AMCs (Actively Managed Certificates) are listed financial instruments that fall into the category of Structured Products.
They are typically issued by a leading international bank.

AMCs replicate an underlying index and feature active, discretionary, or automated management of the index components.
Due to these characteristics, AMCs can be considered very similar to Mutual Funds.
However, unlike a Mutual Fund, there is no actual "manager" who is buying and selling securities. Instead, it is the Index Sponsor's role, possibly with the support of an Advisor, to create and manage the index under its asset manager license.

FS First Solutions Ltd serves as the Index Sponsor and is responsible for implementing the index's investment strategies through the creation process and subsequent selection of components.

Compared to Mutual Funds, AMCs have several advantages. They are not subject to the restrictive rules imposed by UCITS IV regulations (e.g., issuer diversification, underlying asset requirements, Value at Risk, liquidity).
Costs are considerably lower, because only two parties are involved: the Issuer and the Index Sponsor (FS First Solutions).
Regarding their access, in Italy, AMCs can be purchased by anyone with access to the SeDeX market, while Mutual Fund distribution is restricted to banks, making them unavailable without agreements with the Issuer.
AMCs are part of the Structured Products category, offering favorable tax treatment for those with previous capital losses. Gains from AMCs, including potential coupons, are classified as miscellaneous income, allowing for offsetting previous losses, while Mutual Fund gains are classified as capital income and always taxed.
An AMC can be structured and issued within one to two months.
Finally, the Efficient Investment Target for an AMC is reduced to €5 million, compared to at least €30 million for a SICAV or Mutual Fund.

The assets are physically held in the portfolio by the Bank, even though the instrument works as a certificate issuance replicating an index with an underlying strategy.
The instrument is exposed to issuer risk, though it generally carries a low insolvency risk, typically possessing an S&P rating of BBB- or higher.
Additionally, it is possible to collateralize the AMC (at an additional cost), eliminating counterparty risk.

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