Works fine here, on 4.3.2 (also tested on 3.0.5):
You're right : that's my fault ! In fact : pwd/Next use a global index that is the last password used in a list. : $( pwd/Next ) uses a subshell. the index is incremented within it only .I found no way to execute it in the current shell (something like ${a::=${( pwd/Next)}} ).
regards mc