> For the complete documentation index, see [llms.txt](https://city-protocol.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://city-protocol.gitbook.io/docs/platform/introduction/the-problem.md).

# The problem

Why packaged investing stays gated, and why every onchain issuer rebuilds the same stack.

Structured products and exchange-traded funds (ETFs) are two of the largest packaged-investment categories in traditional finance. Structured products carried an estimated US$2.55 trillion of outstanding notional in 2026 ([Numerix, citing SRP](https://www.numerix.com/resources/blog/structured-products-global-trends-market-forces-and-what-comes-next)), and global ETF assets reached a record US$23.11 trillion at the end of July 2026 ([ETFGI](https://etfgi.com/news/press-releases/2026/08/etfgi-reports-global-etf-industry-assets-reach-record-us-2311-trillion)). Access to both is gated by high minimum investments, private-banking and brokerage relationships, and distribution rules that differ by jurisdiction.

Onchain capital is global and settles continuously in stablecoins, yet each issuer that brings a strategy onchain rebuilds the same stack:

* investor eligibility;
* subscription and redemption workflows;
* NAV calculation and oracle controls;
* audited contracts with role-based permissions and emergency pauses;
* methodology and lifecycle controls;
* the reporting that shows users what a product holds, how it is valued and when it can be exited.

<figure><img src="https://3297077862-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FJxNp2waFk6hg1G4lEQZu%2Fuploads%2Ft4zovMXPe7MZKJFDGzsL%2Ffig-problem.png?alt=media&amp;token=361e1f24-f967-4e33-a0ab-9253108d9d88" alt="Three issuers each rebuild the same six components, next to one shared layer"><figcaption><p>Each issuer that builds alone repeats the same components. A shared layer builds them once for every issuer.</p></figcaption></figure>

When each issuer builds this stack alone, launches are slow, security work is duplicated, reporting is inconsistent and the range of products available to users stays narrow.