An Actively Managed Certificate (AMC) is an instrument that offers investors exposure to the performance of a single portfolio of underlying assets which is discretionarily managed by a third-party in terms of a pre-determined strategy.

Who is this for?

AMCs are used by professional and individual investors wishing to gain exposure to assets managed according to a specific active investment strategy via a 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:

    (a) Cat II discretionary FSP, authorised by the FSCA;
    (b) A Member of the JSE, authorised to manage discretionary funds
    (c) 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 get it:




AMC List