NYLIM's HYB Tokenized Bond Fund Held About $638,000 in AUM

New York Life Investment Management's HYB tokenized bond fund held roughly $638,000 in assets under management in November 2026, a figure that measures the scale of the firm's first tokenized product several months after its launch.

The NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio, trading under the ticker HYB, began operating on Centrifuge around June 30, 2026. NYLIM, which oversees approximately $807 billion in assets, launched the vehicle as its first tokenized fund. A two-person internal team carried the project from initial research through to launch over six to nine months.

The AUM figure puts the effort in perspective. At $638,000, HYB represents less than one thousandth of one percent of the assets NYLIM manages overall — roughly the size of six minimum investments in the fund itself, given its $100,000 entry threshold.

What are the fund's listed terms?

HYB's disclosed terms include:

• A 7.24% yield to worst
• A 0.55% expense ratio
• A $100,000 minimum investment

Yield to worst is a conservative estimate of a bond portfolio's return. It assumes issuers repay or call bonds at the time least favorable to holders.

The underlying strategy returned 11.40% in 2023, 6.88% in 2024 and 7.28% in 2025. Those results predate HYB's launch and describe the strategy before it was offered in tokenized form.

How does the fund operate?

Investors subscribe to and redeem the fund using USD Coin (USDC), the stablecoin pegged to the U.S. dollar. NYLIM retained its established process for selecting bonds and applied its existing risk-management standards to the portfolio.

Access is restricted: the fund is open only to qualified investors outside the United States. The $100,000 minimum investment forms part of the fund's listed terms and further narrows the addressable base.

What does this change for practitioners?

The structure demonstrates how a traditional asset manager of NYLIM's scale can wrap an existing fixed-income strategy in an on-chain vehicle without altering portfolio construction or risk controls. The two-person staffing model, moving from research to launch in six to nine months, also signals a relatively light operational footprint for a firm of that size.

Centrifuge has expanded HYB's availability to Solana and Avalanche in addition to its original deployment, a multi-chain distribution approach that broadens where qualified investors can reach the token.

What remains unresolved is adoption. A $638,000 AUM figure against an $807 billion parent balance sheet indicates the launch is a pilot-scale exercise rather than a distribution channel of consequence — the next quarters of flows will show whether the tokenized format attracts offshore qualified investors at meaningful volume.