The Next Challenge is an educational game intended to promote a reasoned and reasonable approach to investment and portfolio management. It is not an invitation to speculate, even if leveraged ETFs are available in the game, nor a recommendation to invest in any company or product.

When building their portfolio, participants should keep in mind a few simple rules of thumb:

Do not place too much emphasis on past performance because past performance is not indicative of future performance
● There is no high performance without high risk. Diversification is essential to spread risk and build sustainable performance
● Give preference to information at the source, on the website of the companies or product promoters. Beware of information from internet forums and social networks.

Do not hesitate to consult the AMF's sections on investment and portfolio management. You can also refer to the Universal Registration Document (URD) of the companies to learn about the risk factors associated with each of them. These UDRs can be consulted on the companies' websites.

Individual profile

● Each individual profile created on the NextWise platform receives a virtual allocation of €30,000
● Whether or not they are members of an investment club, individual profiles can participate as individual investors in the challenge.
● Each individual profile has the possibility to entrust the management of all or part of its virtual allocation to one or more investment clubs of its choice, except for the club to which it belongs.

Diversification Rules
The individual investor must compose his portfolio in the following way:
● Have at least 10 stocks
● Spread over at least four different sectors of activity
● No single stock may exceed 15% of the portfolio

The evaluation of the performance is made on the basis of quantitative and qualitative criteria:
● Gross VFP performance
● Risk-adjusted performance = Sharpe ratio
● Diversification of the PFV - lines
● Diversification of the PFV - sector
● Diversification ratio
● Quiz
● Use of information sources via the platform's functionalities : consult, share, post, comment, pin, network...