Swiss-based structuring coordinator for Actively Managed Certificates (AMCs/ETPs), Credit-Linked Notes (CLNs), Tracker Certificates, and Fund Structuring Services. Bankruptcy-remote SPV issuance across Luxembourg, Guernsey, Cayman & Switzerland.
AMC & ETP Issuance Jurisdictions
Download our comprehensive guide to Actively Managed Certificate (AMC/ETP) issuance, structuring, and distribution for professional investors. 13 pages covering structure, issuance jurisdictions, regulatory considerations, and platform capabilities.
Structured Product Lines
ISIN-based securities with dedicated compartments. Euroclearable, DVP settlement via investor's bank. Also known as Exchange-Traded Products (ETPs) in the US market.
Credit exposure to defined references. Custom payoffs for private credit and structured lending.
ISIN wrapper for booking, custody, and valuation within standard bank infrastructure.
Structuring and coordination for investment fund launches. Multi-jurisdictional capability.
AMC & Structured Product Case Studies
A Swiss asset manager required a bankable vehicle for their multi-asset discretionary strategy. We structured an AMC from our Luxembourg securitisation vehicle with a dedicated compartment.
€125M
AUM
LU
Jurisdiction
+8.4%
YTD
Financing for a multi-family residential development in Spain. AMC issued from Luxembourg via dedicated compartment, with proceeds deployed into a Spanish SPV. Structured as a bankable securitisation vehicle.
€45M
Issue Size
LU
Jurisdiction
11%
Coupon
Financing for the acquisition of an industrial company in Switzerland. CLN issued by a Swiss issuer, providing investors with defined credit exposure.
CHF 32M
Issue Size
CH
Jurisdiction
48mo
Tenor
A family office sought to provide their client base access to a Cayman-domiciled PE fund. We structured a Tracker Certificate from our Guernsey PCC structure that mirrors the fund's NAV.
€62M
AUM
GG
Jurisdiction
1:1
NAV Tracking
Who We Serve
Trusted by financial intermediaries, family offices and private banks worldwide, with deep coverage of Latin America. Noray coordinates AMC and ETP issuance for institutional allocators globally.
Bankable wrappers for asset managers and EAMs without launching a full fund.
Learn moreConsolidate multi-asset and private-market holdings in a single ISIN-bearing certificate.
Learn moreWhite-label structured exposure distributed through your clients' existing custody banks.
Learn moreBespoke certificates for UHNW mandates with multi-jurisdictional execution.
Learn moreFrequently Asked Questions
An Actively Managed Certificate (AMC) is an ISIN-bearing structured product that provides a bankable wrapper for a discretionary investment strategy, issued from a bankruptcy-remote SPV coordinated by Noray Capital SA. Unlike funds, AMCs offer faster time-to-market, lower setup costs, and full flexibility over underlying asset allocation, including listed securities, private assets, and alternative investments. AMCs are also known as ETPs (Exchange-Traded Products) in the US market.
An Exchange-Traded Product (ETP) is an ISIN-bearing security that tracks an underlying asset, index or strategy and trades on an exchange or via OTC markets; Noray Capital SA coordinates issuance of both AMCs and ETP-style instruments from bankruptcy-remote SPVs in Luxembourg, Guernsey, Cayman and Switzerland. In European structured product markets, AMCs serve a similar function, providing ISIN-wrapped, bankable exposure to discretionary strategies.
Noray Capital SA coordinates AMC issuance in a typical 4–8 week window from signed mandate to first ISIN, depending on the jurisdiction and complexity. Guernsey offers the fastest setup (4–6 weeks), while Luxembourg provides broader EU distribution capabilities. Noray coordinates the entire process including SPV setup, ISIN assignment, paying agent appointment, and custody arrangements.
There is no regulatory minimum AUM for an AMC issued via Noray Capital SA; most issuers recommend a minimum of CHF 5–10 million to ensure the fee structure is economically viable. Noray Capital works with asset managers and family offices to find the optimal structure regardless of size.
An AMC coordinated by Noray Capital SA offers faster setup (weeks vs months), lower costs, full portfolio discretion, and no requirement for a fund management company, whereas a regulated fund provides broader retail distribution and regulatory recognition. AMCs are ideal for professional investors seeking flexible, bankable exposure without full fund infrastructure.
Noray Capital SA supports AMC and structured product issuance across four jurisdictions: Luxembourg (EU-regulated securitisation vehicles), Guernsey (Protected Cell Companies / PCCs), Cayman Islands (Segregated Portfolio Companies / SPCs) and Switzerland (Swiss ISIN issuance).
A securitisation vehicle is a legal entity created to issue securities backed by pools of assets or investment strategies, and Noray Capital SA uses these vehicles — Luxembourg securitisation undertakings, Guernsey Protected Cell Companies and Cayman Segregated Portfolio Companies — to transform strategies into bankable, ISIN-bearing securities. In Luxembourg, these take the form of regulated securitisation undertakings. In Guernsey, Protected Cell Companies (PCCs) offer similar ring-fenced protection.
Have more questions about AMC issuance, ETP structuring, or our multi-jurisdictional platform?
Contact our structuring teamFrom structuring to ISIN assignment, Noray coordinates the entire issuance process. Talk to our team to define the right vehicle for your strategy.