Actively Managed Certificates
An Actively Managed Certificate (AMC) turns an actively managed strategy into a single bankable security with an ISIN. Any asset class, traditional or alternative, managed dynamically, without the complexity of a fund.
What is an Actively Managed Certificate (AMC)?
AMC stands for Actively Managed Certificate: a structured certificate issued with an ISIN that pools multiple investors under a single security and lets a designated manager actively run the underlying portfolio over the product's lifetime, buying, selling, rebalancing and adjusting allocations in response to market conditions.
Economically, it behaves like an investment fund. Structurally, it is not one, and that distinction is its defining characteristic.
The instrument began in Swiss private banking, where managers needed a wrapper for client strategies too small for a fund to make economic sense. It has since become a global category spanning asset classes, jurisdictions and investor types, one of the clearest expressions of assetization: turning almost any strategy into a bankable security, live in days rather than months.
GenTwo issues AMCs through its securitization-as-a-service infrastructure: you bring the strategy, we handle the structure, the ISIN and the lifecycle.
How it works
One ISIN, an actively managed portfolio inside.
Asset manager
- Runs an active, multi-asset strategy and rebalances the portfolio anytime.
AMC certificate
- Sits in a dedicated segregated compartment and carries the Swiss ISIN.
Investor
- Holds the AMC in a custody account, with multiple investors on a single ISIN.
Economically a fund. Structurally, not one.
Three structural differences do the work, and each removes a cost or a constraint a fund carries.
Issued as a certificate, not a fund
An AMC is a structured certificate, not a collective investment scheme. No fund licence, no CISA authorisation, no fund-level supervision. Regulation does not disappear, it shifts to the issuing structure and its regulated counterparties.
Issued from a dedicated SPV
Each AMC is issued from a legally separate, off-balance-sheet special purpose vehicle. Investors carry no issuer credit risk, and if the platform provider fails, the assets are ring-fenced.
The operational layer is in place
No management company to set up, no fund administrator to build. The legal and operational infrastructure already exists, taking a concept to a live product in days, not months.
Advantages of AMCs for managers
Active portfolio management
Implement multi-asset strategies across traditional, alternative and digital assets, with full flexibility on asset selection.
Launch faster than a fund
Go live in days, not months, with no fund registration or approval cycles, and at a fraction of a fund's setup and ongoing cost.
Operational efficiency
Manage all positions from a single trading account, with intraday rebalancing and less administrative burden.
Scale beyond a managed account
Pool investors under one ISIN in a dedicated segregated compartment, and grow AuM without restructuring.
Build a verifiable track record
Generate an auditable, ISIN-based performance history that strengthens credibility with institutional investors.
Any asset, one wrapper
From vanilla equities to private markets and digital assets, any combination under a single bankable ISIN.
Advantages of AMCs for investors
Flexible exposure
Access tailored investment strategies across multiple asset classes.
Lower entry thresholds
Participate in strategies with more flexible investment sizes.
Transparent performance
Track the strategy through an ISIN with standardized reporting.
Operational consistency
Hold strategies within familiar banking and custody environments.
AMC, fund or SMA?
The same economics through very different machinery. An AMC is one-to-many: a single ISIN, one structure, one compliance approval, accessible to an unlimited number of investors through their existing bank. The strategy scales; the administration does not.
| AMC | Fund | SMA | |
|---|---|---|---|
| Regulatory license required | Yes, but not CISA | Yes, CISA | No |
| Multiple investors, one structure | Yes | Yes | No |
| Off-balance sheet | Yes | Varies | No |
| Time to launch | Days | Months | Days |
| Minimum viable AuM | None (practical 0.5 to 1M) | 25M (practical 50 to 100M) | None (practical 0.5 to 2M) |
| Track record buildable | Yes | Yes | No |
| ISIN-listed, bankable | Yes | Yes | No |
Indicative comparison. Exact treatment depends on jurisdiction and structure.
A growing category
The AMC is one of the fastest-growing categories in the global structured products market. In 2026, SRP, the structured products industry's leading data provider, published its first dedicated AMC market report, a signal that a product growing quietly for two decades had reached real scale. The managers who have not yet built a product shelf are increasingly at a disadvantage to those who have.
Estimated global market
Swiss-market CAGR
Middle East and LATAM growth
There is no real competition anymore on the payoff. AMCs are becoming increasingly infrastructure-driven rather than payoff-driven.
Compare. Configure. Launch.
AMC Creator is the self-serve way for regulated financial professionals to bring an AMC to market. Compare six pre-integrated execution partners with full pricing transparency, then go from idea to a Swiss ISIN in days. No call required.
Setting up conventional investment funds always took a lot of time. Now we can launch tailor-made AMCs in an efficient, uncomplicated way and expand our range to include alternative investments such as digital assets or real estate.
Assetization in action
Real use cases, client success stories, live products.
Use CaseSwiss residential real estate. Project debt, project equity or diversified exposure.
Use CaseA feeder into your fund. Fractional tickets, any bank or broker, no new entity.
Use CaseOne hybrid AMC. A live trading book and illiquid holdings under a single ISIN.
Use CaseLaunch a single AMC on listed assets. One strategy, one product, live in days.
Use CaseAn AMC on digital assets. Your crypto strategy in a bank account, no wallets.
Use CaseTokenized AMCs on your platform. On-chain, backed 1:1, with a Swiss ISIN.
Use CaseStructured products on digital assets. Capital protection, yield and barrier payoffs.
Use CaseAn AMC on a portfolio of funds. Fund of funds, without the second fee layer.
Use CaseLaunch your AMC issuance platform. Keep the custody and the fees in-house.
Use CasePrivate equity and venture capital. A portfolio as an AMC, one name as a Tracker.
Use CasePrivate debt. Turn a loan into an ISIN-listed note with a coupon.
Use CaseSME financing. A mini-bond that raises capital without diluting ownership.
Use CaseStructured products in one AMC. Many positions, a single vehicle.
Use CaseImpact investing for companies. Fund your suppliers as an investment, not a grant.
Use CaseA portfolio of artists, securitized against future revenues.
Use CasePeer-to-peer loans. A whole basket in one certificate, no loan-by-loan selection.
Use CaseVenture capital as a certificate. No general partner and limited partner structure.
Use CaseCertificate of Things. Finance a machine, pay investors from what it produces.
Use CasePay-per-use. Investors fund the equipment and earn royalties as it runs.
Use CaseFine art and collectibles. A single work as a Tracker, a portfolio as an AMC.
