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

# Legal Structure

## Offerings Legal Structure

The investment contract for HiYield products can be custom tailored, based on flexible legal frameworks designed by Manatt, Phelps & Phillips, LLP. The offchain assets for each vault are held in SPVs managed by [WSFS Bank](https://www.wsfsbank.com/), and all capital markets activity is executed through [Raymond James](https://www.raymondjames.com/).