Frequently Asked Questions

Actively Managed Certificates (AMCs) are structured financial products that allow professional portfolio managers to implement investment strategies in a securities format with a Swiss ISIN. They combine the flexibility of active management with the bankability and tradability of exchange-listed securities.

AMCs are debt instruments issued by a bank where the return is linked to the performance of an actively managed investment portfolio. The certificate holder has a claim against the issuing bank, which manages or delegates management of the underlying assets.

AMCs differ from traditional funds in several key ways:

• Legal Structure: AMCs are debt instruments, not collective investment schemes subject to fund regulations
• Regulation: Not regulated under Swiss CISA, resulting in lower costs and faster launch times
• Tax Treatment: Not tax-transparent like funds; investors receive capital gains/losses
• Trading: Trade on exchanges like bonds with daily liquidity
• Custody: Can be held in standard custody accounts at any bank
• Flexibility: No restrictions on investment strategy, concentration, or asset classes

A Swiss ISIN (International Securities Identification Number) is a unique 12-character code starting with "CH" that identifies a security issued under Swiss jurisdiction. It matters because:

• Bankability: Can be booked at any financial institution globally
• Global Recognition: Universally accepted for trading and settlement
• Credibility: Benefits from Switzerland's reputation as a stable financial center
• Liquidity: Enables listing on SIX Swiss Exchange
• Custody: Allows standard custody account holding

Yes, AMCs operate within a regulated framework, but differently than traditional funds. The issuing bank is regulated by FINMA (Swiss Financial Market Supervisory Authority), and AMCs listed on SIX Swiss Exchange are subject to exchange listing rules and transparency requirements.

However, AMCs themselves are not classified as collective investment schemes under Swiss CISA, which means they avoid the extensive regulatory requirements that apply to traditional funds. This provides regulatory efficiency while maintaining investor protection through the bank issuer's obligations and exchange oversight.

AMC-Link.com is a neutral platform that connects AMC asset owners (portfolio managers and strategy providers) with qualified investors seeking access to actively managed certificates. We serve as an information hub and matchmaking service, but we are not an issuer, distributor, or investment advisor.

Our platform provides educational resources about AMCs, showcases available strategies, and facilitates connections between parties interested in the AMC ecosystem. We help asset owners understand the process of launching AMCs and help investors discover strategies that match their investment objectives.

AMCs can accommodate virtually any investment strategy or asset class, including:

• Equity strategies (long-only, long/short, sector-focused)
• Fixed income and credit strategies
• Multi-asset and balanced portfolios
• Alternative assets (private equity, real estate, commodities)
• Digital assets (cryptocurrency, blockchain strategies)
• Thematic strategies (ESG, technology, healthcare)

The structure is asset-agnostic and places no restrictions on concentration, leverage, or investment approach, making it ideal for sophisticated and specialized strategies.

Launching an AMC involves several steps:

1. Strategy Definition: Document your investment approach and target market
2. Issuer Selection: Partner with a Swiss bank that issues AMCs
3. Documentation: Prepare term sheets, fact sheets, and disclosure documents
4. ISIN Issuance: Obtain Swiss ISIN from SIX Financial Information
5. Exchange Listing: List the AMC on SIX Swiss Exchange
6. Launch: Begin operations and investor access

AMC-Link.com can guide you through this process and connect you with service providers. Contact us to discuss your specific situation.

AMC costs are significantly lower than traditional fund structures. Typical costs include:

• Setup Costs: Legal documentation, ISIN issuance, exchange listing (typically CHF 10,000-30,000)
• Ongoing Costs: Calculation agent fees, exchange listing fees, administrative services (typically CHF 5,000-15,000 annually)
• Management Fees: Set by the asset owner/manager (typically 0.5%-2% of AUM)

Exact costs vary based on strategy complexity, service providers, and AUM. AMCs typically cost 60-80% less than establishing a comparable fund structure.

The timeline to launch an AMC is typically 6-12 weeks from initial planning to listing, compared to 6-12 months for traditional fund structures. The process includes:

• Weeks 1-2: Strategy documentation and issuer selection
• Weeks 3-4: Legal documentation and term sheet preparation
• Weeks 5-6: ISIN issuance application
• Weeks 7-10: Exchange listing application and approval
• Weeks 11-12: Final preparations and launch

Timelines can be shorter for simpler strategies or longer for complex structures requiring additional due diligence.

Asset owners providing portfolio management for AMCs typically need:

• Professional Qualifications: Demonstrated investment management experience and track record
• Business Entity: Registered business entity (may be required depending on jurisdiction)
• Agreements: Portfolio management agreement with the issuing bank
• Compliance: Adherence to the AMC's investment guidelines and restrictions
• Reporting: Regular performance reporting and disclosure to the issuer

Requirements vary based on the issuer's standards and the complexity of the strategy. AMC-Link.com can help you understand specific requirements for your situation.

Marketing activities depend on your regulatory status and the jurisdictions you're targeting. Generally:

• Once listed on an exchange, AMCs can be promoted as publicly available securities
• Marketing to qualified investors in many jurisdictions is permitted
• Distribution partnerships with licensed financial intermediaries may be beneficial
• Compliance with local advertising and promotion rules is essential

AMC-Link.com provides a platform to showcase your strategy to qualified investors, but direct marketing should be done in compliance with applicable regulations.

AMCs are generally available to qualified or professional investors, though specific requirements vary by AMC and jurisdiction. Typical investor categories include:

• Institutional Investors: Banks, insurance companies, pension funds, asset managers
• Professional Investors: Individuals meeting wealth or experience thresholds
• Family Offices: Single and multi-family office investors
• High Net Worth Individuals: Meeting applicable qualified investor criteria

Each AMC may have its own investor eligibility requirements based on strategy complexity and regulatory considerations. Check specific AMC documentation for details.

Minimum investment amounts vary by AMC but are typically lower than traditional alternative investment funds:

• Listed AMCs: Can often be purchased in single certificate denominations (e.g., CHF 1,000-10,000 per certificate)
• Institutional AMCs: May have minimums of CHF 100,000-500,000
• Specialized Strategies: Complex or alternative strategies may have higher minimums

Because AMCs trade on exchanges, investors can typically access them with lower minimums than comparable private funds requiring USD 250,000-1,000,000+ commitments.

Purchasing an AMC is similar to buying any exchange-listed security:

1. Open a Custody Account: At a bank or broker that provides access to SIX Swiss Exchange
2. Review Documentation: Read the term sheet, fact sheet, and any disclosure documents
3. Place an Order: Use the AMC's ISIN to place a buy order through your bank/broker
4. Settlement: The trade settles through standard exchange clearing processes
5. Custody: The AMC is held in your standard custody account

Your bank or financial advisor can assist with the purchase process and provide access to the SIX Swiss Exchange.

Yes, listed AMCs trade on the SIX Swiss Exchange and can be bought and sold like bonds or other listed securities. Key features include:

• Daily Liquidity: Can be traded during exchange hours
• Transparent Pricing: Daily Net Asset Value (NAV) publication
• Standard Settlement: T+2 settlement cycle
• Market Making: Many AMCs have designated market makers providing liquidity

Trading liquidity varies by AMC based on size, popularity, and market making arrangements. Check specific AMC documentation for liquidity provisions.

Investor fees for AMCs typically include:

• Management Fee: Annual fee embedded in the AMC (typically 0.5%-2% of NAV)
• Performance Fee: Some AMCs charge performance fees (typically 10-20% above hurdle)
• Trading Costs: Brokerage commissions for buying/selling (set by your broker)
• Custody Fees: Standard custody account fees charged by your bank

AMC fees are generally lower than comparable hedge funds or private investment vehicles. Specific fee structures are disclosed in each AMC's documentation.

AMC performance is transparent and regularly reported:

• Daily NAV: Net Asset Value calculated and published daily
• Exchange Pricing: Real-time trading prices available on SIX Swiss Exchange
• Fact Sheets: Monthly or quarterly performance reports from asset owners
• Annual Reports: Comprehensive annual reporting (if applicable)
• Bloomberg/Reuters: Performance data available through financial data providers

Investors can track AMC performance through their custody accounts, exchange data, or directly from asset owner communications.

AMC-Link.com operates as a neutral information and connection platform:

• For Asset Owners: Register your AMC strategy, provide information, and connect with potential investors
• For Investors: Browse available AMC strategies, filter by criteria, and request information
• Matchmaking: We facilitate introductions between asset owners and qualified investors
• Resources: Educational content, guides, and tools for understanding AMCs

We are not an issuer, distributor, investment advisor, or broker. We provide information and facilitate connections within the AMC ecosystem.

Platform access and basic features are free for both asset owners and investors. Our business model includes:

• Free Access: Browse strategies, read educational content, and make initial contact
• Premium Services: Optional paid services for asset owners (enhanced listings, marketing support, launch assistance)
• No Investor Fees: Investors never pay to access platform information or connect with asset owners

Our goal is to make the AMC ecosystem accessible and transparent for all participants.

AMC-Link.com is currently in development with a planned launch in 2025. To get early access:

• Join Newsletter: Subscribe to receive launch announcements and early access invitations
• Contact Us: Asset owners and institutional investors can contact us for priority access
• Follow Updates: We'll share development progress and feature previews

Early registrants will receive priority access to platform features and AMC listing opportunities at launch.

To list an AMC on AMC-Link.com, asset owners should provide:

• Basic Information: AMC name, ISIN, issuer, launch date
• Strategy Details: Investment approach, asset classes, geographic focus
• Documentation: Term sheet, fact sheet, key investor information
• Performance Data: Historical performance (if available)
• Team Information: Portfolio manager background and experience
• Contact Details: How investors can request more information

All listed AMCs must have a valid Swiss ISIN and be issued by a regulated Swiss bank. Contact us to discuss listing requirements.