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.

Features:

• 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:
  1. Cat II discretionary FSP, authorised by the FSCA;
  2. A Member of the JSE, authorised to manage discretionary funds; or
  3. 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

[email protected]