> 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/structured-products/overview.md).

# Overview

City Protocol issues structured products in two families. Each is driven by a different architecture in the Issuance & Operation Layer, and the difference determines where a participant's assets are held and where the return comes from.

**Yield Strategies** are driven by the **Curator-Vault Architecture**. Capital is pooled into a vault contract, a curator directs execution within an approved mandate, and the return is produced by the strategy that curator operates. The participant holds Receipt Tokens representing a claim on the vault and redeems at NAV per share under the product's settlement terms.

**OTP Products** are driven by the **OTP Architecture**. Nothing is pooled. Constituents are held in the participant's own onchain account and maintained against a published, rules-based methodology by an automated executor. The return is the market price of the assets held.

<table><thead><tr><th width="156.83984375"></th><th>Yield Strategies</th><th>OTP Products</th></tr></thead><tbody><tr><td>Architecture</td><td>Curator-Vault</td><td>OTP</td></tr><tr><td>Source of return</td><td>The strategy the curator operates</td><td>The market prices of the constituents</td></tr><tr><td>What the participant holds</td><td>Receipt Tokens, a claim on a pooled vault</td><td>The constituent assets, in their own account</td></tr><tr><td>Entry and exit</td><td>Deposit, then redeem through liquid or epoch-based settlement</td><td>One transaction in, one transaction out</td></tr><tr><td>Product types</td><td>Market-neutral, fixed-rate credit, lending, private credit</td><td>Index ETP, Portfolio Trackers ETP, thematic ETP</td></tr></tbody></table>

Both families are issued, operated, and reported through the same Issuance & Operation Layer, and both are distributed through Venzo and City Protocol-powered integrations.