Hallycon Academy

Curso 8 · Siguiente paso

Indexes and index funds

What the DAX, MSCI World and S&P 500 really are, how they are built, and how index funds follow them, at what cost.

  • 8 lecciones
  • 56 min
  • Gratis
  • Un certificado al terminar

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Para quién es

Para quien oye hablar sin parar de fondos indexados y ETF y quiere saber qué contienen y cuánto cuestan antes de comprar uno.

Las lecciones

Cada lección tiene un vídeo breve, un cuestionario y enlaces para saber más. Las lecciones completas se abren tras un registro gratuito.

  1. Lección 1: What an index is

    7 min

    An index is a basket of companies summed up in one number. Why the evening news quotes them, and what a 1% move really means.

    Puntos clave

    • An index tracks the value of a chosen basket of shares or bonds.
    • It starts from a base value (the BEL 20 started at 1,000 at the end of 1990) and moves with its members.
    • An index is a measure, not something you buy; funds copy it.

  2. Lección 2: How an index is built

    7 min

    Selection rules, weighting by size, caps and regular reviews. Why the biggest companies count most.

    Puntos clave

    • Most indexes weight companies by the value of their freely traded shares (free-float market value).
    • Caps stop one company from dominating; each index has its own cap rule, written in its rulebook.
    • Members are reviewed on fixed dates: growing companies come in, shrinking ones drop out.

  3. Lección 3: Price index or total return: the dividend trap

    7 min

    Most indexes quoted on the news leave dividends out; the DAX puts them back in. Why that matters when you compare markets or judge a fund.

    Puntos clave

    • A price index shows only price moves; a total-return index also counts dividends, reinvested.
    • The DAX is quoted as a total-return index; the CAC 40, BEL 20, AEX, SMI and Euro Stoxx 50 are quoted as price indexes (provider factsheets).
    • Compare like with like: over decades, reinvested dividends make a large difference.

  4. Lección 4: The world's big indexes: S&P 500 and MSCI World

    7 min

    What's inside the two indexes most index funds follow, and why "world" today mostly means America.

    Puntos clave

    • The S&P 500 holds about 500 large US companies; the MSCI World held 1,249 large and mid-sized companies from 23 developed countries (MSCI factsheet, 30 September 2026).
    • The US made up about 73% of the MSCI World, and its ten largest companies about 28% (same factsheet).
    • Emerging markets such as China and India sit in separate indexes, such as MSCI Emerging Markets or MSCI ACWI.

  5. Lección 5: Europe's indexes: Euro Stoxx 50, DAX and CAC 40

    7 min

    The big indexes for the euro area, Germany and France: what's in them, how they changed, and what they leave out.

    Puntos clave

    • The Euro Stoxx 50 holds 50 large euro-area companies; the Stoxx Europe 600 covers 600 across Europe.
    • The DAX grew from 30 to 40 companies in September 2021; the CAC 40 holds 40 large French companies.
    • Large-company indexes leave out the small and mid-sized firms that make up much of the economy.

  6. Lección 6: Home indexes: BEL 20, AEX and SMI

    7 min

    Belgium's, the Netherlands' and Switzerland's indexes are small and concentrated. Why your home index is a narrow window on the world.

    Puntos clave

    • The BEL 20 holds 20 Belgian companies, the AEX 30 Dutch ones since September 2025, and the SMI the 20 largest Swiss ones.
    • In small indexes a few companies weigh a lot, so one company's bad year moves the whole index.
    • Many people hold too much of their home market ("home bias"); the world is far bigger than one country.

  7. Lección 7: Index funds and ETFs: how they follow an index

    7 min

    How a fund copies an index, what it costs, why most active funds trailed their index over ten years, and how to read the key information document.

    Puntos clave

    • Index funds and ETFs copy an index by holding the shares or through a swap; check which.
    • Look at the yearly running cost and how closely the fund followed its index; over the ten years to June 2026, more than nine in ten active equity funds in the main euro categories trailed their benchmark (S&P SPIVA Europe).
    • Accumulating funds reinvest dividends, distributing funds pay them out, and tax treatment differs by country.

  8. Lección 8: Sustainable and themed indexes

    7 min

    ESG, climate and theme indexes: what the labels mean in EU law, what they leave out, and why fashionable themes often disappoint.

    Puntos clave

    • ESG indexes drop or reweight companies by environmental, social and governance scores, and scores differ between providers.
    • EU law defines "Paris-aligned" and "climate transition" benchmarks, and fund names with ESG words must meet ESMA rules.
    • Theme funds are narrow bets that often launch after a theme has already risen (NBER study, 2021).

Qué encontrará

  • Vídeos breves: Unos dos minutos por lección
  • Cuestionarios: Tres preguntas después de cada lección
  • Calculadoras: Inflación, interés compuesto, fondo de emergencia y comisiones
  • Certificado: Por cada curso que complete

Las lecciones completas, los vídeos y los cuestionarios se abren tras un registro gratuito: su nombre, correo electrónico, móvil y un PIN. Sin tarjeta, sin compromiso.

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