01What the AMF proposes
UCITS funds today invest in traditional asset classes: equities, bonds, real estate, with a regulated diversification logic. The AMF is consulting on opening them to alternative assets, in an indirect and capped form.
| Traditional finance | Alternative assets targeted | |
|---|---|---|
| Asset classes | Equities, bonds, real estate, diversification | Crypto-assets, precious metals (gold), commodities |
| Form of exposure | Direct holding within the UCITS framework | Financial certificates, capped at 10% |
10%maximum
Exposure of retail UCITS through financial certificates.
3 July 2026consultation ends
Deadline of the AMF public consultation.
02A balance built on three objectives
- Protect investorsIndirect, capped exposure within the regulatory framework for retail funds.
- Foster innovationAllow managers to bring new asset classes into their diversification strategies.
- Strengthen the French financial centreAlign French managers' offering with demand for more diversified savings.
Innovate. Compete. Protect. A balance serving more diversified savings.OpenbanQ summary of the AMF consultation
For asset managers, the challenge will be to document the risk profile of these certificates (volatility, liquidity, custody of the underlying) in investor information. Our map of investor risks in digital assets details the main ones.
Sources : AMF, public consultation on UCITS exposure to crypto-assets and commodities (until 3 July 2026); OpenbanQ summary.