Actively Managed Certificates (AMC) & ETNs in Luxembourg
One bankable security with its own European ISIN, issued on a basket of financial instruments that can be managed over time, through a dedicated, bankruptcy-remote compartment under the Luxembourg Securitisation Law.
What is an Actively Managed Certificate?
An actively managed certificate (AMC) is the market's term for a securitised instrument that gives investors exposure to a portfolio managed on a discretionary basis: a single security whose value tracks an evolving strategy, without setting up a fund.
At Capital-Hill, we can structure securities on baskets of financial instruments: a dedicated compartment holds the basket, the note tracks its value, and the composition of the basket can be managed over time within predefined guidelines. The result is a function similar to an AMC (one bankable security, one managed portfolio) delivered through a note issued under the Luxembourg Securitisation Law, with its statute-based segregation regime.
Why structure as an AMC / ETN
Four steps to a live security
Define
Define
Define the strategy universe, rebalancing rules and fee structure with our team.
Structure
Structure
A dedicated compartment is opened and the issuance documentation prepared.
Issue
Issue
The note is issued with its European ISIN and is ready to be delivered to investors' custody accounts.
Manage & Lifecycle Events
Manage & Lifecycle Events
The manager instructs rebalancing within the agreed guidelines; pricing is contributed to a dedicated Bloomberg page on the agreed cycle by a defined calculation agent; lifecycle administration runs at platform level.
Common questions
How fast can an AMC be launched?
It depends on the underlying and the documentation. Once the terms are agreed, obtaining the ISIN and setting up clearing takes a matter of days. The overall timeline is confirmed with the term sheet.
Is the manager required to be regulated?
It depends on the structure and management model: this is assessed case by case during structuring, and we guide you through the qualification analysis.
What is the difference between an AMC and an ETN?
An AMC is the market term for a certificate giving exposure to a discretionarily managed portfolio. An ETN is a note whose value tracks underlying assets. On our platform, we issue ETNs on baskets of financial instruments that can be adjusted over time, an ETN format delivering a function similar to an AMC.
Speak with our Structuring Team
Get in touchIssuance Configurator
Issue your strategy as a certificate
Tell us what the basket holds, who manages it and the size you have in mind. We come back with an indicative structure and a timeline.
Open the configuratorNo commitment. Reserved for professional and institutional investors.