> For the complete documentation index, see [llms.txt](https://t-blocks.gitbook.io/t-blocks-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://t-blocks.gitbook.io/t-blocks-documentation/for-investors/how-instruments-are-structured.md).

# How Instruments Are Structured

Every T-Blocks instrument is structured as follows:

**Vehicle.** A dedicated SubFund within T-Blocks Trio Fund, established under the Luxembourg Securitisation Law of 22 March 2004.

**Ring-fencing.** The SubFund's assets are legally segregated from all other SubFunds and from the Management Company. Investors' exposure is limited to the specific SubFund they invest in.

**Instrument form.** Units (co-ownership participations) or Notes (debt instruments), as defined in the SubFund's Specific Management Regulations.

**Security.** Instruments can be secured, or not, by the SubFund's assets. Additional security interests (pledges, assignments, charges) may be granted over underlying assets as defined in the transaction documentation.

**Access.** Every instrument is accessible through both the ISIN / Banking Rail and the Digital Primary Market. Investors choose their preferred access rail.

**Governance.** Independent audit (Forvis Mazars), fund administration (Baker Tilly), independent custody (Swissquote), independent legal counsel (Woud Law Firm), independent tax advisor (Deloitte). The Management Company manages but does not control all functions.