For decades, the visible output of an index provider has been a catalogue of market benchmarks, factor indices, thematic indices and bespoke methodologies that clients could license, replicate or use as references.

That model is not disappearing. Published indices, trusted brands, independent governance and operational reliability will remain central to the industry. But growing demand for customization is changing expectations. Asset managers, ETF issuers, banks and asset owners increasingly want tailored strategies, faster development cycles and greater involvement in methodology design.

In this new landscape, the index provider of tomorrow may not only sell indices. It may operate the infrastructure through which clients design them.

From index catalogue to controlled co-creation

Historically, custom index development has been a largely sequential process. Clients present an idea, providers translate it into specifications, research teams test alternatives, methodologies are documented and approved, and production teams implement the final index. As customization demand increases, this model becomes difficult to scale.

A self-service indexing platform offers a different approach. Instead of relying on repeated bespoke interactions, clients can work within a controlled environment to explore approved universes, configure methodologies, test weighting schemes and analyze results.

This does not reduce the importance of the index provider. Quite the opposite. The provider supplies the methodology framework, datasets, calculation standards, analytics and governance that make this exploration possible. The platform becomes a structured environment where clients and providers collaborate more efficiently.

Self-service requires governance

However, self-service indexing should not be confused with unrestricted index creation.

Institutional users need flexibility, but they also need controls. A robust platform should clearly distinguish between research simulations, internal benchmarks, proposed methodologies and officially calculated indices. Clients may be free to experiment in a research environment, but only methodologies that satisfy predefined standards should move toward production or publication.

Governance can be embedded directly into the platform through approved datasets, validated methodology components, permissions, version control, documentation workflows and audit trails. In this model, self-service does not bypass the index provider. It allows greater customization while preserving the provider's oversight and credibility.

A scalable model for customization

One of the most important benefits of this approach is scalability.

Traditional custom projects often require extensive coordination between clients, sales teams, researchers, methodology specialists, legal teams and operations. As a result, many ideas are never explored because the process is too slow or resource-intensive.

A platform-based model allows providers to expose approved capabilities in a repeatable way. Clients can start from templates, adjust authorized parameters, compare alternatives and refine strategies before entering a formal approval process.

Not every strategy will become a published index. Some will remain research projects. Others may serve as internal benchmarks for portfolio construction or performance analysis. Only a subset will ultimately become official indices supporting ETFs, structured products or institutional mandates.

The platform supports all these use cases while maintaining clear governance at each stage.

The infrastructure behind the model

As we have discussed throughout our article series, delivering self-service indexing requires much more than a backtesting tool.

A modern index platform must support methodology design, simulations, transparent constituent selection, documentation, permissions, version management and a seamless transition toward recurring calculation.

It must also serve multiple audiences. Research teams need advanced design capabilities. External clients may require a white-label environment operating under the provider's brand and standards. Operations teams need monitoring, calculation and workflow-management tools.

Most importantly, these functions should rely on the same methodology framework and calculation engine. This reduces the risk of discrepancies between what clients design, what providers approve and what is ultimately calculated.

The Folio approach

This vision is the foundation of MCFT Folio.

MCFT is not an index provider. We build technology that enables index providers and other institutions to operate this new model. Folio combines a no-code index design studio, white-label self-service capabilities and a live calculation engine within a single platform. Its structured methodology framework transforms investment ideas into transparent and documentable configurations, while templates, expert workflows and AI-assisted features help accelerate the design process.

The objective is simple: create continuity between idea generation, methodology design, governance, approval and live calculation.

The transition from index catalogue to index platform does not make index providers less relevant. It makes their governance, expertise and technology even more strategic. Tomorrow's leaders may still be recognized for the indices they publish. Increasingly, however, they may also be distinguished by the infrastructure they provide: the environment in which clients can design, validate and bring new index methodologies to life.

The MCFT Founders - Romain Charlassier, Jonathan Klein and Lucas Mouilleron