> For the complete documentation index, see [llms.txt](https://docs.midas.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.midas.app/legal/legal-structure.md).

# Legal Structure

{% hint style="info" %}
*Investing in security tokens involves a high degree of risk, including the risk of a total loss of invested capital. It is important for investors to understand these before engaging. Full risk disclosure can be found in the relevant product documentation. Any decision to invest in security tokens should be based on a consideration of this product documentation as a whole by the investor.*
{% endhint %}

Midas products are institutional-grade, regulated financial instruments issued under formal offering documentation. Depending on the strategy and jurisdiction, products are issued through different legal structures, and the associated investor protections differ accordingly. For this reason, investors should review the offering documentation on each product page carefully before investing. Midas currently uses two main issuance structures, each designed to provide a clear legal framework for the relevant product.

#### Luxembourg Securitisation Setup 

The products issued through our Luxembourg securitisation vehicle leverage the features of  the Luxembourg law of 22 March 2004 on securitisation (the Securitisation Law) to ensure statutory asset segregation and bankruptcy remoteness. In this structure, each product is issued through a dedicated compartment holding the relevant underlying assets. The segregation between compartments is enshrined in the Securitisation Law itself thus providing strong comfort to investors. Our Luxembourg securitisation vehicle is also structured as an orphan vehicle, owned through a charitable trust and without shareholder links to other Midas entities. This shields investors from the broader credit and insolvency risk of other Midas entities.

#### German Issuer Setup 

The products issued by Midas Software GmbH give investors a contractual exposure to the performance of the underlying strategy as set out in the applicable offering documentation. This structure does not use statutory compartmentalisation, and investors should not assume that assets are ring-fenced at issuer level in the same way as under the Luxembourg securitisation framework. For certain products, the applicable offering documentation may provide for collateral and security arrangements granted in favour of tokenholders.