There is a growing share of Canadian savings that is now flowing through index-based vehicles, such as exchange-traded funds, and this is shaping how capital is allocated. These vehicles do not trade on fundamentals, per se — they simply rebalance mechanically. To be eligible for the S&P/TSX Composite, a company must be domiciled in Canada. In an about-face, the S&P Dow Jones Indices is now reportedly considering rule changes to allow certain foreign-listed firms to retain eligibility, triggered in part by Teck’s merger with Anglo American.