase Asset Management is proud to introduce CUSHY – a digital credit strategy, designed to bridge the gap between traditional credit markets and the growing digital asset ecosystem.” CUSHY is supported by Coinbase Prime, Superstate, and Northern Trust, with Base, Solana, and Ethereum listed as supported networks.

Risk controls are central to the product. Coinbase Asset Management said CUSHY uses standards for underwriting, diversification, liquidity, and credit quality review. Coinbase stressed:

“The digital economy is rapidly emerging onchain as the next frontier for credit. With CUSHY, Coinbase Asset Management provides the expertise and regulatory framework necessary to navigate it with confidence.”

The launch positions tokenized credit as a link between stablecoin settlement, institutional lending, and digital asset infrastructure.

Key Takeaways:

Morgan Stanley introduced a fund to support stablecoin issuers needing compliant, liquid reserve investment solutions. Stablecoin growth drives Morgan Stanley to expand digital asset strategy and institutional liquidity infrastructure offerings. Tokenization initiatives show Morgan Stanley advancing blockchain integration across treasury products and crypto investment platforms.

Morgan Stanley Stablecoin Fund Targets Institutional Reserve Demand

Morgan Stanley Investment Management announced on April 23 the launch of the Stablecoin Reserves Portfolio (MSNXX), a government money market fund. The product is part of the Morgan Stanley Institutional Liquidity Funds trust. It is designed to align with stablecoin reserve investment requirements under the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.

Fred McMullen, co-head of Global Liquidity at Morgan Stanley Investment Management, said:

“We are pleased to deliver a new investment solution to the marketplace that seeks to address the needs of stablecoin issuers.”

The Stablecoin Reserves Portfolio provides payment stablecoin issuers with an eligible money market fund option for investing required reserves backing outstanding payment stablecoins. The fund seeks preservation of capital, daily liquidity, and maximum current income while maintaining a stable $1.00 net asset value. It allocates assets only to cash, U.S. Treasury bills, notes, and bonds with maturities of 93 days or less. It also includes certain overnight repurchase agreements collateralized by U.S. Treasury securities or cash. McMullen highlighted growth in the sector, noting the increase in stablecoin issuers and the expanding volume of assets held in stablecoins.

Tokenization and Bitcoin ETF Strategy Expand Digital Asset Push

Amy Oldenburg, head of Digital Asset Strategy for Morgan Stanley, emphasized expanding access to digital investment solutions across the firm. She noted efforts to develop new ways to work with stablecoin issuers as part of broader financial infrastructure modernization. The initiative aims to improve institutional client experience while supporting evolving market structures. The Stablecoin Reserves Portfolio adds to the firm’s ongoing digital asset strategy. In April, Morgan Stanley Investment Management also introduced its first cryptocurrency exchange traded product, the Morgan Stanley Bitcoin Trust, which seeks to track bitcoin performance.

The firm has also advanced tokenization initiatives earlier this year. It introduced DAP Class shares within its Treasury Securities Portfolio, designed for participation in BNY’s mirrored record tokenization initiative. These shares are accessible through BNY’s LiquidityDirect and Digital Asset platforms, with values represented on a blockchain while official records remain maintained by BNY. McMullen said:

“While still in the early stages, these recent product launches signify our commitment to develop relevant, timely solutions that may address evolving investor needs in an increasingly digital marketplace.”

The Stablecoin Reserves Portfolio builds on efforts to expand digital asset offerings and address institutional demand.

This launch followed the debut of Morgan Stanley Bitcoin Trust, a bitcoin exchange-traded product tracking BTC performance. The product carried a 0.14% sponsor fee and used the Coindesk Bitcoin Benchmark 4PM NY Settlement Rate. Prominent financial advisor Ric Edelman said Morgan Stanley’s 16,000 financial advisors could support new crypto asset flows through the firm’s ETF strategy, highlighting how advisor access may influence distribution. The fee structure also positioned the product competitively within the bitcoin ETF segment as firms continue adjusting offerings amid evolving investor demand and increasing market participation.

Key Takeaways:

Bitcoin ETFs are showing stronger demand as flows turn positive across all tracked periods. Institutional investors are increasing exposure, reinforcing bitcoin market momentum. Fund competition remains visible as some products attract inflows while others continue to lose assets.

Bitcoin ETF Inflows Signal Broad Institutional Demand Recovery

Bitcoin exchange-traded funds (ETFs) are again posting broad positive flows, signaling renewed institutional demand for BTC exposure through regulated products. On April 23, Bloomberg Intelligence analyst Eric Balchunas said the category had turned positive across every rolling period he tracks, a notable shift after months of uneven momentum. The setup matters because spot ETF flows remain one of the clearest indicators of how traditional finance is positioning around bitcoin.

Balchunas explained that bitcoin ETF flows are now “back in the high life,” meaning the category has returned to a stronger and more consistent inflow trend. His main point was that every major rolling window has moved back into positive territory, including short-term and longer-term periods, a pattern the market had not seen in months. He also emphasized the scale of Blackrock’s Ishares Bitcoin Trust (IBIT), saying its roughly $3 billion in year-to-date inflows places it in the top 1% of all ETFs. At the same time, he said the group still needs a few billion dollars more to move past its prior high in cumulative lifetime net flows, which stands at $62.8 billion. That framing presents the current move as a meaningful recovery, but not yet a fresh record for the category.

Bitcoin Market Impact and ETF Competition Drive Next Phase

The table he posted shows that improvement clearly. Total net flows reached $335.82 million over one day and $1.28 billion over one week, then climbed to $2.16 billion over one month. Over three months, net flows stood at $1.85 billion, while year-to-date flows also came in at $1.85 billion. IBIT was the clear leader across nearly every period, with $246.88 million in daily inflows, $907.97 million over one week, $1.92 billion over one month, $2.17 billion over three months, and $3.08 billion year-to-date. Fidelity Wise Origin Bitcoin Fund (FBTC) added another layer of support, posting $56.69 million in daily inflows and $170.92 million over one week. Those figures show the rebound is being driven by large, established products rather than scattered one-day moves.

The rest of the table shows where pressure still remains and how flows are being distributed across the market. Grayscale Bitcoin Trust (GBTC) continued to record outflows, with $16.56 million leaving in one day, $77.08 million over one week, $255.86 million over one month, and $960.43 million year-to-date. Smaller funds—including Bitwise Bitcoin ETF (BITB), ARK 21Shares Bitcoin ETF (ARKB), Vaneck Bitcoin Trust (HODL), Invesco Galaxy Bitcoin ETF (BTCO), and Franklin Bitcoin ETF (EZBC)—posted modest positive figures across several periods. That mix suggests demand is broadening, but capital is still concentrating heavily in IBIT and, to a lesser extent, FBTC. For investors and the broader crypto market, the message is direct: spot bitcoin ETFs have regained momentum across all tracked windows, yet the category still needs more inflows before it can claim a new cumulative record.

Key Takeaways:

With the Middle East war raging, fiat currencies in Brazil and Argentina rose, drawing future inflows next. Following a January Trump Administration intervention, Venezuela can offer a new future market opportunity. Brandywine’s Jack McIntyre, managing $44B, predicts Asian markets will shift funds to Latam oil next.

Latam, Isolated From Energy Issues, Becomes An Investment Opportunity During War Time

In wartime, investors adjust their portfolios to navigate the intricacies of war and maintain their performance accordingly.

In this situation, Latam markets, which have become a sort of safe haven for investors, are rising as alternatives that, in some ways, are isolated from the energy crisis caused by the ongoing conflict in the Middle East due to their endogenous oil production.

Argentina and Brazil’s fiat currencies are among the few that have appreciated against the dollar since the war started, and dollar bonds from Ecuador and Colombia, which have a significant oil output, have also performed well in their class. Analysts also signal Venezuela as a future opportunity, as the Trump Administration continues to push for changes after it intervened in the country in January.

The failure to reach an end to the U.S.-Israel-Iran conflict after a short ceasefire only makes these bets hold up, as the uncertainty that overtakes main markets is less pervasive in the region.

Anthony Kettle, a senior emerging markets portfolio manager at RBC Bluebay in London, told Bloomberg that their highest conviction picks were now centered in Latam. “Targeting sovereigns and corporates that either benefit from, or at least are more resilient to, higher energy prices remains one of our preferred themes,” he stressed.

In addition, some are betting on the rise of these markets as Asian economies and even the U.S. start to seek diversification from their usual oil sources, bringing more funds to the region’s economies. Jack McIntyre, who helps oversee $44 billion in global fixed-income assets at Brandywine Global Investment Management, shares this opinion.

In addition, the regional high interest rates continue to make it attractive to carry trade investors, who take debt in other countries to invest in Latam. Jonathan Fortun, senior economist at the Institute of International Finance, said that recent numbers suggest that “commodity support and relative carry appeal” continue to cushion the region from market losses.

Key Takeaways:

Canary Capital filed with the SEC to launch a PEPE ETF tracking token price via direct holdings. PEPE ETF signals broader push into volatile assets as firms expand beyond bitcoin and ethereum. SEC filing warns PEPE lacks utility, raising risks of manipulation and unstable long-term valuation.

Canary Capital Files PEPE ETF With Direct Token Exposure Structure

Canary Capital Group LLC, an investment firm focused on digital asset products, filed a registration statement with the U.S. Securities and Exchange Commission (SEC) on April 8. The filing outlines the proposed Canary PEPE ETF (the Trust), designed to track the price of the PEPE token. The product aims to provide regulated exposure to a meme-based cryptocurrency. The filing states:

“The Trust’s investment objective is to seek to provide exposure to the price of PEPE Coin (‘PEPE’) held by the Trust, less the expenses of the Trust’s operations and other liabilities.”

“The Trust provides investors with the opportunity to access the market for PEPE through a traditional brokerage account without the potential barriers to entry or risks involved with acquiring and holding PEPE directly. The Trust will not use derivatives that could subject the Trust to additional counterparty and credit risks,” the filing explains.

Risks Highlighted as Meme Token Demand and Volatility Raise Concerns

The document explains that the Trust is structured as an exchange-traded product (ETP) issuing shares of beneficial interest that will trade on a public exchange. It details that the Trust will hold PEPE tokens directly as its primary asset and will not engage in derivatives or synthetic exposure. The filing states:

“In seeking to achieve its investment objective, the Trust will hold PEPE and will value its shares daily as of 4:00 p.m. Eastern time using the same methodology used to calculate the pricing benchmark. All of the Trust’s PEPE will be held by the custodian.”

A small portion of the Trust’s assets, capped at five percent, will initially be held in ETH to cover transaction fees on the Ethereum network. The filing indicates that ongoing fees and expenses are expected to gradually reduce the Trust’s PEPE holdings over time, potentially approaching zero. It also notes that these costs and asset reductions could prevent the trust from fully achieving its stated investment objective.

The registration statement highlights risks associated with meme tokens, including speculative demand cycles, limited historical data, and potential market manipulation. “Unlike other digital assets such as bitcoin, the value of PEPE is not primarily related to its utility as a means of transaction and its acceptance in the retail sector is limited,” it describes, adding:

“While PEPE has enjoyed some success in its limited history, the aggregate value of outstanding PEPE is smaller than that of bitcoin and may be eclipsed by the more rapid development of other digital assets.”

The proposal reflects broader efforts by asset managers to expand crypto investment vehicles into niche and high- volatility digital assets.

BNP Paribas Adds Crypto-Linked ETNs for Retail Investors

Growing access to regulated crypto-linked instruments is reshaping how traditional investors engage with digital assets, as BNP Paribas Commercial Banking in France extended its exchange platform on March 26 to include crypto-asset ETNs. The expansion enables retail clients to access six new products tied to bitcoin and ethereum performance.

Clients can obtain exposure through exchange-traded notes (ETNs) without directly holding the underlying tokens, using standard securities accounts under MiFID II rules. MiFID II (Markets in Financial Instruments Directive II) is a European Union framework governing how investment services are delivered and how trading venues function. BNP Paribas stated:

“These ETNs are regulated products that offer exposure to the performance of crypto-assets through an indirect investment, without the need for direct purchase or holding of bitcoin or ether.”

Availability begins March 30, 2026, covering individual, entrepreneurial, private banking, and Hello bank! users in France, with a phased rollout planned for wealth management clients in other markets. The addition integrates crypto-linked notes alongside equities, bonds, ETFs, SCPIs, and structured products already accessible through the institution’s exchange services.

Institutional Blockchain Strategy Expands Beyond Retail Trading

Separate initiatives across the group concentrate on institutional blockchain infrastructure rather than direct retail trading of digital coins. The bank has not introduced a public crypto exchange or individual token trading feature, instead advancing tokenization through platforms such as AssetFoundry on Ethereum and Neobonds on Canton, alongside projects involving tokenized fund shares, sovereign debt issuance, and renewable energy financing.

Infrastructure development also extends to custody and settlement capabilities through fintech collaborations and central bank experimentation. Partnerships with Metaco and Fireblocks support digital asset servicing for institutional clients, while participation in wholesale central bank digital currency trials reflects ongoing involvement in regulated settlement innovation.

BNP Paribas operates across 64 countries with nearly 178,000 employees, maintaining core business lines spanning commercial banking, investment services, and corporate institutional operations. The group noted:

“The 6 crypto-asset ETNs will be available through a securities account starting from 30th March, 2026, for the bank’s individual and entrepreneurial clients, private banking clients, and Hello bank! clients in France.”

The diversified structure supports integration of new asset classes into existing financial infrastructure while preserving compliance and risk management standards.

FAQ 🧭

How does BNP Paribas provide crypto exposure without direct ownership?It offers regulated ETNs that track bitcoin and ethereum performance through securities accounts. Why is this move significant for traditional investors?It lowers entry barriers by integrating crypto exposure into familiar regulated investment frameworks. What markets are initially targeted for these crypto ETNs?France retail and private banking clients gain first access with broader rollout planned. Is BNP Paribas launching direct crypto trading services?No, the bank focuses on indirect exposure and institutional blockchain infrastructure.

US Debanking Fight Ignites as FTC Targets Visa, Mastercard, Paypal, and Stripe Practices

Access to financial services has become a focal policy concern as federal regulators scrutinize industry practices. Federal Trade Commission (FTC) Chairman Andrew N. Ferguson issued warning letters on March 26 to Paypal, Stripe, Visa, and Mastercard, addressing customer access and compliance with the FTC Act.

Regulatory attention centers on whether platform decisions to restrict users align with contractual obligations and consumer expectations. The correspondence highlights reported instances in which customers were denied services tied to political or religious positions, raising potential concerns about unfair or deceptive conduct. Ferguson wrote:

“Full participation in commerce and public life necessarily requires that law-abiding individuals can access, and freely participate in, our financial system.”

The warning signals that actions inconsistent with stated terms or reasonable expectations could trigger investigations or enforcement measures.

Enforcement Risks Expand Across Financial Ecosystem

Concerns outlined in the letters extend to the broader financial ecosystem, including the role of payment networks in enabling or restricting transactions. Companies are cautioned that facilitating third-party decisions to remove users from services may also fall within regulatory scope if such conduct conflicts with disclosed policies. Ferguson stressed:

“It is inconsistent with American values to deny law-abiding individuals the ability to run their legitimate businesses and feed their families because they attracted the ire of rogue American officials, overzealous activists, or, more worryingly, foreign governments seeking to control public discourse.”

Enforcement history reinforces the agency’s posture, as the FTC has pursued cases against payment platforms over misleading fee disclosures, contract terms, and conduct that enabled fraud. The latest outreach underscores that similar scrutiny could apply to account restrictions or service denials if they diverge from representations made to users. Officials also referenced a 2025 executive order emphasizing that denying services based on political affiliation, religious belief, or lawful activity is unacceptable, framing expectations for compliance across major payment providers.

FAQ 🧭

Why are payment companies facing FTC scrutiny?Regulators are examining whether account restrictions violate disclosed policies or consumer expectations. What risks do Paypal, Visa, Mastercard, and Stripe face?They could face investigations or enforcement if practices are deemed unfair or deceptive. How could this impact investors in payment firms?Heightened regulatory pressure may increase compliance costs and legal exposure. What broader trend does this signal for fintech?Authorities are expanding oversight of how platforms control access to financial services.

Ondo Finance and Franklin Templeton Bring ETFs Onchain

Expanding access to traditional financial instruments through blockchain infrastructure is gaining traction, as Ondo Finance on March 25 announced tokenized exposure to exchange-traded funds (ETFs) in partnership with Franklin Templeton. The move places five ETFs onchain through Ondo Global Markets, introducing new distribution channels for established asset classes.

Under the arrangement, Franklin Templeton continues managing the underlying funds while Ondo supplies the tokenization framework and digital access layer. “Together, we’re tokenizing 5 Franklin Templeton ETFs across growth, large cap, fixed income, equity income, and gold available through Ondo Global Markets, the largest tokenized securities platform globally,” Ondo Finance wrote, adding:

“This marks the first time that tokenized FT-managed ETFs are available onchain.”

The five products are the Franklin Focused Growth ETF (FFOG), Franklin U.S. Large Cap Multifactor Index ETF (FLQL), Franklin Responsibly Sourced Gold ETF (FGDL), Franklin High Yield Corporate ETF (FLHY), and Franklin Income Equity Focus ETF (INCE).

Beyond product design, the structure converts brokerage-style ownership into wallet-based access by issuing tokenized representations of ETF shares. Ondo acquires the underlying securities in traditional markets, holds them within a regulated vehicle, and then mints blockchain-based tokens that mirror ownership, allowing investors to hold these assets directly in crypto wallets rather than through intermediaries.

This approach removes time and access constraints associated with legacy markets. Tokenized ETFs can be traded continuously outside standard exchange hours, including weekends, while also enabling self-custody through digital wallets instead of broker-held accounts. The onchain format further allows these assets to function within decentralized finance systems, where they may be used as collateral without requiring liquidation.

Tokenization Signals Shift in Global Asset Distribution

Meanwhile, the five funds maintain exposure to distinct asset classes, including growth equities, large-cap stocks, gold, high-yield corporate bonds, and income-focused equities. The Franklin Focused Growth ETF targets innovation-driven companies, while the multifactor strategy of FLQL emphasizes quality metrics, and FGDL tracks responsibly sourced gold alongside related assets.

Additionally, the partnership introduces broader geographic accessibility for investors who may lack direct entry into U.S. brokerage infrastructure. Market participants in regions such as Latin America or Asia can gain exposure through stablecoins and digital wallets, though current deployment primarily targets non-U.S. jurisdictions due to regulatory conditions. Ondo Finance concluded:

“The partnership establishes a new model for distributing premier financial products globally via blockchain rails while preserving institutional standards.”

Ondo Global Markets has accumulated more than $700 million in total value locked and over $12 billion in volume since September 2025, supporting more than 70,000 holders and reinforcing its position within tokenized securities markets.

FAQ 🧭

Why does tokenizing ETFs matter for investors?It expands access and liquidity while enabling blockchain-based ownership and transfers. How does Ondo Global Markets impact ETF distribution?It introduces blockchain rails that allow global, digital access to traditional financial products. What assets are included in the tokenized ETF offering?The lineup spans growth equities, large-cap stocks, bonds, income equities, and gold exposure. Does tokenization change how these ETFs are managed?No, Franklin Templeton continues managing the funds with unchanged investment strategies.