Actively Managed Certificates (AMCs) are not entirely new to the Swiss stock market. But they are increasingly popular within the family of participation products as tracker certificates. There are currently around 400 AMCs listed on the Swiss stock exchange. But what exactly are AMCs? AMCs are most comparable to funds. They are structured products with a dynamic approach, specifically: participation certificates that track an index with a predefined strategy. The differences to funds are mainly regulatory. In case of funds, the issuer itself is the owner of the underlying securities. In case of AMCs, which can be designed from a size of 2 to 3 million AUM, the issuer is the title sponsor. The focus is more on the rapid launch date and flexibility. According to the panellists, there will be two movements in the future: On the one hand, simple, automated, low-cost AMC will grow strongly, and on the other hand, customised services for complex, high-level needs. The market in between is likely to largely disappear. The panellists agree, however, that AMCs have a great future ahead of them, especially the smaller, less complex AMCs.