Split one share into
price & yield

In your tokenized stocks, the yield is locked away.

• Want dividends? Eat the volatility. Income seekers who only want cash flow still carry every swing of the stock.
• Trading the price? You're paying for dividends. Pure price traders pay up front for future dividends they never wanted.
• Reinvested, invisible, untouchable. Ondo folds dividends into the shares-per-token ratio. You can't claim, trade or borrow against that yield on its own.
• Yield has no market of its own. There's no on-chain market for a stock's dividends, so nobody can price them.
• Liquidity scattered across hundreds of tokens. Every tokenized stock is an island, with no building blocks to compose.

So we cut the share in two.

How it works

One share in, two legs out.

1. Total-return tokens. Ondo's tokenized stocks (NVDAon and others) reinvest dividends automatically. It shows up as a slowly rising shares-per-token ratio (sValue).
2. Split. Deposit a stock token. It's converted to shares at the current sValue and mints an equal amount of price leg p and dividend leg d — 1 unit = 1 share.
3. Dividends flow to d. Each time Ondo reinvests a dividend, fewer tokens are needed to back one price unit. The surplus goes to dividend-leg holders pro rata.
4. The price leg trades at a discount. p tracks only the stock price. Its fair value = share price − present value of future dividends, so it sits slightly below the stock. d is a perpetual dividend stream.
5. Merge any time. Hold equal p + d and merge back into the original token whenever you like. Stock splits are never counted as dividends.

Split tool

The split tool on the homepage has four tabs: Split (deposit a stock token, get p + d), Merge (burn equal p + d, get the stock token back), Claim (collect dividends accrued by d) and Trade (buy or sell p / d on PancakeSwap V3 pools). It works with MetaMask, OKX Wallet, Binance Web3 Wallet and other browser wallets on BNB Chain.

Open the split tool →

Buyback / Burn

Every action leaves 0.5% behind. It only ever becomes $SPLIT — then it's burned.

• Fee → buyback: 0.5%. One flat rate for split, merge and claim, collected in the stock token and regularly swapped to BNB to buy and burn.
• $SPLIT buy / sell tax: 2% buy · 2% sell. Every $SPLIT trade pays 2% on buys and 2% on sells. The flap.sh vault splits it: 50% buys back and burns $SPLIT, 20% buys BNCB paid to holders as dividends, 30% funds the team. Live now — the vault runs it every hour on its own.
• The vault buys back every hour and sends it all to the burn address — it never sells.

$SPLIT · Token details

Buy on flap.sh →

Vault on flap.sh →

Trust model

• Runs on BNB Chain. Fully on-chain. No sign-up, no custody.
• Backed by Ondo tokenized stocks. Every token is backed by real shares held at a broker.
• Admins can't touch deposits. The owner can only list new assets. Fees are locked to the vault for good.
• 100% of fees buy back & burn. Every buyback goes straight to the burn address — never sold.

Listing roadmap

149 dividend-paying stocks & ETFs, listed in phases. Each phase goes live after liquidity and parameter checks. Live assets are clickable and open straight in the split tool.

Phase 1 · Live · 5 assets

NVDAon (NVIDIA, 0.09%) · QQQon (Invesco QQQ, 0.34%) · SPYon (SPDR S&P 500 ETF, 0.77%) · AAPLon (Apple, 0.34%) · MSFTon (Microsoft, 0.57%)

Phase 2 · Live · 15 assets

FXIon (iShares China Large-Cap ETF, 0.52%) · MRVLon (Marvell Technology, 0.15%) · GOOGLon (Alphabet Class A, 0.2%) · TQQQon (ProShares UltraPro QQQ, 0.27%) · ORCLon (Oracle, 0.79%) · MUon (Micron Technology, 0.11%) · QCOMon (Qualcomm, 1.85%) · SGOVon (iShares 0-3 Month Treasury Bond ETF, 1.85%) · BABAon (Alibaba, 0.89%) · TSMon (Taiwan Semiconductor Manufacturing, 0.93%) · JDon (JD.com, 3.45%) · NKEon (Nike, 2.66%) · AVGOon (Broadcom, 0.51%) · SQQQon (ProShares UltraPro Short QQQ, 1.76%) · NVOon (Novo Nordisk, 3.03%)

Phase 3 · Planned · 129 assets

VRTon (Vertiv, 0.03%) · GMEon (GameStop, 1.71%) · STRCon (Strategy Stretch Preferred, 4.8%) · BINCon (iShares Flexible Income Active ETF, 2.58%) · IBMon (IBM, 2.28%) · TXNon (Texas Instruments, 1.17%) · COPXon (Global X Copper Miners ETF, 0.24%) · METAon (Meta Platforms, 0.23%) · EEMon (iShares MSCI Emerging Markets ETF, 1.37%) · TLTon (iShares 20+ Year Treasury Bond ETF, 4.42%) · SECUon (iShares Securitized Income Active ETF, 0.79%) · JAAAon (Janus Henderson AAA CLO ETF, 2.21%) · VSTon (Vistra, 0.19%) · KOon (Coca-Cola, 1.96%) · OXYon (Occidental Petroleum, 0.67%) · ETNon (Eaton, 0.39%) · HYGon (iBoxx $ High Yield Corporate Bond ETF, 5.61%) · PFEon (Pfizer, 6.09%) · AMATon (Applied Materials, 0.25%) · AGGon (iShares Core US Aggregate Bond ETF, 3.82%) · PBRon (Petrobras, 3.28%) · CEGon (Constellation Energy, 0.31%) · LRCXon (Lam Research, 0.13%) · PYPLon (PayPal, 0.6%) · WDCon (Western Digital, 0.02%) · IVVon (iShares Core S&P 500 ETF, 0.83%) · DISon (Disney, 1.01%) · VTIon (Vanguard Total Stock Market ETF, 0.62%) · IEFAon (iShares Core MSCI EAFE ETF, 2.5%) · SYSBon (iShares Systematic Bond ETF, 0.73%) · VNQon (Vanguard Real Estate ETF, 1.37%) · SOXXon (iShares Semiconductor ETF, 0.03%) · CVXon (Chevron, 2.75%) · GEVon (GE Vernova, 0.08%) · FUTUon (Futu Holdings, 1.57%) · MCDon (McDonald's, 2.19%) · EWJon (iShares MSCI Japan ETF, 0.38%) · Fon (Ford Motor, 2.41%) · FTGCon (First Trust Global Tactical Commodity Strategy Fund, 1.45%) · WMTon (Walmart, 0.59%) · VTVon (Vanguard Value ETF, 1.09%) · PSQon (ProShares Short QQQ, 0.96%) · ASMLon (ASML Holding NV, 0.53%) · IEMGon (iShares Core MSCI Emerging Markets ETF, 1.78%) · EWZon (iShares MSCI Brazil ETF, 0.66%) · RTXon (RTX, 0.75%) · BTGon (B2Gold, 0.53%) · HYGWon (iShares High Yield Corporate Bond BuyWrite Strategy ETF, 1.15%) · CRMon (Salesforce, 0.59%) · XOMon (Exxon Mobil, 1.4%) · LLYon (Eli Lilly, 0.44%) · SPGIon (S&P Global, 5.35%) · Von (Visa, 0.68%) · NEEon (NextEra Energy, 1.51%) · PCGon (PG&E, 0.62%) · BACon (Bank of America, 0.76%) · JPMon (JPMorgan Chase, 1.34%) · UNHon (UnitedHealth, 1.87%) · NTESon (NetEase, 1.21%) · EFAon (iShares MSCI EAFE ETF, 2.38%) · USFRon (WisdomTree Floating Rate Treasury Fund, 1.86%) · CSCOon (Cisco Systems, 1.43%) · COPon (ConocoPhillips, 1.52%) · PGon (Procter & Gamble, 2.53%) · ACNon (Accenture, 3.09%) · LMTon (Lockheed, 2.28%) · PEPon (PepsiCo, 2.75%) · Ton (AT&T, 2.49%) · AXPon (American Express, 0.74%) · FCXon (Freeport-McMoRan, 0.32%) · INTUon (Intuit, 0.78%) · NEMon (Newmont, 0.31%) · UNPon (Union Pacific Corporation, 0.69%) · TIPon (iShares TIPS Bond ETF, 3.99%) · STXon (Seagate, 0.19%) · ABTon (Abbott, 1.61%) · VZon (Verizon, 3.48%) · SCHWon (Charles Schwab, 0.7%) · IJHon (iShares Core S&P MidCap ETF, 0.91%) · DGRWon (WisdomTree US Quality Dividend Growth Fund, 0.66%) · KLACon (KLA, 0.26%) · IWMon (iShares Russell 2000 ETF, 0.72%) · ECHon (iShares MSCI Chile ETF, 1.09%) · ITOTon (iShares Core S&P Total US Stock Market ETF, 0.77%) · SHYon (iShares 1-3 Year Treasury Bond ETF, 1.43%) · GEon (General Electric, 0.36%) · CIBRon (First Trust NASDAQ Cybersecurity ETF, 0.19%) · TMon (Toyota, 1.51%) · HYSon (PIMCO 0-5 Year High Yield Corporate Bond Index ETF, 2.48%) · ALBon (Albemarle, 0.35%) · CLOIon (VanEck CLO ETF, 2.33%) · COSTon (Costco, 0.51%) · SCCOon (Southern Copper, 2.68%) · TMOon (Thermo Fisher Scientific, 0.14%) · MRKon (Merck, 1.01%) · APOon (Apollo Global Management, 1.16%) · MAon (Mastercard, 0.43%) · NOCon (Northrop Grumman, 0.62%) · IEFon (iShares 7-10 Year Treasury Bond ETF, 1.63%) · BLKon (Blackrock, Inc., 1.46%) · JNJon (Johnson & Johnson, 1.12%) · REGNon (Regeneron Pharmaceuticals, 0.19%) · FSOLon (Fidelity Solana Fund, 1%) · SBUXon (Starbucks, 1.78%) · COFon (Capital One, 0.81%) · WFCon (Wells Fargo, 1.93%) · GSon (Goldman Sachs, 1.38%) · ABBVon (AbbVie, 1.65%) · ADIon (Analog Devices, 0.63%) · OPRAon (Opera, 1.37%) · CATon (Caterpillar, 0.43%) · LINon (Linde plc, 1.67%) · AMGNon (Amgen, 1.42%) · TMUSon (T-Mobile US, 1.12%) · ITAon (iShares US Aerospace and Defense ETF, 0.09%) · Con (Citigroup, 1.05%) · SOon (Southern, 1.7%) · IWNon (iShares Russell 2000 Value ETF, 1.17%) · PAVEon (Global X US Infrastructure Development ETF, 0.12%) · FLHYon (Franklin High Yield Corporate ETF, 2.57%) · INCEon (Franklin Income Equity Focus ETF, 1.89%) · LOWon (Lowe's, 1.08%) · HDon (Home Depot, 0.99%) · WMon (Waste Management, 0.58%) · FLQLon (Franklin US Large Cap Multifactor Index ETF, 0.36%) · CLOAon (iShares AAA CLO Active ETF, 2.18%) · IWFon (iShares Russell 1000 Growth ETF, 0.26%) · EQIXon (Equinix, 1.5%) · DEon (Deere, 0.63%)

Percentages are cumulative reinvested dividends (after tax) since the asset listed on Ondo. For reference only — past dividends don't guarantee future yield.