An actively managed certificate (AMC) is a non-interest paying instrument that pays the investor the performance of a basket of securities that is actively managed by a portfolio manager according to a specific investment mandate.
Who is this for?
AMCs are used by both professional and retail investors wishing to gain exposure to assets which are managed according to a specific active investment strategy, via listed instrument.
- Provides exposure to various underlying instruments, local and international, within a portfolio which are managed according to an active investment strategy.
- Issued by banks regulated under the Banks Act of 1990 or the equivalent foreign legislation for foreign issuers.
- AMCs promise the performance of the underlying reference portfolio, which is managed by an independent third-party who must implement the strategy as determined by the investment mandate of the reference portfolio.
- The independent third-party manager may be:
- Cat II discretionary FSP, authorised by the FSCA;
- A Member of the JSE, authorised to manage discretionary funds; or
- Any foreign manager with the equivalent status.
- Listed, traded, and settled in Rands.
- Market maker presence to ensure adequate liquidity.
- Are well-regulated by the JSE.
How to invest in Actively Managed Certificates
- Open a brokerage account with an authorised JSE Equity member.
- Contact the AMC issuer
- Contact a financial advisor
Considering listing AMCs?
Please speak to our Primary Markets team for more information.
JSE Primary Markets
+27 11 520 7000