NXW Investment Library · 8 modules · 37 chapters

Investir dans les indices

Based on the book Index Investing: From Theory to Practice (Dr MAI Huu Minh, TRAN Phan Bao Ngoc & HUYNH Nguyen Quoc Buu)

What an index is, why indexing works, how to design, build and test an index, the products that track it, how to invest for life, the IFRC-NXW Global Indexes case study – and the latest trends: ESG and gender equality, climate-risk, carbon, commodity, housing, derivatives-based, currency and crypto-asset indexes, factor-weighted smart indexes, and the new indexes of Vietnam. Also in Vietnamese: Đầu tư Chỉ số (Chapter 1 free in Resources > Documents).

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8 modules, 37 chapters

Chapter 1 is free to read online; the other chapters open a preview with their objectives and sections.

Module 1 – Foundations

3 chapters

1	Qu’est-ce qu’un indice ? Un panier, un règlement et un nombre 9 sections 1.1 A basket, a rule book and a number 1.2 The six rules of every index 1.3 Building a tiny index by hand 1.4 Base dates, base values and what a level means 1.5 Price, total-return and net-return indexes 1.6 The three jobs of an index 1.7 A map of index families 1.8 What an index is not 1.9 Reading an index factsheet	Lire FREE
2	Une brève histoire des indices From a newspaper average to the core of world investing 10 sections 2.1 The first averages 2.2 From averages to market-value indexes 2.3 The academic case for owning the index 2.4 The first index portfolios and the first index fund 2.5 Index futures and options: the index becomes tradable 2.6 The exchange-traded fund 2.7 Going global: MSCI, FTSE and the classification of markets 2.8 Beyond market value: smart beta, ESG and themes 2.9 Index investing in Vietnam 2.10 Lessons from 130 years of indexes	🔒 Preview
3	Les mathématiques d’un indice Weights, divisors, dividends and returns 9 sections 3.1 The notation 3.2 Price-weighted indexes 3.3 Market-value-weighted indexes 3.4 Free float and capping 3.5 Equal-weighted indexes 3.6 The divisor and why it changes 3.7 Price, total-return and net-return indexes 3.8 Chain-linking and long histories 3.9 Measuring index returns	🔒 Preview

Module 2 – Theory

4 chapters

4	Diversification et Théorie Moderne du Portefeuille Why owning many stocks beats owning a few 9 sections 4.1 Risk and return 4.2 Covariance and correlation 4.3 The two-asset portfolio 4.4 The efficient frontier 4.5 Systematic and specific risk 4.6 The CAPM and beta 4.7 Why the market portfolio is the natural starting point 4.8 The limits of modern portfolio theory 4.9 Diversification in Vietnam and Asia	🔒 Preview
5	Efficience des marchés et arithmétique de la gestion active Why beating the market is hard – and why the average investor cannot 9 sections 5.1 What “efficient” means 5.2 Three forms of efficiency 5.3 Random walks 5.4 The arithmetic of active management 5.5 What fund scorecards measure 5.6 Luck, skill and persistence 5.7 The Grossman – Stiglitz paradox 5.8 Where markets may be less efficient 5.9 What this means for the index investor	🔒 Preview
6	Frais, Fiscalité et Capitalisation The small numbers that decide your final wealth 8 sections 6.1 The power of compounding 6.2 The cost matters hypothesis 6.3 Visible costs 6.4 Hidden costs 6.5 How much do fees take over a lifetime?6.6 Taxes 6.7 Inflation and real returns 6.8 The total cost of ownership	🔒 Preview
7	Facteurs et Smart Beta Value, size, momentum, quality, low volatility – and the rules that capture them 9 sections 7.1 From one factor to many 7.2 Fama – French, Carhart and the multi-factor models 7.3 The main factors 7.4 Why might factor premia exist?7.5 Cyclicality and long drawdowns 7.6 Crowding, capacity and costs 7.7 Smart beta: rules-based active management 7.8 Multi-factor indexes 7.9 Using factors wisely	🔒 Preview

Module 3 – Index design

5 chapters

8	Univers, Éligibilité et Sélection Deciding which securities get into the basket 8 sections 8.1 Three filters: universe, eligibility, selection 8.2 Defining the universe 8.3 Eligibility screens 8.4 Foreign-ownership limits and foreign room 8.5 Selection: top-N, coverage and scores 8.6 Buffer zones and fast entry 8.7 Investability versus representativeness 8.8 Exchanges in Vietnam: HOSE, HNX and UPCoM	🔒 Preview
9	Méthodes de pondération How much of each stock goes into the basket 9 sections 9.1 Why weighting matters 9.2 Market-cap and free-float weighting 9.3 Capped weights and the 5/10/40 rule 9.4 Equal weighting 9.5 Fundamental weighting 9.6 Score-tilted and dividend-weighted indexes 9.7 Risk-based weighting 9.8 Measuring concentration 9.9 Capacity and turnover: the price of diversification	🔒 Preview
10	Rééquilibrage, Reconstitution et Opérations sur titres Keeping the basket true as companies change 8 sections 10.1 Two kinds of maintenance 10.2 Review calendars and key dates 10.3 Turnover, its cost and the inclusion effect 10.4 The divisor: keeping the index continuous 10.5 Cash dividends: price and total return 10.6 Stock dividends, bonus shares and splits 10.7 Rights issues and new shares 10.8 Mergers, spin-offs, suspensions, delistings and IPOs	🔒 Preview
11	Indices Sectoriels, Thématiques, ESG et Multi-Actifs Slicing the market, scoring themes and mixing asset classes 9 sections 11.1 Why slice the market?11.2 Sector classification systems 11.3 Sector and country indexes 11.4 Thematic indexes and exposure scores 11.5 The pitfalls of thematic indexes 11.6 ESG and climate indexes 11.7 Commodity and gold indexes 11.8 Bond indexes 11.9 Multi-asset and strategy indexes	🔒 Preview
12	Gouvernance et Document de Méthodologie Who writes the rules, who can change them, and how to write them down 8 sections 12.1 Why governance matters 12.2 The IOSCO Principles for Financial Benchmarks 12.3 The EU Benchmarks Regulation 12.4 Index committees and the governance structure 12.5 Conflicts of interest and self-indexing 12.6 Consultations, discretion and its limits 12.7 Error correction and cessation 12.8 How to write a methodology document	🔒 Preview

Module 4 – Build and test

5 chapters

13	Données pour la construction d’indices Prices, shares, corporate actions – and the errors hiding in them 9 sections 13.1 Garbage in, garbage index 13.2 What data an index needs 13.3 Prices: adjusted and unadjusted 13.4 Point-in-time and survivorship-free data 13.5 Common data errors and how to detect them 13.6 A data quality checklist 13.7 Where the data come from 13.8 Licensing: who owns the numbers?13.9 Storing index data	🔒 Preview
14	Créer votre premier indice dans Excel A five-stock index, ten days, every formula 11 sections 14.1 Why start with a spreadsheet?14.2 Designing the workbook 14.3 The example: five stocks over ten days 14.4 Weights and index shares 14.5 The daily calculation: market value, divisor, level 14.6 Dividends and the total-return index 14.7 The quarterly rebalance 14.8 The stock split 14.9 Returns, volatility and drawdown 14.10 Charts that tell the truth 14.11 Common spreadsheet errors and the checks that catch them	🔒 Preview
15	Un moteur d’indices sous R From data frames to a reusable, tested index calculator 9 sections 15.1 From spreadsheet to script 15.2 The engine at a glance 15.3 Data structures: think long, calculate wide 15.4 Weights and index shares 15.5 The rebalancing schedule 15.6 calc_index(): divisor, price and total return 15.7 Performance and risk statistics 15.8 Testing the engine with testthat 15.9 From numbers to charts and a dashboard	🔒 Preview
16	Le back-testing sans illusion Biases, overfitting and the gap between paper and practice 10 sections 16.1 What a back-test is 16.2 Look-ahead bias: using tomorrow’s newspaper 16.3 Survivorship bias: the graveyard is missing 16.4 Costs, capacity and unrealistic prices 16.5 Data snooping, multiple testing and overfitting 16.6 The deflated Sharpe ratio, intuitively 16.7 In-sample, out-of-sample and walk-forward 16.8 Time-period dependence 16.9 Back-test versus live: the gap 16.10 Reading other people’s back-tests: a checklist	🔒 Preview
17	Étude de cas : Indices Mondiaux IFRC-NXW From a universe of 100,000 indexes in ten levels to eight flagship indexes: design, calculation and publication 9 sections 17.1 Who builds the indexes: IFRC and NXW 17.2 A universe in ten levels 17.3 How a family reaches 100,000 indexes 17.4 The eight flagship indexes and their place in the ten levels 17.5 The methodology and its trade-offs 17.6 The daily calculation process 17.7 What the simulated histories show 17.8 Publication in the NXW online monitor 17.9 Governance: the committee and the change log	🔒 Preview

Module 5 – Index products

3 chapters

18	Fonds indiciels et ETF Structures, mechanics, costs and how to choose 9 sections 18.1 From an idea to an industry 18.2 Two structures: index mutual funds and ETFs 18.3 How an ETF works 18.4 How funds replicate an index 18.5 Measuring how well a fund tracks its index 18.6 The total cost of owning a fund 18.7 The families of index funds 18.8 Leveraged and inverse ETFs 18.9 Choosing an index fund: a scorecard	🔒 Preview
19	Dérivés indiciels Futures, options, swaps and volatility products 9 sections 19.1 The family of index derivatives 19.2 Why derivatives on indexes?19.3 Index futures 19.4 Using index futures 19.5 Index options 19.6 Option strategies for index investors 19.7 Swaps and synthetic exposure 19.8 Volatility as an asset: VIX futures and options 19.9 Risks, regulation and a checklist	🔒 Preview
20	Produits structurés indiciels Notes, certificates, warrants and ETNs – how they are built and what they cost 10 sections 20.1 What is a structured product?20.2 A map of index structured products 20.3 The building blocks 20.4 Capital-protected notes 20.5 Yield enhancement: reverse convertibles 20.6 Autocallables 20.7 Leverage products: warrants, turbos and CBBCs 20.8 Exchange-traded notes (ETNs)20.9 Costs, regulation and investor protection 20.10 The do-it-yourself alternative	🔒 Preview

Module 6 – Invest

5 chapters

21	L’investissement indiciel au Vietnam et en Asie Local benchmarks, foreign limits, market upgrades and regional choices 9 sections 21.1 Why markets differ 21.2 The structure of Vietnam’s stock market 21.3 The local benchmarks 21.4 Domestic ETFs and index funds 21.5 Foreign-ownership limits 21.6 Market classification and reforms 21.7 Estimating index-inclusion flows 21.8 Asian markets for the index investor 21.9 Currency risk and home bias	🔒 Preview
22	Construire un portefeuille indiciel pour la vie Goals, allocation, rebalancing and the long road to retirement 10 sections 22.1 Start with the goal, not the fund 22.2 Risk capacity and risk tolerance 22.3 Foundations first: cash, insurance and debt 22.4 Core and satellite 22.5 Asset allocation with three to five funds 22.6 Home bias and global diversification 22.7 Rebalancing: keeping the plan on course 22.8 Lump sum or regular investing?22.9 Glide paths and target-date funds 22.10 Retirement withdrawals and sequence risk	🔒 Preview
23	Biais comportementaux et pièges à éviter Why good funds produce poor investors – and how to protect yourself from yourself 8 sections 23.1 The behaviour gap 23.2 How our minds mislead us 23.3 Loss aversion and prospect theory 23.4 Chasing performance and timing the market 23.5 The diversification illusion 23.6 Product traps 23.7 Vietnam and Asia: retail markets and short horizons 23.8 Rules that protect you from yourself	🔒 Preview
24	L’avenir de l’indiciel Personal indexes, AI, new assets – and what will not change 11 sections 24.1 Where indexing stands 24.2 Direct indexing: an index of one 24.3 Self-indexing, custom indexes and index-as-a-service 24.4 AI and new data in index design 24.5 Active ETFs and the blurred line 24.6 Tokenisation, digital assets and 24-hour markets 24.7 Passive ownership: the debate 24.8 Indexing beyond listed stocks 24.9 Emerging markets and Vietnam 24.10 Three scenarios for 2035 24.11 What will not change	🔒 Preview
25	Plateformes indicielles dans le cloud Data ready, formulas in a library, a new index in seconds – how it helps and how it makes money 9 sections 25.1 The index value chain 25.2 The six layers of an index platform 25.3 From idea to index in seconds 25.4 How a platform helps – and whom 25.5 Business models 25.6 Regulation and governance 25.7 Risks and pitfalls 25.8 Case study: the NXW platform 25.9 Building a minimal platform yourself	🔒 Preview

Module 7 – Latest index trends and innovations

10 chapters

26	Indices ESG et Climat : Les dernières tendances Des exclusions aux critères conformes à l’Accord de Paris, transition et impact 10 sections 26.1 Where ESG indexing stands in 2026 26.2 The regulatory reset in Europe 26.3 Disclosure goes global: ISSB and the new data 26.4 Paris-aligned and climate transition indexes 26.5 Transition and climate-solutions indexes 26.6 Nature, social and impact indexes 26.7 ESG data and ratings divergence 26.8 Fixed income: ESG and green-bond indexes 26.9 ESG indexes in Asia and emerging markets 26.10 How to evaluate an ESG or climate index	🔒 Preview
27	Indices de Risque Climatique, Météo et Catastrophes Mesure du risque physique : température, dérivés météo, obligations catastrophes et scores climatiques 10 sections 27.1 Two kinds of climate risk 27.2 Climate data indexes: measuring the warming 27.3 Indexes of extremes, vulnerability and loss 27.4 Weather indexes: degree days and the weather market 27.5 Rainfall and parametric insurance 27.6 Catastrophe bonds and cat bond indexes 27.7 Climate-risk scores in equity indexes 27.8 Building climate-risk indexes: data, models, scenarios and basis risk 27.9 Asia and Vietnam 27.10 A checklist for any climate-risk or weather index	🔒 Preview
28	Marchés du Carbone et Indices Carbone Tarification des émissions : marchés réglementés et volontaires, crédits carbone et indices associés 9 sections 28.1 Why put a price on carbon?28.2 Compliance markets around the world 28.3 How allowances are traded 28.4 The voluntary carbon market 28.5 Carbon prices around the world 28.6 Carbon indexes and the products that track them 28.7 Risks: policy, volatility, liquidity and credit quality 28.8 Carbon in a portfolio 28.9 A checklist for any carbon index or product	🔒 Preview
29	Indices de Matières Premières : La nouvelle génération Du GSCI et BCOM aux indices à roulement optimisé, primes de risque et transition énergétique 10 sections 29.1 Three generations of commodity indexes 29.2 The first-generation benchmarks 29.3 Spot, roll and collateral: the contango problem 29.4 The second generation: enhanced roll and constant maturity 29.5 The third generation: risk premia, carry and momentum 29.6 Thematic indexes: battery metals, gold and agriculture 29.7 Carbon and ESG in commodity indexes 29.8 Asia and Vietnam 29.9 Case: the NXW Gold Plus index 29.10 A checklist for any commodity index	🔒 Preview
30	Indices du Logement et de l’Immobilier Prix des logements, ventes répétées, modèles hédoniques, indices REIT et actifs immobiliers tokenisés 10 sections 30.1 Why housing is hard to index 30.2 Five ways to measure house prices 30.3 Worked example: composition bias and a five-pair repeat-sales index 30.4 The major house price indexes 30.5 Commercial real estate and the smoothing problem 30.6 Listed real estate: REIT indexes 30.7 Investable housing exposure 30.8 Uses: macroeconomics, mortgages and policy 30.9 Asia and Vietnam 30.10 A checklist for any property index	🔒 Preview
31	Indices Basés sur les Dérivés Indices de volatilité, stratégies d’options et indices basés sur les contrats à terme 10 sections 31.1 Index derivatives versus derivatives-based indexes 31.2 A taxonomy of derivatives-based indexes 31.3 Implied-volatility indexes: the VIX and its cousins 31.4 Futures-based indexes 31.5 Option-strategy indexes I: buy-write and covered call 31.6 Option-strategy indexes II: put-write, collars and buffers 31.7 Risk-control and volatility-target indexes 31.8 The product boom and the evidence 31.9 Asia and Vietnam 31.10 A checklist for evaluating a derivatives-based index	🔒 Preview
32	Indices de Devises L’US Dollar Index, les taux pondérés par les échanges et les stratégies de change 9 sections 32.1 Why measure a currency with an index?32.2 The US Dollar Index (DXY)32.3 Trade-weighted and effective exchange rate indexes 32.4 Other currency indexes 32.5 How currency indexes are calculated in practice 32.6 Investable currency indexes and strategy indexes 32.7 Using currency indexes 32.8 Asia and Vietnam 32.9 Risks and a checklist	🔒 Preview
33	Indices de Crypto-Actifs Repères Bitcoin, indices de capitalisation plafonnés, cours de référence et ETF cryptos 10 sections 33.1 Why crypto needs indexes 33.2 Reference rates and pricing 33.3 Broad market indexes 33.4 Construction choices 33.5 Crypto ETFs and ETPs 33.6 Strategy and thematic crypto indexes 33.7 Risks 33.8 Governance and regulation of crypto benchmarks 33.9 Asia and Vietnam 33.10 A checklist for any crypto index or product	🔒 Preview
34	Pondération Factorielle et Indices Intelligents (Smart Beta) Au-delà de la capitalisation : indices fondamentaux, fondés sur le risque, factoriels et multi-facteurs : la nouvelle vague 9 sections 34.1 Why look beyond cap weighting?34.2 A map of weighting approaches 34.3 Fundamental weighting and the rebalancing effect 34.4 Risk-based weighting: from inverse volatility to equal risk contribution 34.5 Factor scores, tilts and multi-factor design 34.6 The new generation 34.7 The costs of being smart 34.8 How to evaluate a smart index 34.9 Asia and Vietnam	🔒 Preview
35	Les Indices au Vietnam : La nouvelle génération Reclassement de marché, ESG et carbone : les futurs indices pour les investisseurs vietnamiens 8 sections 35.1 A market at a turning point 35.2 Vietnam’s index landscape today 35.3 ESG in Vietnam: the building blocks 35.4 ESG data gaps and an ESG-tilted index 35.5 Vietnam’s carbon market: law and pilot 35.6 Carbon credits, CBAM and a plant’s carbon position 35.7 The next indexes 35.8 Risks and challenges	🔒 Preview

Module 8 – Latest index trends and innovations

2 chapters

36	L’Observatoire des indices NXW Finding, reading and comparing indexes: specifications, history, performance and peers 10 sections 36.1 Why an observatory?36.2 The NXW Indexes Observatory 36.3 Searching and filtering: the screener 36.4 The specification: reading the factsheet 36.5 History: levels, reconstitutions and versions 36.6 Composition and concentration 36.7 Performance and risk 36.8 Comparing with peers 36.9 Reading a factsheet critically 36.10 From question to answer in five clicks	🔒 Preview
37	D’une idée au dossier investisseur en quelques minutes Testing a new index idea with NXW Global Indexes and CCPI 10 sections 37.1 Five minutes instead of three months 37.2 Step 1 – Write the idea as rules 37.3 Step 2 – Feasibility before any back-test 37.4 Step 3 – Back-calculation on the platform 37.5 Step 4 – Compare with the benchmark and the peers 37.6 Step 5 – Robustness: is the result real?37.7 Step 6 – The investor file 37.8 Step 7 – From test to production 37.9 Case study: minute 0 to minute 5 37.10 Checklist before you show an index to investors	🔒 Preview

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