> For the complete documentation index, see [llms.txt](https://venzofinance.gitbook.io/venzofinance-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://venzofinance.gitbook.io/venzofinance-docs/venzo-app/architecture/issuance-and-operation-layer.md).

# Issuance & Operation Layer

The Issuance & Operation Layer is the core product engine inside the Venzo capital stack. It composes tokenized assets and vault operations into unified products that feature a single methodology, a product-level Net Asset Value (NAV), and a streamlined subscription and redemption experience.

The architecture is built on ten core modules:

<table><thead><tr><th width="187.38671875">Module</th><th>Function</th></tr></thead><tbody><tr><td>Product Registry</td><td>The canonical registry of live products, product IDs, component lists, methodology versions, fees, capacity limits, eligibility policies, and lifecycle status.</td></tr><tr><td>Issuance Engine</td><td>Creates the product token, share, receipt, or position record and links it to the registry, eligibility logic, NAV source, and redemption path.</td></tr><tr><td>Composition Engine</td><td>Defines components, target weights, allocation bands, sleeves, wrappers, and approved component sources across internal vaults and external whitelists.</td></tr><tr><td>Methodology and Rules Engine</td><td>Stores product methodology, rebalance cadence, trigger rules, concentration limits, drawdown controls, liquidity requirements, and allowed actions.</td></tr><tr><td>Unified NAV Module</td><td>Aggregates component NAV, pricing feeds, idle assets, liabilities, accrued fees, and settlement records into a unified product-level NAV.</td></tr><tr><td>Rebalancing Controller</td><td>Executes rebalance instructions strictly inside approved allocation bands, component whitelists, venue rules, and governance limits.</td></tr><tr><td>Primary Market Module</td><td>Handles subscription, creation, redemption, epoch closure, price locks, liquidity checks, and claim execution.</td></tr><tr><td>Eligibility and Transfer Policy</td><td>Applies KYC/AML requirements, jurisdictional rules, allowlists, investor limits, transfer restrictions, and product-specific access rules.</td></tr><tr><td>Disclosure and Reporting Layer</td><td>Publishes methodology, component exposure, NAV history, fee schedules, risk disclosures, verification records, product events, and wind-down notices.</td></tr><tr><td>Lifecycle Manager</td><td>Supports launch phases, component changes, methodology updates, fee adjustments, pauses, migrations, product maturity, and final wind-down procedures.</td></tr></tbody></table>


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Module	Function
Product Registry	The canonical registry of live products, product IDs, component lists, methodology versions, fees, capacity limits, eligibility policies, and lifecycle status.
Issuance Engine	Creates the product token, share, receipt, or position record and links it to the registry, eligibility logic, NAV source, and redemption path.
Composition Engine	Defines components, target weights, allocation bands, sleeves, wrappers, and approved component sources across internal vaults and external whitelists.
Methodology and Rules Engine	Stores product methodology, rebalance cadence, trigger rules, concentration limits, drawdown controls, liquidity requirements, and allowed actions.
Unified NAV Module	Aggregates component NAV, pricing feeds, idle assets, liabilities, accrued fees, and settlement records into a unified product-level NAV.
Rebalancing Controller	Executes rebalance instructions strictly inside approved allocation bands, component whitelists, venue rules, and governance limits.
Primary Market Module	Handles subscription, creation, redemption, epoch closure, price locks, liquidity checks, and claim execution.
Eligibility and Transfer Policy	Applies KYC/AML requirements, jurisdictional rules, allowlists, investor limits, transfer restrictions, and product-specific access rules.
Disclosure and Reporting Layer	Publishes methodology, component exposure, NAV history, fee schedules, risk disclosures, verification records, product events, and wind-down notices.
Lifecycle Manager	Supports launch phases, component changes, methodology updates, fee adjustments, pauses, migrations, product maturity, and final wind-down procedures.