Actively Managed Certificates (AMC) & ETNs in Luxembourg
One bankable security with its own European ISIN, issued on a basket of financial instruments that can evolve 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 issue ETNs and tracker notes on baskets of financial instruments: a dedicated compartment holds the basket, the note tracks its value, and the composition of the basket can be adjusted over time within predefined guidelines. The result is a function similar to an AMC (one bankable security, one evolving portfolio) delivered through an ETN issued under the Luxembourg Securitisation Law, with its statute-based segregation regime. Where a classic discretionary AMC format is specifically required, we structure it accordingly.
Why structure as an AMC / ETN
Four steps to a live certificate
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 delivered to investors' custody accounts.
Manage
Manage
The manager instructs rebalancing within the agreed guidelines; pricing is published daily on Bloomberg; lifecycle administration runs at platform level.
Common questions
How fast can an AMC be launched?
Typically within a few weeks of complete onboarding documentation.
Is a regulated manager required?
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.