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

# Institution-backed yields

TownSquare introduces several sources of institution-backed yield to retail

* **Trading yield**

Hedge funds & trading teams can curate self-deployed vaults on TownSquare based on their factor trading, delta-neutral trading, and arbitrage opportunities. Non-delta-neutral strategies involve a maximum drawdown setting that stop losses in one-sided market. \
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\&#xNAN;*\*Curator compensation, where applicable, is defined in each vault's own terms and is not offered to Korean users. TownSquare charges no performance fee and does not manage vault assets.*

* **Private credit yield**

Cash-flow businesses are traditionally available only to private equity funds. Private credit yields supported by private credits issued by cash-flow businesses via credible onchain issuers, can be offered on TownSquare vaults deployed by the asset managers, curated by the respective asset issuer and manager. 

* ***RWA yield\****

RWA vaults are curated via specialized asset issuer and management companies in case of reserve proof and security.

*\*TownSquare is not a bank, takes no deposits, and pays or guarantees no interest.*